The pharmaceuticals industry in Benelux is vibrant and multifaceted, featuring a mix of established companies and innovative startups. Firms specialize in drug development, biotechnology, and healthcare solutions, working towards advancing treatments for various medical conditions. With a strong emphasis on research and development, the region is often at the forefront of medical breakthroughs and technology integration. This industry is increasingly focusing on personalized medicine and sustainable practices, aiming to address the growing demand for advanced therapies. Notably, collaboration between academic institutions and investors plays a critical role in driving innovation and responding to global healthcare challenges.


In the Benelux region, various investors are shaping the pharmaceuticals industry landscape. This compilation includes venture capital and corporate investors, mainly headquartered in Belgium and the Netherlands. The firms range in size, with funding activities spanning from seed investments to significant deals. Founded between 1980 and 2015, these investors have collectively completed numerous transactions in 2024, highlighting robust engagement with the sector. The list features notable names like Gilde Healthcare, Noshaq, and M Ventures, all committed to driving growth within the pharmaceuticals domain.


Top 14 Pharmaceuticals Investors in Benelux


1. European Innovation Council (EIC)


The European Innovation Council (EIC) is a public entity based in Brussels, Belgium, established to support innovation and entrepreneurship across Europe. Founded in 1958, the EIC offers various funding programs, such as the EIC Accelerator and EIC Pathfinder, aimed at helping startups and SMEs develop and scale their technologies. In 2024 alone, the EIC has made 57 investments, demonstrating its active role in fostering innovation. Notably, the EIC has been involved in funding transactions within the pharmaceuticals sector, including a €25 million Series B financing round for Antabio SAS, which is focused on developing next-generation antibacterial treatments. Additionally, the EIC has provided grants to companies like Exeliom and Ability Pharmaceuticals, further showcasing its commitment to supporting pharmaceutical innovation.


2. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, established in 1958, that provides a range of financial services including loans, equity investments, guarantees, and advisory services. The EIB focuses on supporting sustainable projects across various sectors, including healthcare and pharmaceuticals. Notably, the EIB has been involved in several significant transactions within the pharmaceutical industry, such as providing a €20 million loan to Amryt Pharma to fund a pivotal trial for its lead candidate in epidermolysis bullosa. Additionally, the EIB has participated in debt financing for companies like Evotec and Emzor Pharmaceutical Industries, showcasing its role in facilitating growth and innovation in the pharmaceutical sector. With 99 investments in 2024 alone, the EIB continues to be a key player in financing initiatives that promote job creation and economic development, including in the pharmaceuticals industry.


3. Forbion

  • Website: forbion.com
  • Type: Venture Capital
  • Headquarters: Naarden, North Holland, Netherlands
  • Founded year: 2006
  • Headcount: 11-50
  • Number of deals in 2024: 23
  • LinkedIn: forbion-capital-partners

Forbion is a venture capital firm founded in 2006, located in Naarden, North Holland, Netherlands. The firm specializes in the life sciences and bioeconomy sectors, providing investment management and support to biotech companies. Forbion collaborates with entrepreneurs and academic institutions to address unmet medical needs and improve patient outcomes. Notably, Forbion has been involved in several significant transactions in the pharmaceuticals context, including a Series B investment in Acorda Therapeutics, which raised $55.3 million, and a Series A financing round for Prilenia, which raised $62.5 million to fund late-stage trials for Huntington’s disease and ALS. Additionally, they participated in a Series C round for Gyroscope Therapeutics, raising over $148 million. These transactions highlight Forbion's active engagement in the pharmaceuticals industry and its commitment to supporting innovative therapies.


4. Life Sciences Partners (LSP)

  • Website: lspvc.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1987
  • Headcount: 11-50
  • Number of deals in 2024: 15
  • LinkedIn: lsp-bioventures

Life Sciences Partners (LSP) is a venture capital firm based in Amsterdam, Netherlands, founded in 1987. The firm specializes in private equity investments in the healthcare sector, connecting investors with innovative healthcare companies. LSP focuses on drug development and medical technology, providing capital and support to foster advancements in healthcare. Notably, LSP has been involved in significant transactions in the pharmaceuticals context, including multiple funding rounds for Amolyt Pharma, which raised $138 million in Series C financing in 2023, $80 million in Series B in 2021, and $74 million in Series A in 2019, all aimed at advancing therapeutics for rare endocrine disorders. Additionally, LSP has invested in companies like KuDOS Pharmaceuticals and 4-Antibody AG, further demonstrating their active role in the pharmaceuticals industry.


5. M Ventures

  • Website: m-ventures.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 18
  • LinkedIn: merck-ventures

M Ventures is a venture capital fund based in Amsterdam, Netherlands, founded in 2009. The firm specializes in investing in transformative ideas within the biotechnology and technology sectors, with a strong emphasis on healthcare and life sciences. M Ventures provides funding and strategic guidance to startups, helping them achieve commercial success. Notably, M Ventures has participated in several significant transactions in the pharmaceuticals context, including a Series C financing round for Galecto Biotech, which raised €79 million to support clinical studies for inhaled TD139 in idiopathic pulmonary fibrosis. Additionally, M Ventures was involved in a €20 million Series A financing round for Calypso Biotech, aimed at developing an anti-Interleukin-15 antibody for autoimmune indications. These transactions highlight M Ventures' active role in supporting pharmaceutical innovations and their commitment to driving growth in the healthcare sector.


6. Gilde Healthcare


Gilde Healthcare is an investment firm based in Utrecht, Netherlands, specializing in healthcare. Founded in 1982, the firm manages over €2.6 billion across two fund strategies: Venture & Growth and Private Equity. Gilde Healthcare invests in innovative healthtech and therapeutics companies, as well as profitable lower mid-market healthcare providers in Europe. Notable transactions include leading a €10 million funding round for Definiens, a German image analysis company, and participating in significant funding rounds for Ablynx, which raised $50 million in Series C funding. Their portfolio includes companies like Evotec, which raised funds in a venture round, showcasing their active role in the pharmaceuticals sector. Gilde Healthcare primarily serves healthcare businesses seeking capital and strategic support, reinforcing their commitment to advancing healthcare innovations.


7. BGV (BioGeneration Ventures)


BGV (BioGeneration Ventures) is a venture capital firm founded in 2006, located in Naarden, North Holland, Netherlands. The firm specializes in seed investments in innovative early-stage biotech companies, providing funding and support to help these companies develop disruptive solutions for unmet medical needs. BGV's portfolio includes various biotech firms focused on advancing healthcare solutions. Notable transactions include a €12M seed investment in Artica Therapeutics in 2023, and significant investments in argenx, which raised $45 million in Series A funding in 2010 and $13.6 million in 2009. Additionally, BGV has invested in Citryll, which raised $89.7 million in Series B funding in December 2024, and $20.8 million in July 2020. These transactions highlight BGV's active role in the life sciences sector, particularly in pharmaceuticals.


8. Gimv

  • Website: gimv.com
  • Type: Venture Capital
  • Headquarters: Antwerp, Flanders, Belgium
  • Founded year: 1980
  • Headcount: 51-200
  • Number of deals in 2024: 8
  • LinkedIn: gimv

Gimv is a venture capital investment firm based in Antwerp, Flanders, Belgium, founded in 1980. The firm partners with innovative companies across various sectors, including Consumer, Healthcare, Life Sciences, Smart Industries, and Sustainable Cities. Gimv provides investment management and strategic support to help businesses grow sustainably. Notably, Gimv has been involved in significant transactions within the pharmaceuticals sector, such as their investments in Ablynx, where they participated in multiple funding rounds including Series A, B, and C, raising substantial amounts like $50 million in Series C in 2006. Additionally, they invested in Santhera Pharmaceuticals, contributing $19 million in a Series C round in 2006. These transactions highlight Gimv's active role in the pharmaceuticals industry, making them a relevant investor in this space.


9. Noshaq

  • Website: noshaq.be
  • Type: Venture Capital
  • Headquarters: Belgium
  • Founded year: 1985
  • Headcount: 11-50
  • Number of deals in 2024: 11
  • LinkedIn: noshaq-be

Noshaq is a venture capital investment fund based in Belgium, founded in 1985. The firm specializes in providing financial solutions and strategic support to small and medium-sized enterprises (SMEs) in the province of Liege, with a particular focus on sectors such as biotech and sustainable development. Noshaq aims to foster growth and innovation by actively engaging with its clients and offering tailored financial assistance. In the pharmaceuticals context, Noshaq has participated in several significant transactions, including a €15 million funding round for Hyloris Pharmaceuticals, a $25 million Series A investment in Brenus Pharma, and a Series B financing round for Imcyse, where they contributed to a total of €35 million raised. These investments highlight Noshaq's commitment to supporting the pharmaceutical industry and its potential for future growth.


10. Thuja Capital

  • Website: thujacapital.com
  • Type: Venture Capital
  • Headquarters: Utrecht, Utrecht, Netherlands
  • Founded year: 2006
  • Headcount: 1-10
  • Number of deals in 2024: 3
  • LinkedIn: thuja-capital

Thuja Capital Management BV is a venture capital firm based in Utrecht, Netherlands, founded in 2006. The firm specializes in healthcare investments, focusing on supporting innovative healthcare ventures from start-up to scale-up. Thuja Capital provides funding and strategic guidance to companies in the biotech and medtech sectors. Notable transactions include a Seed investment in Artica Therapeutics, a €12M round announced in November 2023, and a Series A investment in argenx, which raised $4.5 million in February 2010. Additionally, they have been involved in funding rounds for Enanta Pharmaceuticals and FundaMental Pharma, further emphasizing their commitment to the pharmaceuticals sector.


11. Cvc

  • Website: cvc.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 1001-5000
  • Number of deals in 2024: 16
  • LinkedIn: cvc-capital-partners

CVC Capital Partners is a prominent private equity firm based in Luxembourg, founded in 2005. It specializes in private equity, credit, secondaries, and infrastructure, managing approximately €193 billion in assets for over 1000 clients, including pension funds and institutional investors. CVC has made significant strides in the pharmaceuticals sector, highlighted by its acquisitions of Genetic SpA, Recordati S.p.A., and Theramex, which focus on various pharmaceutical products. Additionally, CVC's acquisition of DOC Generici, a generic pharmaceutical company, further emphasizes its active role in the industry. These strategic investments reflect CVC's goal of delivering sustainable value and growth through its portfolio companies in the pharmaceuticals space.


12. V-Bio Ventures

  • Website: v-bio.ventures
  • Type: Venture Capital
  • Headquarters: Ghent, Flanders, Belgium
  • Founded year: 2015
  • Headcount: 1-10
  • Number of deals in 2024: 6
  • LinkedIn: v-bio-ventures

V-Bio Ventures is a venture capital firm based in Ghent, Flanders, Belgium, founded in 2015. The firm specializes in life sciences investments, focusing on innovative companies in therapeutics, diagnostics, and sustainable agriculture. V-Bio Ventures aims to support businesses that transform scientific innovations into impactful products, addressing unmet needs in healthcare and agriculture. Notably, they have been involved in significant transactions in the pharmaceuticals context, including a Series A investment in OCTIMET Oncology, which is developing a MET kinase inhibitor for solid cancers, and multiple funding rounds for Biodol Therapeutics, which raised over $7.5 million in 2024. Additionally, they participated in a Series B round for Confo Therapeutics, which is advancing drug candidates. These transactions highlight V-Bio Ventures' active role in the pharmaceuticals industry.


13. Pmv

  • Website: pmv.eu
  • Type: Venture Capital
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 2001
  • Headcount: 51-200
  • Number of deals in 2024: 11
  • LinkedIn: pmv-eu

Participatiemaatschappij Vlaanderen (PMV) is a public entity that acts as an investment company for the Flemish government, founded in 2001. PMV provides a range of financing solutions, including loans and co-financing, to startups, scale-ups, and established businesses across various sectors such as real estate, clean tech, and life sciences. Notably, PMV has been involved in several key transactions in the pharmaceuticals sector, including a Series B investment in argenx, which raised approximately $43.8 million in December 2011. Additionally, PMV participated in multiple funding rounds for eTheRNA immunotherapies, including a €39 million Series B2 round in August 2022 and a €34 million Series B round in June 2020, both aimed at advancing mRNA technologies and therapeutic products. Furthermore, PMV was involved in a Series B investment for Confo Therapeutics, which raised over $65 million in July 2024. These transactions highlight PMV's active role in supporting the growth of innovative pharmaceutical companies.


14. Droia Ventures

  • Website: droiaventures.com
  • Type: Venture Capital
  • Headquarters: Zaventem, Flanders, Belgium
  • Founded year: 2011
  • Headcount: 11-50
  • Number of deals in 2024: 5
  • LinkedIn: droiaventures

Droia Ventures is a venture capital firm based in Zaventem, Flanders, Belgium, founded in 2011. The firm specializes in the life sciences sector, particularly focusing on investments in drug development companies. Droia Ventures provides support for clinical proof of concept and scientific validation of innovative therapies, primarily targeting oncology and genetic diseases. They cater to biotechnology firms seeking funding and expertise to advance their therapeutic innovations. Notable transactions include a $107 million Series C investment in Arcus Biosciences, which focuses on oncology, and a €11.3 million Series A investment in OCTIMET Oncology, aimed at developing a MET kinase inhibitor for solid cancers. Additionally, they participated in a Series A funding round for AmbAgon Therapeutics, raising $85 million, and supported Convert Pharmaceuticals in securing €13.6 million for initial clinical studies of an anti-cancer drug. These transactions underscore Droia Ventures' commitment to advancing pharmaceutical innovations.



Pharmaceuticals Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
European Innovation Council (EIC)Brussels, Brussels, Belgium201-500195857
European Investment Bank (EIB)Luxembourg1001-5000195899
ForbionNaarden, North Holland, Netherlands11-50200623
Life Sciences Partners (LSP)Amsterdam, North Holland, Netherlands11-50198715
M VenturesAmsterdam, North Holland, Netherlands11-50200918
Gilde HealthcareUtrecht, Utrecht, Netherlands51-200198212
BGV (BioGeneration Ventures)Naarden, North Holland, Netherlands1-1020066
GimvAntwerp, Flanders, Belgium51-20019808
NoshaqBelgium11-50198511
Thuja CapitalUtrecht, Utrecht, Netherlands1-1020063
CvcLuxembourg1001-5000200516
V-Bio VenturesGhent, Flanders, Belgium1-1020156
PmvBrussels, Brussels, Belgium51-200200111
Droia VenturesZaventem, Flanders, Belgium11-5020115


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