The physical security industry in Benelux focuses on safeguarding people, property, and information through various technologies and services. The sector features companies offering solutions like access control systems, surveillance equipment, and cybersecurity measures. Furthermore, the rise of smart buildings and advanced security solutions emphasizes innovation and integration in this space. A notable trend is the increasing convergence of physical security and cybersecurity, addressing the growing complexity of threats. As organizations prioritize safety, investment in cutting-edge technologies continues to surge, indicating strong growth prospects for this dynamic industry.


In 2024, a total of 14 notable investors have actively participated in the Benelux physical security industry. These include private equity and venture capital firms headquartered across Luxembourg, Brussels, and the Netherlands. Ranging from small teams with fewer than ten employees to large entities with over 5,000 staff, their founding years span from 1958 to 2018. The appetite for investments has yielded 57 deals from the European Innovation Council and significant acquisitions by firms like Triton Partners, reflecting a healthy interest in this sector.


Top 14 Physical Security Investors in Benelux


1. 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. The firm 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 focuses on delivering sustainable value and growth through strategic investments. Notably, CVC has made significant strides in the physical security sector, acquiring Praesidiad, a company specializing in security solutions, on November 28, 2014. They also acquired a majority stake in Betafence, a leading provider of physical security solutions, on the same day. Furthermore, CVC participated in a financing round for Skybox Security, a company that provides security policy and vulnerability management solutions, highlighting their commitment to investing in the security domain.


2. 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 a range of funding programs, including the EIC Accelerator and EIC Pathfinder, aimed at helping startups and SMEs develop and scale their technologies. The EIC also provides business acceleration services, networking opportunities, and prizes to foster innovation. Among its notable transactions, the EIC has invested in Indoor Robotics, an Israeli tech startup that raised $15 million in Series A funding for its Tando drone, the world’s first fully autonomous indoor drone designed for building security and monitoring. Additionally, the EIC has supported IDloop, which raised funds through grants and pre-seed rounds, further showcasing its commitment to innovative technologies that may intersect with security applications.


3. TKH Group

  • Website: tkhgroup.com
  • Type: Corporate
  • Headquarters: Haaksbergen, Overijssel, Netherlands
  • Founded year: 1930
  • Headcount: 5001-10000
  • Number of deals in 2024: 1
  • LinkedIn: tkh-group-n.v.

TKH Group is a technology company based in Haaksbergen, Overijssel, Netherlands, specializing in innovative solutions for automation, digitalization, and electrification. Founded in 1930, the company has grown to employ between 5,001 and 10,000 people and operates globally, integrating advanced technologies to meet customer needs. TKH Group has made several strategic acquisitions that enhance its capabilities in the physical security sector. Notable transactions include the acquisition of Commend International in 2015, a leader in mission-critical intercom systems, which significantly bolstered their offerings in security communications. Additionally, the acquisition of ParkEyes in 2019, a company known for its intelligent infrastructure and video analytics technology for parking solutions, further illustrates TKH's focus on integrating security solutions into their technology portfolio. These investments reflect TKH Group's commitment to enhancing safety and security through innovative technology solutions.


4. Triton Partners


Triton Partners is a private equity investment firm based in Luxembourg, founded in 1997. The firm specializes in private equity and credit investments in European mid-market businesses, focusing on sectors such as Business Services, Industrial Tech, and Healthcare. Triton provides operational expertise and capital to help companies unlock their full potential, partnering with management teams to address challenges and drive growth. Notably, in December 2024, Triton Partners acquired Bosch Security Systems, a significant player in the physical security market. Additionally, they invested in Wavelynx Technologies, which offers an open and secure access control platform, further emphasizing their commitment to the physical security sector. Triton has also made other acquisitions in related fields, such as Ramudden AB, which provides work zone safety control services, showcasing their broader interest in safety and security solutions.


5. Boundary Holding


Boundary Holding is a venture capital investment firm based in Luxembourg, founded in 2016. The firm specializes in deep tech investments, particularly in technologies that drive the 4th industrial revolution. They provide funding and strategic support to startups in the AI and technology sectors. Notably, Boundary Holding has made several investments in the physical security space, including CerbAir, a French defense and security company that focuses on anti-drone solutions, which secured €5.5 million in funding. They also invested in Defendec, which raised funds in a Series A round, indicating their interest in companies that enhance security measures. Other investments include Aeraccess and Elistair, which may also have applications in security technology. Overall, Boundary Holding's portfolio reflects a commitment to supporting innovative technologies that can impact the physical security industry.


6. KPN Ventures

  • Website: kpnventures.com
  • Type: Venture Capital
  • Headquarters: Rotterdam, South Holland, Netherlands
  • Founded year: 2015
  • Headcount: 1-10
  • Number of deals in 2024: 3
  • LinkedIn: kpn-ventures

KPN Ventures is a venture capital firm based in Rotterdam, South Holland, Netherlands, founded in 2015. The firm specializes in investing in innovative technology companies across various sectors, including Cloud Computing, Cyber Security, and Digital Healthcare. KPN Ventures provides capital, expertise, and networking opportunities to help early-stage companies grow and succeed in their respective markets. Notably, KPN Ventures has invested in Minut, a Swedish smart home security startup, participating in both their Series A and Series B funding rounds, which highlights their engagement in the physical security domain. Additionally, they have invested in zecOps, a digital forensics company, further showcasing their interest in security-related technologies. These transactions reflect KPN Ventures' commitment to supporting companies that enhance security solutions, making them a relevant player in the physical security investment landscape.


7. Kidde Commercial - EMEA


Kidde Commercial - EMEA, a subsidiary of Carrier Fire & Security EMEA BV, is based in Machelen, Flanders, Belgium, and specializes in providing comprehensive fire safety and security solutions. The company offers a wide range of products, including fire detection systems, access control, and video surveillance technologies, catering to businesses and organizations that require robust safety measures to protect their assets and personnel. Notably, Kidde has been involved in key transactions that enhance its capabilities in the physical security domain. For instance, the acquisition of S2 Security by UTC Climate, Controls, and Security, which led to the formation of LenelS2, showcases their commitment to expanding service capabilities in security management systems. Additionally, the acquisition of a controlling stake in Agnice Fire Protection Ltd aligns with their strategy to strengthen fire protection systems, further solidifying their role in the physical security landscape.


8. Alpha Intelligence Capital


Alpha Intelligence Capital is a venture capital firm based in Luxembourg, founded in 2018. The firm specializes in investing in AI-first companies, providing funding and strategic guidance to startups in the artificial intelligence and machine learning sectors. With a focus on deep technology investments, Alpha Intelligence Capital positions itself as a key player in the AI landscape. Notably, they have participated in significant transactions such as ZeroEyes, which offers an AI-enabled weapons detection solution, highlighting their engagement in the physical security domain. Additionally, they have invested in companies like ReaQta and Deep Instinct, which, while primarily focused on cybersecurity, also intersect with physical security concerns. Their investment in ZeroEyes particularly underscores their relevance in the physical security sector, as it directly addresses safety and security challenges.


9. Mainport Innovation Fund


Mainport Innovation Fund II is a venture capital fund based in Amstelveen, North Holland, Netherlands, founded in 2009. The fund focuses on accelerating innovation in sustainable mobility, logistics, and aviation, providing funding and support to startups that aim to create climate impact solutions. Notably, the fund has invested in Eye on Air, a Dutch technology firm that develops technology for fast screening for explosives, with a significant investment of EUR 1.8 million announced on January 18, 2017. Additionally, the fund has supported RazorSecure, which raised funds in multiple rounds, including a Series A round in June 2021. These transactions highlight the fund's engagement in the physical security domain, particularly in technologies that enhance safety and security measures in transportation and logistics.


10. Spdg


Société anonyme de Participation et de Gestion (Spdg) is a Brussels-based venture capital holding company founded in 1977. It specializes in managing investments in sustainable development sectors, particularly in energy transition, infrastructure, and transport. Spdg supports entrepreneurs by building partnerships and providing investment management services. Among its notable transactions, Spdg invested in Regulus Cyber, which raised $4M to enhance its GPS cybersecurity capabilities, indicating a focus on security technologies. Additionally, Spdg participated in funding rounds for Outsight, a pioneer in 3D software based on LiDAR, which has applications in security and surveillance. These investments reflect Spdg's engagement in sectors that intersect with physical security, despite its broader focus on sustainable development.


11. H2 Equity Partners

  • Website: h2ep.com
  • Type: Private Equity
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1991
  • Headcount: 11-50
  • LinkedIn: h2-equity-partners

H2 Equity Partners is a private equity investment firm based in Amsterdam, Netherlands, founded in 1991. The firm specializes in private equity investments in mid-sized companies across various sectors, providing hands-on support and consulting services to help management teams achieve growth and operational improvements. Notable transactions include the acquisition of Smartwares in 2001 and ISERO in 2010, both of which are not directly related to physical security. However, their acquisition of Siderise in 2019 is particularly relevant, as Siderise is a leading manufacturer of fire-safety and acoustic insulation products, contributing to safety and security in buildings. This acquisition supports Siderise's growth in the UK and selected export markets, showcasing H2 Equity Partners' commitment to investing in companies that enhance safety and security.


12. GapMinder VC

  • Website: gapminder.vc
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2017
  • Headcount: 11-50
  • Number of deals in 2024: 3
  • LinkedIn: gapminder-vc

GapMinder VC is a venture capital firm based in Amsterdam, Netherlands, founded in 2017. The firm specializes in investing in early-stage startups within the Deeptech and SaaS sectors, providing not only capital but also strategic support in areas such as recruitment, marketing, sales strategy, and financial planning. In the context of physical security, GapMinder has made notable investments, including SecurifAI, which raised $88,656 in a seed round in 2020, focusing on security solutions. Additionally, they participated in funding rounds for TypingDNA, a company that offers typing biometrics authentication, raising $1.5 million in a seed round in 2019 and $7 million in a Series A round in 2020. These investments highlight GapMinder's engagement with technologies that enhance security, aligning with their broader investment strategy.


13. Maor Investments


Maor Investments is a venture capital firm based in Luxembourg, founded in 2017, that specializes in investing in revenue-generating Israeli technology companies. They provide advisory services and facilitate connections between startups and European corporates, bridging the gap between Israeli innovation and European markets. Notably, Maor Investments has participated in several significant funding rounds for companies in the security domain. For instance, they were involved in the Series D funding for Silverfort, which raised $116 million to enhance identity security solutions. They also led the Series A funding for Ionix, a company focused on threat exposure management, and participated in the Series B funding for Vulcan Cyber, which develops a cyber risk management platform. These transactions highlight their engagement in the security technology sector, making them a relevant player in the physical security investment landscape.


14. Mangrove Capital Partners


Mangrove Capital Partners is a venture capital firm based in Luxembourg, founded in 2000, that specializes in early-stage investments in innovative technology companies. They provide financial support and strategic guidance to entrepreneurs, particularly in sectors like digital health and education tech. Recently, they have also shown interest in the physical security domain by participating in funding rounds for CYREBRO, a company focused on Security Operations Center (SOC) infrastructure. Mangrove Capital Partners was involved in CYREBRO's Series B and Series C funding rounds, contributing to a total of $66 million raised by the company. This involvement highlights their engagement in the physical security sector, alongside their broader investment strategy in technology startups across Europe and Israel.



Physical Security Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
CvcLuxembourg1001-5000200516
European Innovation Council (EIC)Brussels, Brussels, Belgium201-500195857
TKH GroupHaaksbergen, Overijssel, Netherlands5001-1000019301
Triton PartnersLuxembourg201-50019976
Boundary HoldingLuxembourg11-5020160
KPN VenturesRotterdam, South Holland, Netherlands1-1020153
Kidde Commercial - EMEAMachelen, Flanders, Belgium10001+0
Alpha Intelligence CapitalLuxembourg11-5020186
Mainport Innovation FundAmstelveen, North Holland, Netherlands11-5020090
SpdgBrussels, Brussels, Belgium11-5019770
H2 Equity PartnersAmsterdam, North Holland, Netherlands11-5019910
GapMinder VCAmsterdam, North Holland, Netherlands11-5020173
Maor InvestmentsLuxembourg11-5020173
Mangrove Capital PartnersLuxembourg11-5020005


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