The virtual reality hardware manufacturing industry in Benelux focuses on creating immersive devices that enhance digital experiences. Companies produce a range of products such as VR headsets, motion sensors, and display technologies, catering to sectors like gaming, education, and healthcare. As demand grows, there's a noticeable shift towards integrating augmented reality elements into traditional VR offerings. Recent innovations promise to improve user experiences while making virtual environments more accessible. Notable advancements include light-weight displays, adaptive sound technologies, and cloud-based VR solutions, hinting at an exciting future for manufacturers and consumers alike.


The investment landscape features a blend of corporate entities, venture capitalists, and private equity firms. Spanning locations from Brussels to Amsterdam, these investors range in size from small teams to large corporate groups. Founded between 1934 and 2017, they exhibit a variety of interests, with deal counts in 2024 varying significantly from 1 to 99. Companies like the European Innovation Council and M Ventures highlight the commitment within this landscape to foster technological advances in VR hardware manufacturing.


Top 14 Virtual Reality Hardware Manufacturing 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, including the EIC Accelerator and EIC Pathfinder, aimed at helping startups and SMEs develop and scale their technologies. The EIC provides business acceleration services, networking opportunities, and prizes to foster innovation in multiple sectors. Notably, the EIC has been involved in funding transactions relevant to the virtual reality hardware manufacturing context, such as grants to Lightspace Labs, which raised over $4.4 million in total, and SPIKA TECH, which received over $2.8 million. These investments highlight the EIC's role in supporting companies that are developing cutting-edge technologies in the VR space.


2. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, established in 1958, that provides financial services including loans, equity investments, guarantees, and advisory services to support sustainable projects across various sectors. EIB's clientele includes both public and private organizations seeking funding for initiatives that promote growth and job creation. In the context of virtual reality hardware manufacturing, EIB has made significant investments in companies such as Varjo, which raised approximately $22.6 million in debt financing to enhance its virtual reality headset technology. Additionally, EIB has supported NavVis with €20 million to advance its technology in reality capture and computer vision, which are critical components in the virtual reality space. Furthermore, EIB's investment in USound and TactoTek also reflects its engagement in technology sectors that intersect with virtual reality applications, showcasing its commitment to fostering innovation in this field.


3. 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, focusing on startups in healthcare, life sciences, and advanced technology. M Ventures provides funding and strategic guidance to help entrepreneurs achieve commercial success. Notably, M Ventures has participated in several transactions that align with the virtual reality hardware manufacturing context. For example, they co-invested in Metalenz, a startup that develops high-performance 3D sensing solutions, which are crucial for virtual reality applications. Additionally, their investment in PxE Holographic Imaging, which raised funds for innovative imaging technologies, further highlights their engagement in areas that could impact virtual reality hardware. Overall, M Ventures collaborates closely with entrepreneurs to drive innovation and growth in their portfolio companies, including those relevant to the virtual reality sector.


4. imec.xpand

  • Website: imecxpand.com
  • Type: Venture Capital
  • Headquarters: Leuven, Flanders, Belgium
  • Founded year: 2017
  • Headcount: 1-10
  • Number of deals in 2024: 5
  • LinkedIn: imec.xpand

imec.xpand is a venture capital fund based in Leuven, Flanders, Belgium, founded in 2017. The fund specializes in providing investment and operational support to early-stage deep tech companies, particularly in the semiconductor and nanotechnology sectors. imec.xpand aims to foster innovation by leveraging imec's expertise and infrastructure to help startups navigate their development and market challenges. Notably, imec.xpand has invested in MICLEDI Microdisplays, which raised $25 million in a Series A round in March 2024, and previously provided seed funding for the company, which focuses on developing microLED displays for AR glasses. This investment aligns with the virtual reality hardware manufacturing industry, showcasing imec.xpand's potential relevance in this space. Additionally, imec.xpand has been involved in funding Swave Photonics, although this company is less directly related to VR hardware.


5. 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 based in Brussels, Belgium, 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 active in the virtual reality hardware manufacturing context, having invested in MICLEDI Microdisplays, which raised funds for the development of microLED displays specifically for AR glasses. This investment highlights PMV's commitment to supporting innovative technologies that are crucial for the advancement of virtual reality hardware. Additionally, PMV has been involved in other transactions, such as their investment in Morrow Optics, which further emphasizes their engagement in the optics and display technology sectors relevant to virtual reality.


6. Cipio Partners

  • Website: cipiopartners.com
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2003
  • Headcount: 11-50
  • Number of deals in 2024: 2
  • LinkedIn: cipio-partners

Cipio Partners is a venture capital firm based in Luxembourg, founded in 2003, specializing in European growth capital and minority buyouts for technology companies. They provide financial support and strategic guidance to help businesses scale and prepare for liquidity events. Cipio Partners focuses on technology firms with proven business models and significant revenue, primarily in the software and B2B sectors. Notably, they have participated in funding rounds for MicroOLED, a company that develops OLED solutions and integrated AR modules, which are directly relevant to the virtual reality hardware manufacturing industry. Their investment in MicroOLED, which raised €21 million in July 2023 and €8 million in September 2020, highlights their commitment to supporting innovative technologies that intersect with virtual reality. Additionally, their involvement in other technology firms demonstrates their broader interest in the tech sector, further solidifying their position as a relevant investor in the VR hardware space.


7. Capricorn Partners


Capricorn Partners is a venture capital investment management firm based in Leuven, Flanders, Belgium, founded in 1993. The firm specializes in venture capital, growth capital, and quoted equity funds, focusing on innovative companies across various sectors, including digital technologies, health, and clean technologies. Capricorn Partners aims to create both financial returns and strategic value for its clients through responsible investing. Among their notable transactions, they led a €5M Seed funding round for VoxelSensors, a company specializing in 3D perception, which is relevant to virtual reality applications. Additionally, they have participated in funding rounds for other technology-driven companies, indicating their interest in sectors that may overlap with virtual reality hardware manufacturing.


8. Barco

  • Website: barco.com
  • Type: Corporate
  • Headquarters: Kortrijk, Flanders, Belgium
  • Founded year: 1934
  • Headcount: 1001-5000
  • Number of deals in 2024: 1
  • LinkedIn: barco

Barco NV is a technology company based in Kortrijk, Flanders, Belgium, founded in 1934. The company specializes in digital projection and imaging solutions, serving various sectors including healthcare, entertainment, and enterprise. Barco provides products such as medical displays, projection systems, and collaboration technology, operating globally with a focus on enhancing visualization and communication through innovative technology. Notably, Barco has made several strategic acquisitions to bolster its portfolio in imaging and projection technologies. For instance, the acquisition of projectiondesign in 2012 aimed to enhance Barco's offerings in the mid-venue projector market, which is relevant for immersive experiences in VR. Additionally, the acquisition of Element Labs in 2010 allowed Barco to integrate advanced LED video systems, further strengthening its capabilities in high-quality visual displays. These transactions reflect Barco's commitment to advancing imaging technologies that are crucial for virtual reality applications.


9. Magnus Capital


Magnus Capital is a venture capital firm based in Amsterdam, Netherlands, founded in 2017. Specializing in the cryptocurrency space, they provide investment, advisory, incubation, and market education services to help innovators bring their projects to market. Their client base primarily consists of businesses in the cryptocurrency industry. Notably, Magnus Capital has participated in several transactions, including a significant investment in Bloktopia, a virtual reality metaverse that raised $4.2 million. This involvement highlights their interest in virtual reality projects, alongside their other investments in NFT games and play-to-earn platforms, which often intersect with virtual reality technologies.


10. Dutch Crypto Investors


Dutch Crypto Investors (DCI Capital) is a venture capital firm based in Amsterdam, Netherlands, founded in 2017. Specializing in digital assets and blockchain technology, DCI Capital provides funding, strategic networking, and community building services to crypto startups. They have made notable investments in the gaming and virtual reality sectors, including a seed round investment in Netvrk, which raised $490,000, and Horizon Land, which raised $720,000. Additionally, they participated in the funding of Good Games Guild, a play-to-earn gaming hub, and Battle Saga, further emphasizing their engagement in projects that leverage virtual environments and digital assets. Their focus on GameFi positions them as a key player in the evolving landscape of virtual reality and gaming.


11. Qbic Fund | Venture Capital

  • Website: qbic.be
  • Type: Venture Capital
  • Headquarters: Ghent, Flanders, Belgium
  • Founded year: 2012
  • Headcount: 1-10
  • Number of deals in 2024: 5
  • LinkedIn: qbic

Qbic Fund | Venture Capital is a venture capital fund based in Ghent, Flanders, Belgium, founded in 2012. The fund specializes in seed and early-stage investments in innovative companies across various sectors, with a strong emphasis on creating impact through technological breakthroughs. Qbic supports its portfolio companies throughout their growth, focusing on sectors such as biotechnology and technology. Among its notable transactions, Qbic has invested in VoxelSensors, a 3D perception company, which raised significant funding in seed rounds. This involvement indicates Qbic's interest in technology that could intersect with virtual reality hardware manufacturing, making it a potentially relevant investor in this field.


12. Stellantis

  • Website: stellantis.com
  • Type: Corporate
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2014
  • Headcount: 10001+
  • Number of deals in 2024: 7
  • LinkedIn: stellantis-slovakia

Stellantis N.V. is a multinational automotive manufacturer based in Amsterdam, Netherlands, founded in 2014. The company produces a wide range of vehicles and is committed to electrification and innovative mobility solutions. Stellantis operates through a diverse portfolio of iconic automotive brands and emphasizes sustainability and technological advancement. In 2023, Stellantis participated in a Series C funding round for Envisics, a UK-based company specializing in holographic head-up display technology, which is relevant to augmented and virtual reality applications. This investment aims to accelerate product development in AR-HUD technology, indicating Stellantis's interest in integrating advanced display technologies into its vehicles. Additionally, Stellantis has invested in other technology companies like SteerLight and aiMotive, focusing on sensors and AI for autonomous driving, which, while not directly related to VR hardware, showcases their commitment to innovative technologies that could intersect with VR applications in the automotive sector.


13. Revo Capital

  • Website: revo.vc
  • Type: Venture Capital
  • Headquarters: Amstelveen, North Holland, Netherlands
  • Founded year: 2013
  • Headcount: 11-50
  • Number of deals in 2024: 8
  • LinkedIn: revo-capital

Revo Capital is a venture capital firm founded in 2013, based in Amstelveen, North Holland, Netherlands. The firm specializes in investing in early-stage technology startups across Turkey, Eastern Europe, and the Baltics. Revo Capital not only provides capital but also offers growth support services, including strategic guidance, market analysis, and talent acquisition, to help entrepreneurs navigate their business challenges. Among their notable transactions, Revo Capital led a funding round for CY Vision, a company that develops computational holographic technology and is working on production 3D AR HUD systems, which are relevant to the virtual reality hardware sector. This investment highlights Revo Capital's interest in innovative technologies that could intersect with virtual reality applications. Other investments, such as those in Sonarworks, V-Count, Cosa, and Nuvia, while not directly related to virtual reality hardware, showcase their broader focus on technology startups.


14. Saffelberg Investments


Saffelberg Investments NV is a private equity and venture capital firm based in Gooik, Flanders, Belgium, founded in 2007. The firm specializes in long-term investments in fast-growing ventures, particularly in technology and life sciences. Saffelberg provides not only capital but also management expertise to help businesses achieve their growth potential. Their investment portfolio includes notable transactions such as a Series B investment in Radian Arc, which raised $10 million in June 2024, and multiple rounds of funding for Iristick, a company focused on smart glasses and augmented reality, which raised over $4 million in February 2023 and an undisclosed amount in a seed round in 2017. These investments highlight Saffelberg's commitment to supporting innovative technology companies, making them a relevant player in the virtual reality hardware manufacturing sector.



Virtual Reality Hardware Manufacturing Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
European Innovation Council (EIC)Brussels, Brussels, Belgium201-500195857
European Investment Bank (EIB)Luxembourg1001-5000195899
M VenturesAmsterdam, North Holland, Netherlands11-50200918
imec.xpandLeuven, Flanders, Belgium1-1020175
PmvBrussels, Brussels, Belgium51-200200111
Cipio PartnersLuxembourg11-5020032
Capricorn PartnersLeuven, Flanders, Belgium11-5019935
BarcoKortrijk, Flanders, Belgium1001-500019341
Magnus CapitalAmsterdam, North Holland, Netherlands11-5020176
Dutch Crypto InvestorsAmsterdam, North Holland, Netherlands1-10201713
Qbic Fund | Venture CapitalGhent, Flanders, Belgium1-1020125
StellantisAmsterdam, North Holland, Netherlands10001+20147
Revo CapitalAmstelveen, North Holland, Netherlands11-5020138
Saffelberg InvestmentsGooik, Flanders, Belgium1-1020071


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