The natural and organic cosmetics industry in Benelux focuses on environmentally friendly and sustainable beauty products, catering to an increasingly health-conscious consumer base. Companies range from niche startups to established brands offering skincare, haircare, and personal care items made with organic ingredients. As awareness about chemical additives grows, businesses are pivoting towards transparency and ethical sourcing, reflecting changing market demands. Industry players are also leveraging innovative technologies to develop biodegradable packaging and sustainable formulations, while aligning with global sustainability goals. This sector is poised for impactful growth as more consumers prioritize eco-awareness in their purchasing decisions.


The investor landscape in the Benelux natural and organic cosmetics industry features a mix of venture capital, private equity, and corporate investors. With notable firms like CVC in Luxembourg and azelis in Belgium, these investors range widely in size and specialization. Founded between the early 1980s and late 2010s, they exhibit a collective willingness to support innovative, sustainability-focused companies. In totality, the 2024 activity resulted in diverse deal counts, highlighting a vibrant scene for investment in this rapidly evolving sector.


Top 15 Natural and Organic Cosmetics 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. It 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. Among its notable transactions, the EIC has invested in Kaffe Bueno, a Danish biotech startup that secured a $2.8 million grant to create the world’s first coffee biorefinery, focusing on environmentally friendly personal care ingredients. Additionally, the EIC funded UVera, a biotech startup that raised over $2.9 million to develop a sustainable sunscreen product derived from cyanobacteria. These investments highlight the EIC's commitment to supporting innovative solutions in the natural and organic cosmetics space.


2. Azelis

  • Website: azelis.com
  • Type: Corporate
  • Headquarters: Antwerp, Flanders, Belgium
  • Founded year: 2001
  • Headcount: 1001-5000
  • Number of deals in 2024: 5
  • LinkedIn: azelis

Azelis is a corporate investor based in Antwerp, Flanders, Belgium, founded in 2001. As a specialty chemical distributor and innovation service provider, Azelis offers a wide range of products and services, including application laboratories and international supply chain solutions. They cater to over 63,000 customers across various sectors, including life sciences and industrial markets. Notably, Azelis has made significant strides in the personal care and cosmetics industry through strategic acquisitions. In 2017, they acquired Ross Organic, a specialty distributor in the personal care market, enhancing their resources in the Western US. In 2022, they further strengthened their position by acquiring Eurotrading in Italy and Chemical Solutions Sdn Bhd in Malaysia, the latter focusing on the growing Halal cosmetic sector. These transactions highlight Azelis's commitment to expanding its footprint in the personal care and cosmetics markets, making them a relevant player in the natural and organic cosmetics space.


3. dsm-firmenich

  • Website: dsm-firmenich.com
  • Type: Venture Capital
  • Headquarters: Maastricht, Limburg, Netherlands
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: dsmfirmenich

dsm-firmenich is a for-profit company based in Maastricht, Limburg, Netherlands, operating in the nutrition, health, and beauty sectors. The company offers a diverse range of products, including fragrances, nutritional supplements, and active pharmaceutical ingredients, catering to various industries. As an investor, dsm-firmenich has shown interest in innovative solutions that address sustainability challenges. Notably, they have invested in Chinova Bioworks, which focuses on natural preservatives for food and beverages, indicating a commitment to natural product development. Their investment in Phytolon, which specializes in proprietary colors for food and beverage applications, further demonstrates their engagement with companies that prioritize natural ingredients. Overall, dsm-firmenich's investment strategy reflects a focus on sustainability and innovation within the beauty and health sectors.


4. Coty

  • Website: coty.com
  • Type: Corporate
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1904
  • Headcount: 10001+
  • LinkedIn: coty

Coty Inc. is a beauty company based in Amsterdam, Netherlands, specializing in the development, manufacturing, and distribution of a wide range of beauty products, including fragrances, cosmetics, and skin care. Founded in 1904, Coty operates globally and serves both consumers and beauty professionals. The company has a strong focus on sustainability and inclusivity, which is increasingly important in the cosmetics industry. Notably, Coty has made several significant acquisitions in the beauty sector, including Kylie Cosmetics, Dr. Scheller Cosmetics AG, and Philosophy Beauty. Dr. Scheller Cosmetics AG is particularly relevant as it emphasizes natural and organic products, showcasing Coty's interest in this market segment. Additionally, Coty has partnered with Younique and invested in KKW Beauty, further diversifying its portfolio. These transactions highlight Coty's strategic approach to expanding its influence in the beauty industry, including the natural and organic cosmetics space.


5. 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 investment firm founded in 2005, specializing in private equity, credit, secondaries, and infrastructure. With approximately €193 billion in assets under management 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 investments in various sectors, including retail and health. Their acquisition of Matas, a Danish retail chain, and their investment in Sunday Natural, a leading brand for premium vitamins and supplements, highlight their engagement in the health and wellness space. These transactions suggest a strategic interest in sectors that align with natural and organic products, making them a potential player in the natural and organic cosmetics industry.


6. Verlinvest

  • Website: verlinvest.com
  • Type: Venture Capital
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 1995
  • Headcount: 11-50
  • Number of deals in 2024: 5
  • LinkedIn: verlinvest

Verlinvest is a Brussels-based venture capital firm founded in 1995, specializing in high-growth consumer brands across diverse sectors, including food, beverage, health, and technology. The firm provides long-term capital and strategic advisory services to help brands scale and innovate. Notably, Verlinvest has made significant investments in the natural and organic cosmetics industry, including a leading role in the Series A funding of Juicy Chemistry, an organic skin and personal care brand, which raised $6.3 million to enhance its position in the clean beauty segment. Additionally, Verlinvest acquired a minority stake in Cible Skin, a Paris-based skincare brand, further solidifying its commitment to the cosmetics sector. Their portfolio reflects a dedication to consumer needs and sustainable practices, making them a relevant player in the natural and organic cosmetics market.


7. Prosus Group

  • Website: prosus.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2019
  • Headcount: 10001+
  • Number of deals in 2024: 21
  • LinkedIn: prosus-group

Prosus Group is a global technology investor and operator based in Amsterdam, Netherlands, founded in 2019. The firm focuses on enhancing everyday life through technology across various sectors, including online classifieds, food delivery, payments, and education technology. With a significant presence in the beauty industry, Prosus has made notable investments in companies such as Somethinc Beauty, which raised $10 million in Series B funding, and The Good Glamm Group, which secured $150 million in Series D funding. These investments highlight Prosus's commitment to fostering growth in the beauty sector, particularly in companies that may emphasize natural and organic products. Their approach involves partnering with local entrepreneurs to create valuable products and services, thereby promoting sustainable business practices and community growth.


8. Sofina

  • Website: sofinagroup.com
  • Type: Venture Capital
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 1898
  • Headcount: 51-200
  • Number of deals in 2024: 4
  • LinkedIn: sofina

Sofina is a Brussels-based venture capital investment company founded in 1898, specializing in providing patient capital to growing businesses across various sectors, including telecommunications, consumer goods, and energy. The firm partners with entrepreneurs and family-owned businesses, offering strategic advice and long-term investment solutions to foster sustainable growth. Notably, Sofina has made significant investments in Mamaearth, a leading brand in the natural and organic cosmetics space, with funding rounds totaling $87 million from 2018 to 2021. This involvement highlights Sofina's interest in the natural cosmetics market, alongside its broader investment strategy.


9. Vendis Capital

  • Website: vendiscapital.com
  • Type: Private Equity
  • Headquarters: Machelen, Flanders, Belgium
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 3
  • LinkedIn: vendis-capital

Vendis Capital is a private equity investment firm based in Machelen, Flanders, Belgium, founded in 2009. The firm specializes in consumer scale-ups, providing capital and strategic support to help businesses grow internationally and implement effective digitalization strategies. Vendis Capital focuses on collaboration with entrepreneurs to enhance market presence and achieve sustainable growth. Their investment portfolio includes notable transactions in the natural and organic sector, such as the acquisition of Skins Cosmetics, a Dutch luxury niche beauty retailer, and their investment in HerbalGem, which is known for its natural products. Additionally, they have invested in Yarrah Organic Petfood, emphasizing their commitment to organic offerings. These transactions highlight Vendis Capital's active role in the natural and organic cosmetics and related industries.


10. Pitchdrive

  • Website: pitchdrive.com
  • Type: Venture Capital
  • Headquarters: Antwerp, Flanders, Belgium
  • Founded year: 2018
  • Headcount: 11-50
  • Number of deals in 2024: 16
  • LinkedIn:

Pitchdrive is a venture capital firm based in Antwerp, Flanders, Belgium, founded in 2018. The firm specializes in early-stage investments, providing funding and mentorship to startups across various sectors, including B2B SaaS and e-commerce. In 2024, Pitchdrive has made 16 investments, showcasing its active role in supporting innovative business models. Notably, Pitchdrive has invested in Openface, a Lithuanian startup that raised €305K in a seed funding round. Openface focuses on personalized skincare solutions, which aligns with the natural and organic cosmetics market. This investment highlights Pitchdrive's interest in the cosmetics sector, particularly in innovative and technology-driven approaches to skincare. Other transactions include investments in startups like Toot, BRAUZZ, and Project Cece, although these do not directly relate to cosmetics, they demonstrate Pitchdrive's broad investment strategy.


11. Eurofins

  • Website: eurofins.com
  • Type: Corporate
  • Headquarters: Luxembourg
  • Founded year: 1987
  • Headcount: 10001+
  • Number of deals in 2024: 8
  • LinkedIn: eurofins

Eurofins Scientific SE is a prominent laboratory testing company based in Luxembourg, founded in 1987. With a workforce exceeding 10,000 and a global presence across 62 countries, Eurofins provides a comprehensive range of analytical and testing services across various sectors, including pharmaceuticals, food, and environmental industries. Notably, Eurofins has made significant strides in the cosmetics sector, highlighted by its acquisition of Laboratoire Dermscan in October 2018. Dermscan specializes in clinical research focused on evaluating the tolerance and effectiveness of cosmetic products, which positions Eurofins as a key player in ensuring the quality and safety of cosmetics. Additionally, Eurofins has engaged in various acquisitions, such as Sabater Pharma and Clinical Research Laboratories, further expanding its capabilities in product testing and compliance, which are crucial for the natural and organic cosmetics industry.


12. 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 Liège, with a focus on funding, project structuring, and business development. Noshaq is particularly active in sectors such as biotech and sustainable development. In recent years, they have made significant investments in companies that align with these themes. Notably, they participated in a Series A funding round for Toopi Organics, which focuses on organic solutions, and Eclo, a company aiming to lead in sustainable mushroom substrates. These transactions highlight Noshaq's commitment to fostering growth and innovation in sectors that are increasingly relevant to natural and organic products.


13. V3 Ventures

  • Website: v3.ventures
  • Type: Venture Capital
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 2022
  • Headcount: 1-10
  • Number of deals in 2024: 9
  • LinkedIn: v3-venture

V3 Ventures is a venture capital firm based in Brussels, Belgium, founded in 2022. The firm specializes in investing in early-stage consumer businesses across various sectors, including wellness, food, and lifestyle. V3 Ventures aims to support founders by providing capital and strategic guidance to help them build strong brands and achieve growth. Notably, they have participated in transactions such as Revea, which raised $6 million in Seed II funding for expanding its mobile experience and manufacturing capabilities, indicating a focus on innovative beauty solutions. Their investment in Jewelbox, which raised $3.2 million in a Seed Round, further demonstrates their engagement in the consumer space, potentially including natural and organic cosmetics. Overall, V3 Ventures is positioned to support brands that align with the growing demand for wellness and lifestyle products.


14. Rubio Impact Ventures


Rubio Impact Ventures is a venture capital firm based in Amsterdam, Netherlands, founded in 2014. The firm specializes in impact investing, providing growth capital and strategic support to entrepreneurs who are addressing significant social and environmental challenges. Their investment areas include clean energy, mental health, and education, emphasizing collaboration and partnership with their portfolio companies. Notably, Rubio Impact Ventures has participated in transactions such as NoPalm-Ingredients, which raised $5,418,962 in a seed round in July 2024, focusing on sustainable ingredients. Additionally, they invested in Arborea, which raised €3.6 million to scale its technology, potentially relevant to sustainable practices. These transactions highlight their interest in companies that align with sustainability, which is a critical aspect of the natural and organic cosmetics industry.


15. Triodos Bank

  • Website: triodos.com
  • Type: Venture Capital
  • Headquarters: Driebergen-Rijsenburg, Utrecht, Netherlands
  • Founded year: 1980
  • Headcount: 1001-5000
  • Number of deals in 2024: 2
  • LinkedIn: triodos-bank

Triodos Bank N.V. is a public entity operating as an ethical bank focused on sustainable finance. Founded in 1980 and based in Driebergen-Rijsenburg, Utrecht, Netherlands, Triodos Bank offers services such as depository receipts, green bonds, and investment management, catering to individuals and businesses seeking to align their financial activities with ethical and sustainable practices. The bank operates in multiple European countries, promoting transparency and positive impact in the banking sector. Notably, Triodos Bank has been involved in various transactions that reflect its commitment to sustainability. For instance, it co-led a Series A funding round for CrowdFarming, which aims to improve logistics and help farms obtain EU organic certification. Additionally, Triodos Bank invested in Tipa, a company producing compostable flexible packaging solutions, which is relevant for sustainable product packaging in the cosmetics industry. These transactions highlight Triodos Bank's focus on supporting sustainable practices, making it a potential investor in the natural and organic cosmetics sector.



Natural and Organic Cosmetics Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
European Innovation Council (EIC)Brussels, Brussels, Belgium201-500195857
AzelisAntwerp, Flanders, Belgium1001-500020015
dsm-firmenichMaastricht, Limburg, Netherlands10001+3
CotyAmsterdam, North Holland, Netherlands10001+19040
CvcLuxembourg1001-5000200516
VerlinvestBrussels, Brussels, Belgium11-5019955
Prosus GroupAmsterdam, North Holland, Netherlands10001+201921
SofinaBrussels, Brussels, Belgium51-20018984
Vendis CapitalMachelen, Flanders, Belgium11-5020093
PitchdriveAntwerp, Flanders, Belgium11-50201816
EurofinsLuxembourg10001+19878
NoshaqBelgium11-50198511
V3 VenturesBrussels, Brussels, Belgium1-1020229
Rubio Impact VenturesAmsterdam, North Holland, Netherlands1-10201413
Triodos BankDriebergen-Rijsenburg, Utrecht, Netherlands1001-500019802


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