The sports merchandising industry in Benelux thrives around the commercial aspects of sports, offering consumers a range of products from apparel to memorabilia. It features manufacturers, retailers, and e-commerce companies focused on various sports, from football to cycling. As fan engagement accelerates, technological integrations are reshaping marketing and distribution strategies. The rise of e-sports and sustainability trends are also influencing offerings, steering the industry towards innovative digital solutions and eco-friendly products. This shifting environment makes it an exciting time for brands wishing to capture the loyalty of passionate sports fans across the region.


This list highlights 15 notable investors active in the Benelux sports merchandising space. It showcases a mix of venture capital firms, corporate investors, and private equity firms, each making an impact in 2024 through various deal volumes. Headquartered primarily in Luxembourg and the Netherlands, these investors range widely in size, from small teams of fewer than 10 to large corporations employing thousands. Founded between 1704 and 2018, they represent a rich tapestry of investment strategies with a cumulative focus on growth within the sports merchandising sector.


Top 15 Sports Merchandising 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 leading 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 has made notable investments in the sports sector, including significant funding rounds for Premiership Rugby ($252 million), Six Nations Rugby ($508 million), and Liga de Futbol Profesional ($3.2 billion). Additionally, CVC has acquired Dorna Sports, the organization behind MotoGP, further solidifying its presence in the sports industry. These transactions highlight CVC's strategic focus on delivering sustainable value and growth through investments in sports, which often includes merchandising opportunities.


2. Exor N.V.

  • Website: exor.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 26
  • LinkedIn: exor_2

Exor N.V. is a holding company based in Amsterdam, Netherlands, founded in 2009. It operates across various sectors including automotive, healthcare, and media, managing a diverse portfolio of companies such as Ferrari, Stellantis, and Philips. Notably, Exor has made significant investments in the sports sector, including a recent funding of €200 million to Juventus Football Club S.p.A., which highlights its commitment to enhancing value in the sports industry. This investment not only supports the club's operations but also positions Exor as a key player in sports merchandising, given Juventus's global brand and merchandise sales. Exor's focus on strategic investments and operational support further strengthens its relevance in the sports merchandising landscape.


3. Pon

  • Website: pon.com
  • Type: Corporate
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1867
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: pon

Pon Holdings BV, founded in 1867 and based in Amsterdam, is a family-owned multinational company that operates primarily in the transportation and agricultural sectors. With over 10,000 employees, Pon has established itself as a leader in the bicycle industry, manufacturing and distributing a range of bicycles, including electric models. In recent years, Pon has made significant acquisitions to strengthen its position in the cycling market. Notably, they acquired the bike division of Dorel Industries for $810 million, making them the largest bike company globally with an annual revenue of approximately $2.5 billion. Additionally, Pon has acquired Santa Cruz Bicycles and Mike's Bikes, expanding their retail presence in North America. These strategic moves highlight Pon's commitment to the cycling industry, which is closely tied to sports merchandising, as they cater to both individual consumers and businesses seeking sustainable transportation solutions.


4. Peak

  • Website: peak.capital
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2008
  • Headcount: 11-50
  • Number of deals in 2024: 8
  • LinkedIn: peak-capital

Peak Capital is a venture capital firm based in Amsterdam, Netherlands, founded in 2008. They specialize in investing in early-stage companies within the SaaS, marketplace, and platform sectors, providing funding and support to help these businesses scale. In 2021, Peak Capital led a seed round for Heja, a youth sports management social platform, raising $4.2 million to support team growth and product development. This investment highlights their engagement in the sports sector. Additionally, they have participated in various other funding rounds, including investments in companies like HappyPrinting and Catawiki, although these are not directly related to sports merchandising. Their focus on innovative founders and technology-driven solutions positions them as a potential player in the sports merchandising industry, particularly in areas that intersect with technology and community engagement in sports.


5. Euro Media Group


Euro Media Group (EMG) is a corporate investor based in Charleroi, Wallonia, Belgium, founded in 1982. With a workforce of 1001-5000 employees, EMG specializes in media production, offering comprehensive solutions for live events, including outside broadcasting, post-production, and digital streaming. They cater to sports federations and television channels, providing high-quality media production and innovative technology. Notably, EMG has made strategic acquisitions to bolster its presence in the sports sector, including the acquisition of EBD in May 2017, a company known for graphic enhancement and statistics in sports, and Netco Sports in September 2015, which focuses on second screen solutions for sports. These transactions highlight EMG's commitment to enhancing the sports media landscape, aligning with the interests of sports merchandising.


6. LeanSquare

  • Website: leansquare.be
  • Type: Venture Capital
  • Headquarters: Belgium
  • Founded year: 2014
  • Headcount: 1-10
  • Number of deals in 2024: 3
  • LinkedIn: leansquare

LeanSquare is a venture capital investment fund based in Belgium, founded in 2014. The firm specializes in supporting innovative projects across various sectors, including Cultural and Creative Industries, Enterprise Software, and Life Sciences. LeanSquare focuses on providing financial investment, expertise, and networking opportunities to mature startups seeking growth. Notably, LeanSquare has participated in significant transactions within the sports tech space, such as investing in Raw Stadia, which raised $1.63M to expand into the US NFL market, and CityLegends, which received close to €1 million in seed funding to enhance its marketing efforts and user base in Western Europe and the US. These investments highlight LeanSquare's engagement in the sports sector, particularly in technology that intersects with sports merchandising.


7. Stake Capital Group

  • Website: stake.capital
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2021
  • Headcount: 11-50
  • Number of deals in 2024: 12
  • LinkedIn: stake-capital

Stake Capital Group is a venture capital firm based in Luxembourg, founded in 2021. The firm specializes in blockchain and DeFi technologies, providing asset management and investment advisory services to businesses in the technology and finance sectors. In 2022, Stake Capital participated in a seed funding round for Eterlast, which raised $4.5 million to develop Web3 games aimed at sports fans, highlighting their engagement in the sports merchandising industry. Additionally, they have been involved in other transactions such as MetaFight, which raised over $1 million, indicating their active role in innovative projects that may intersect with sports and entertainment.


8. BNP Paribas Fortis


BNP Paribas Fortis is a corporate banking and financial services provider based in Brussels, Belgium. Founded in 2008, the firm offers a comprehensive range of services including personal banking, corporate banking, investment management, and financial advisory. They cater to individuals, businesses, and organizations, assisting them in managing their finances and investments effectively. Notably, BNP Paribas Fortis participated in a significant funding round for Castore, a British sportswear brand, where they contributed to a £50 million investment alongside HSBC and Silicon Valley Bank. This funding, structured as a debt facility, valued Castore at £750 million and is aimed at supporting the company's expansion efforts in the competitive sportswear market. This involvement highlights BNP Paribas Fortis's active role in the sports merchandising industry, particularly in financing brands that are poised for growth in this sector.


9. Ten Cate Protect B.V.

  • Website: tencate.com
  • Type: Corporate
  • Headquarters: Almelo, Overijssel, Netherlands
  • Founded year: 1704
  • Headcount: 201-500
  • Number of deals in 2024: 2
  • LinkedIn: ten-cate-protect-b.v.

Ten Cate Protect B.V., part of Royal TenCate, is a corporate investor based in Almelo, Overijssel, Netherlands, specializing in protective fabrics and outdoor textiles. Founded in 1704, the company has a long history of innovation and quality in textile manufacturing. In 2024, TenCate Grass, a division of Royal TenCate, made significant strides in the sports sector by acquiring a majority stake in The LandTek Group, a company focused on sports facility construction, and Byrom-Davey, Inc., a prominent sports facility builder in Southern California. These acquisitions aim to enhance their growth strategy in the sports industry. Additionally, their previous acquisition of Mattex Leisure Industries, an artificial grass fiber manufacturer, further emphasizes their commitment to providing high-quality products for sports and recreation. Through these strategic investments, Ten Cate Protect B.V. is positioning itself as a key player in the sports merchandising landscape.


10. 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. It provides financial solutions and strategic support to small and medium-sized enterprises (SMEs) in the province of Liege, focusing on funding, project structuring, and business development. While Noshaq primarily targets sectors such as biotech and sustainable development, it has also made significant investments in the sports tech industry. Notably, Noshaq participated in funding rounds for MYOCENE, a Belgian-based sportstech company, which raised funds to prepare its 'Go to Market product' and has a focus on sports innovation. Additionally, Noshaq invested in Raw Stadia, a sports tech company aiming to expand into the US market, particularly targeting the NFL. These transactions highlight Noshaq's engagement in the sports sector, particularly in technology that supports sports merchandising and related activities.


11. 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 significant funding rounds for companies like Minute Media, which raised $40 million in 2020 and is a key player in sports media, and WSC Sports, which raised $23 million to expand its growth across various sports. These transactions highlight Maor Investments' engagement in the sports sector, particularly in media and technology, which are integral to sports merchandising.


12. Fabric Ventures

  • Website: fabric.vc
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2012
  • Headcount: 11-50
  • Number of deals in 2024: 16
  • LinkedIn: fabricventures

Fabric Ventures is a venture capital firm based in Luxembourg, founded in 2012. The firm focuses on investing in the Open Economy, supporting early-stage companies across various sectors, including finance, gaming, and infrastructure. Notably, Fabric Ventures has made significant investments in the sports merchandising space, particularly through their involvement with Sorare, which raised $10 million in a seed round in July 2020. Sorare is a fantasy sports platform that allows users to collect and trade digital player cards, effectively merging gaming with sports merchandising. In addition, they participated in a €2 million seed round for SorareData in September 2023, a platform that tracks player performances, further solidifying their commitment to the sports sector. Through these investments, Fabric Ventures not only provides capital but also business development support and community engagement to help these startups succeed.


13. Parcom Capital

  • Website: parcomcapital.com
  • Type: Corporate
  • Headquarters: Schiphol, North Holland, Netherlands
  • Founded year: 1982
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: parcom-capital

Parcom Capital is a corporate investment firm based in Schiphol, North Holland, Netherlands, founded in 1982. Specializing in private equity, Parcom focuses on unlocking the potential of businesses by providing investment management and strategic support to entrepreneurs and management teams. They partner with various companies across multiple sectors to facilitate sustainable growth and transformation. Notably, Parcom Capital has made significant acquisitions, including Just Brands in 2024 and Seetickets in 2008. The acquisition of Seetickets is particularly relevant as it operates in the ticketing industry, which is closely tied to sports events and merchandising, suggesting Parcom's engagement in sectors that intersect with sports.


14. Lrm

  • Website: lrm.be
  • Type: Venture Capital
  • Headquarters: Hasselt, Flanders, Belgium
  • Founded year: 1994
  • Headcount: 51-200
  • Number of deals in 2024: 1
  • LinkedIn: lrmnv

LRM (lrm.be) is a venture capital investment company based in Hasselt, Flanders, Belgium, founded in 1994. It focuses on sustainable economic growth in the Limburg region by providing financing and expertise to startups, scale-ups, and mature companies. LRM is involved in various sectors, including real estate development and the reconversion of old mining sites. Notably, LRM has made significant investments in the sports sector, including a recent investment in Raw Stadia, a sports tech company that raised $1.63M USD to expand into the US market with a focus on the NFL. This investment highlights LRM's engagement in the sports industry, particularly in technology that can enhance sports merchandising and fan engagement. Additionally, LRM participated in the funding of Small Teaser, which, while not directly related to sports merchandising, showcases its active role in supporting innovative companies.


15. Accurafy4

  • Website: accurafy4.com
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2018
  • Headcount: 1-10
  • LinkedIn: accurafy4

Accurafy4 is a venture capital fund based in Luxembourg, founded in 2018, that specializes in investing in early-stage technology companies across Europe. The fund emphasizes sustainable investments and provides tailored support to startups, helping them grow and achieve their business objectives. Notably, Accurafy4 has invested in Fanprime, which raised funds in 2021 and 2022, focusing on enhancing fan engagement in sports. Additionally, they invested in Sportihome, a startup that raised 2 million euros to expand its platform for sports tourism accommodations, indicating a connection to the sports industry. Accurafy4's hands-on approach to investment management and its focus on innovative companies position it as a potential contributor to the sports merchandising sector.



Sports Merchandising Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
CvcLuxembourg1001-5000200516
Exor N.V.Amsterdam, North Holland, Netherlands11-50200926
PonAmsterdam, North Holland, Netherlands10001+18671
PeakAmsterdam, North Holland, Netherlands11-5020088
Euro Media GroupCharleroi, Wallonia, Belgium1001-500019820
LeanSquareBelgium1-1020143
Stake Capital GroupLuxembourg11-50202112
BNP Paribas FortisBrussels, Brussels, Belgium10001+20082
Ten Cate Protect B.V.Almelo, Overijssel, Netherlands201-50017042
NoshaqBelgium11-50198511
Maor InvestmentsLuxembourg11-5020173
Fabric VenturesLuxembourg11-50201216
Parcom CapitalSchiphol, North Holland, Netherlands11-5019821
LrmHasselt, Flanders, Belgium51-20019941
Accurafy4Luxembourg1-1020180


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