The telecommunication tower industry in Benelux is essential to modern connectivity, hosting varied companies that build and manage telecom infrastructure such as cell towers and fiber networks. This growing sector enables seamless communication and supports the expansion of mobile broadband and internet access. Tower operators collaborate with mobile network providers to enhance service offerings, as demand for 5G and IoT services intensifies. With expenditures predicted to rise in infrastructure enhancement, the focus is shifting towards sustainability and energy-efficient solutions—a crucial move as operators aim to minimize their environmental impact while continuing to meet increasing connectivity demands.


This list features a blend of corporate and venture capital investors in the telecom sector, with prominent firms headquartered across Luxembourg, Netherlands, and Belgium. Established from 2001 to 2017, these investors vary significantly in size, from small venture funds to large corporate giants. In 2024, they collectively made 171 investments, showcasing heightened activity in the telecom realm, particularly in telecommunication towers and infrastructure projects. Their focus highlights a robust interest in innovation and growth within the industry, as they target high-potential companies making strides in communication technologies.


Top 15 Telecommunication Tower Investors in Benelux


1. 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. In 2024, the EIB has been involved in 99 investments, showcasing its active role in financing initiatives that promote growth and job creation. Among its notable transactions in the telecommunications sector, the EIB signed a €315 million agreement with Cellnex Telecom to finance the expansion of 5G infrastructure across Europe. Additionally, it participated in a $40 million financing round for TowerCo of Africa, aimed at installing 506 new telecom towers in rural Uganda, thereby enhancing access to 4G and 5G services. The EIB has also engaged with major telecommunications companies like Nokia and Ericsson, providing substantial debt financing to support their operations. These activities highlight the EIB's strategic focus on enhancing telecommunications infrastructure, particularly in the context of sustainable development.


2. 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 has made notable investments in the telecommunications sector, including the acquisition of Myanmar's largest telecom tower company, Irrawaddy Green Towers, for an enterprise value of approximately $700 million in December 2020. They also acquired Hong Kong Broadband Network for about HK$5 billion (US$644 million) in May 2012, and a 50% stake in Arteria Networks, a fiber operator, for approximately US$150 million in November 2014. These transactions highlight CVC's strategic focus on delivering sustainable value and growth through investments in the telecommunications industry, particularly in tower and broadband networks.


3. Kpn

  • Website: kpn.com
  • Type: Corporate
  • Headquarters: Rotterdam, South Holland, Netherlands
  • Founded year: 1989
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: kpn

KPN is a leading telecommunications provider based in Rotterdam, South Holland, Netherlands, founded in 1989. The company offers a wide range of services, including fixed and mobile telephony, internet, and television, catering to both consumers and businesses. KPN is known for its reliable network and comprehensive service offerings. Over the years, KPN has made several strategic acquisitions to enhance its market position and service capabilities. Notably, in 2005, KPN acquired Telfort, the Netherlands' No. 3 wireless carrier, for $1.2 billion, significantly increasing its market share in the mobile sector. In 2009, KPN acquired iBasis, further expanding its international telecommunications reach. Additionally, KPN's investment in Actility in 2015, a company focused on IoT network solutions, highlights its commitment to advancing telecommunications technology. These transactions demonstrate KPN's active role in the telecommunications industry, making it a relevant player in the telecommunication tower investment space.


4. ABN AMRO Clearing Bank

  • Website: abnamro.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1982
  • Headcount: 501-1000
  • Number of deals in 2024: 19
  • LinkedIn: abn-amro-clearing-bank-n-v-

ABN AMRO Clearing Bank, founded in 1982 and based in Amsterdam, Netherlands, is a banking institution that offers a variety of financial services, including personal banking, business banking, and investment management. In 2024, they have been involved in 19 investments, showcasing their active role in the financial market. Notably, they participated in the non-recourse financing of Glasfaser Nordwest's expansion of its FTTH network in northwest Germany, raising approximately €800 million. Additionally, they were involved in debt financing for euNetworks Group, which raised over $1.35 billion, and for Fibrus, which secured significant funding in both 2022 and 2024. These transactions highlight ABN AMRO's engagement in the telecommunications sector, particularly in projects that enhance network infrastructure.


5. Mutares Benelux

  • Website: mutares.com
  • Type: Private Equity
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2021
  • Headcount: 51-200
  • Number of deals in 2024: 16
  • LinkedIn: mutares-benelux

Mutares Benelux, a private equity firm based in Amsterdam, specializes in acquiring and managing companies in transition across various sectors, including automotive, technology, and retail. Founded in 2021, the firm has quickly established itself with 16 investments in 2024 alone. Notably, Mutares has engaged in several transactions relevant to the telecommunications sector, such as the acquisition of Alan Dick Communications Limited, a UK-based provider of critical communications and security systems, which generated approximately EUR 15 million in revenue. This acquisition, along with their purchase of ADComms, further emphasizes their interest in companies that operate within the telecommunications infrastructure domain. Their strategic approach to investments and operational support positions them as a potential player in the telecommunication tower industry.


6. BIO - the Belgian Investment Company for Developing Countries


BIO - the Belgian Investment Company for Developing Countries is a not-for-profit organization established in 2001, based in Brussels, Belgium. The company focuses on providing investment support and development financing to private sector companies in developing countries, aiming to empower these businesses to thrive and contribute to their local economies. Among their notable transactions, BIO has invested in Irrawaddy Green Towers, providing debt financing of over $66 million to support telecommunications infrastructure. More recently, in March 2024, BIO participated in a $40 million financing round for TowerCo of Africa, which is set to install 506 new telecom towers in rural Uganda, enhancing access to 4G and 5G services and promoting mobile money solutions. These investments highlight BIO's commitment to improving telecommunications access in developing regions, making them a significant player in the sector.


7. 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. Their focus is primarily on technology firms with proven business models and significant revenue, particularly in the software and B2B sectors. Notably, Cipio Partners has been involved in several funding rounds for BridgeWave Communications, a supplier of 4G millimeter wave backhaul solutions. Their investments in BridgeWave, including a $10.3 million financing round aimed at supporting network deployments for 4G Mobile and LTE networks, highlight their engagement in the telecommunications infrastructure space, making them a relevant player in this sector.


8. 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 focuses on 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 Actility, a leading provider of network solutions for the IoT market, which raised significant funding rounds in which KPN Ventures participated. This investment aligns with the telecommunications sector, as IoT solutions are increasingly relevant to network infrastructure. Additionally, KPN Ventures has invested in Cujo AI, which develops AI-driven services for network operators, further emphasizing their involvement in technologies that support telecommunications operations. These transactions highlight KPN Ventures' strategic interest in the telecommunications industry, making them a relevant player in the telecommunication tower investment space.


9. United Group B.V.

  • Website: united.group
  • Type: Corporate
  • Headquarters: Hoofddorp, North Holland, Netherlands
  • Founded year: 2000
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: united-group-b.v.

United Group B.V. is a corporate investor based in Hoofddorp, North Holland, Netherlands, founded in 2000. As a telecommunications and media provider operating in Southeast Europe, United Group offers a comprehensive range of services, including television, internet, landline, and mobile telephony. Their customer base includes both consumers and businesses, who rely on their services for connectivity and access to media content. In recent years, United Group has made significant acquisitions to strengthen its position in the telecom market, including the acquisition of Vivacom for €1.2 billion in 2019, which expanded their reach in the region. They also acquired Telemach Hrvatska in 2019 for approximately $247 million, and more recently, they acquired Bulsatcom in 2024. These transactions highlight United Group's commitment to enhancing its telecommunications capabilities, which likely involves investment in the necessary infrastructure, including telecommunication towers.


10. Millicom (Tigo)


Millicom International Cellular SA, operating under the Tigo brand, is a leading telecommunications provider in Latin America, headquartered in Luxembourg. Founded in 1992, Millicom offers a comprehensive range of services, including mobile and fixed-line telecommunications, broadband, cable TV, and mobile financial services. The company has been actively expanding its footprint in the region through strategic acquisitions. Notable transactions include the complete acquisition of Tigo Panama in 2022, which followed an initial 80% stake acquisition in 2018, and the acquisition of the remaining 45% equity interest in Tigo Guatemala for $2.2 billion in 2021. These acquisitions not only consolidate Millicom's market position but also enhance its operational capabilities, likely involving the integration and management of telecommunication towers as part of their service infrastructure. Additionally, Millicom's acquisition of Telecable Costa Rica and an 80% stake in Cable Onda further exemplifies their commitment to expanding their telecommunications services across Central America, reinforcing their relevance in the telecommunication tower sector.


11. Innovation Industries


Innovation Industries is a venture capital firm based in Amsterdam, Netherlands, founded in 2017. The firm specializes in deep tech investments, providing capital and support to startups in sectors such as industrial tech, med tech, and food & agri tech. Their mission is to catalyze growth in technology companies that can transform industries, addressing the funding challenges faced by these businesses. In the telecommunications context, Innovation Industries has made significant investments, including a €15 million Series A funding for Pharrowtech, which is developing technology for 5G unlicensed fixed wireless access. Additionally, they have been involved in multiple funding rounds for EFFECT Photonics, a company focused on coherent optics, which is crucial for enhancing telecommunications infrastructure. These transactions highlight their commitment to advancing technology that supports the telecommunications sector.


12. Quilvest Capital Partners


Quilvest Capital Partners is an investment management firm based in Luxembourg, specializing in private equity, real estate, and private credit. Founded in 1917, the firm manages over $7 billion in assets and serves a diverse clientele, including institutions and family offices, by providing tailored investment strategies to meet their financial objectives. Notably, Quilvest has made significant investments in the telecommunications sector, including the acquisition of Sogetrel, a prominent French telecom networks and digital information systems company, which highlights their active role in the industry. Additionally, they have engaged in various other transactions, such as the acquisition of Acuiti Labs, further showcasing their investment capabilities.


13. 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 phases. Notably, Qbic has participated in funding rounds for companies like Accelleran, a Belgium-based open RAN provider that raised €6.8 million in a Series B funding round aimed at supporting global expansion and private 5G deployments. This involvement highlights Qbic's interest in telecommunications technology. Additionally, Qbic has invested in Calltic, a startup focused on technology development, and Smartnodes, which raised funds in the seed stage. These transactions reflect Qbic's commitment to supporting innovative companies that may intersect with the telecommunication tower industry.


14. Fortino Capital


Fortino Capital is a venture capital and growth equity firm based in Antwerp, Flanders, Belgium, founded in 2013. The firm specializes in investing in B2B software companies, providing both funding and strategic support to help these businesses grow and scale effectively. Notably, Fortino Capital has participated in significant transactions in the telecommunications sector, including the acquisition of Melita Plc, a leading telecommunications operator in Malta, and Cabovisão, which they acquired alongside Apax Partners France. These investments highlight Fortino's engagement in the telecommunications industry, particularly in operators that may have telecommunication tower assets, thus showcasing their relevance in this sector.


15. Alter Venture Partners


Alter Venture Partners is a venture capital firm based in Luxembourg, founded in 2019. The firm specializes in investing in disruptive technology companies, providing both capital and strategic support to help startups scale and expand into international markets. Their portfolio includes a diverse range of sectors, including cybersecurity, video streaming, and IoT. Notably, Alter Venture Partners has been involved in significant transactions within the telecommunications space, such as their investment in Monogoto, a secure, global cloud-based cellular network that raised $27 million in Series A funding in October 2024. This investment aims to enhance Monogoto's 5G infrastructure and expand its market presence. Additionally, they participated in a previous funding round for Monogoto, which raised $11 million to bolster its product sales and network capabilities. Furthermore, their investment in Aviz Networks, which raised $17 million in Series A funding in November 2024, suggests a continued interest in companies that may contribute to telecommunications infrastructure. These transactions highlight Alter Venture Partners' active role in the telecommunications sector, particularly in supporting innovative companies that are likely to impact the industry significantly.



Telecommunication Tower Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
European Investment Bank (EIB)Luxembourg1001-5000195899
CvcLuxembourg1001-5000200516
KpnRotterdam, South Holland, Netherlands10001+19892
ABN AMRO Clearing BankAmsterdam, North Holland, Netherlands501-1000198219
Mutares BeneluxAmsterdam, North Holland, Netherlands51-200202116
BIO - the Belgian Investment Company for Developing CountriesBrussels, Brussels, Belgium51-20020014
Cipio PartnersLuxembourg11-5020032
KPN VenturesRotterdam, South Holland, Netherlands1-1020153
United Group B.V.Hoofddorp, North Holland, Netherlands10001+20001
Millicom (Tigo)Luxembourg10001+19920
Innovation IndustriesAmsterdam, North Holland, Netherlands11-50201710
Quilvest Capital PartnersLuxembourg51-20019172
Qbic Fund | Venture CapitalGhent, Flanders, Belgium1-1020125
Fortino CapitalAntwerp, Flanders, Belgium11-5020139
Alter Venture PartnersLuxembourg1-1020193


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