The broadband providers industry in Benelux is essential for enhancing internet access and service quality across the region. Comprising national carriers, internet service providers, and independent startups, it focuses on delivering high-speed internet, mobile connectivity, and innovative digital solutions. Companies like KPN and Altice Group are pivotal, not just in providing services but also in investing in infrastructure improvements and technology enhancements. With the increased demand for remote working and digital services, the industry is shifting towards the rollout of fiber-optic networks and 5G technology, ensuring that connectivity keeps pace with the region's dynamic growth and digital demands.


This collection of investors in Benelux's broadband industry includes corporate giants like the European Investment Bank and venture capital firms such as Prosus Group. Their headquarters range from Luxembourg to the Netherlands and Belgium, representing various operational scales. The investor types are a mix of corporate, venture capital, and private equity firms, indicating a broad interest in the sector. In 2024, these investors engaged in multiple deals, reflecting the industry's importance in digital infrastructure development and market expansion.


Top 16 Broadband Providers Investors in Benelux


1. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, founded in 1958, that provides financial services including loans, equity investments, guarantees, and advisory services to support sustainable projects across various sectors. The EIB serves both public and private organizations seeking funding for initiatives that promote growth and job creation. Notably, the EIB has been involved in several significant transactions within the broadband sector, including debt financing for Hyperoptic ($27,532,570 in 2016), Gigaclear ($27,166,383 in 2016), Deutsche Glasfaser ($391,142,303 in 2024), and Telefonica Germany ($497,022,833 in 2020). These investments highlight the EIB's role in facilitating the development of broadband infrastructure, making it a relevant player in the broadband providers industry.


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 broadband sector, including the acquisition of Hong Kong Broadband Network for approximately HK$5 billion in 2012, which highlights their commitment to the telecommunications market. Additionally, their investment in PT Link Net Tbk and the acquisition of a 50% stake in Arteria Networks further illustrate their strategic focus on broadband and telecom services. CVC's involvement in these transactions showcases their capability to deliver sustainable value and growth in the broadband industry.


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 comprehensive 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 extensive service offerings. In recent years, KPN has made significant acquisitions to strengthen its position in the broadband market. Notably, in 2017, KPN acquired Solcon, a Dutch internet service provider, enhancing its internet service capabilities. In 2023, KPN further expanded its portfolio by acquiring Youfone, a Mobile Virtual Network Operator, which is expected to bolster its mobile services. Additionally, KPN's acquisition of Kabeltex in December 2023 reflects its ongoing strategy to enhance its broadband offerings. These transactions highlight KPN's active role in the broadband sector and its commitment to providing essential connectivity and ICT solutions.


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, North Holland, is a banking institution that provides a range of financial services including personal banking, business banking, and investment management. As a venture capital investor, ABN AMRO has been involved in several notable transactions within the broadband sector. They participated in a significant debt financing round for CityFibre, a U.K.-based network operator, which raised a total of £4.9 billion to fund its fiber build to 8 million homes. Additionally, ABN AMRO was involved in debt financing for Fibrus, which raised substantial amounts in 2022 and 2024 to support its broadband initiatives. These transactions highlight ABN AMRO's active engagement in financing broadband infrastructure projects, reinforcing their position as a relevant investor in this industry.


5. Altice Group

  • Website: altice.net
  • Type: Corporate
  • Headquarters: Luxembourg
  • Founded year: 2001
  • Headcount: 10001+
  • LinkedIn: altice-group

Altice Group, founded in 2001 and based in Luxembourg, is a corporate investor primarily focused on telecommunications and mass media. The company operates under Altice Europe N.V. and provides a range of services including internet, TV, and phone services to a diverse customer base across Western Europe, Israel, the United States, and the Caribbean. Altice has made several significant acquisitions in the broadband sector, including Suddenlink Communications for $9.1 billion in 2015, which expanded their footprint in the U.S. broadband market. In 2019, they acquired Covage for approximately $1.1 billion, further solidifying their presence in the French broadband market. Additionally, their acquisition of Coriolis Télécom in 2021 for €415 million highlights their ongoing strategy to enhance their broadband offerings. These transactions underscore Altice Group's commitment to delivering connectivity solutions and expanding their broadband services.


6. SES Satellites

  • Website: ses.com
  • Type: Corporate
  • Headquarters: Betzdorf, Grevenmacher, Luxembourg
  • Founded year: 1985
  • Headcount: 1001-5000
  • Number of deals in 2024: 2
  • LinkedIn: ses

SES S.A. is a satellite telecommunications provider based in Betzdorf, Luxembourg, founded in 1985. The company specializes in video broadcast and data connectivity solutions, serving various sectors including broadcasting, government, and maritime. SES operates a fleet of over 70 satellites, ensuring global coverage for its customers. In 2024, SES announced its acquisition of U.S.-based Intelsat for $3.1 billion, which, upon completion, will create the world's largest satellite services provider. This acquisition is expected to significantly enhance SES's capabilities in broadband services. Additionally, SES Networks, a subsidiary acquired in 2016 for $730 million, focuses on providing data connectivity solutions, further emphasizing SES's commitment to the broadband sector. SES has also engaged in various funding rounds for SES Networks, indicating ongoing investment in expanding their broadband service offerings.


7. Millicom (Tigo)


Millicom International Cellular SA, operating under the Tigo brand, is a telecommunications provider based in Luxembourg, primarily serving Latin America. Founded in 1992, Millicom offers a comprehensive suite of services including mobile and fixed-line telecommunications, broadband, cable TV, and mobile financial services. The company has made significant investments in the broadband sector, highlighted by its acquisitions of Telecable Costa Rica in 2014, Tigo Guatemala in 2021, Tigo Panama in 2022, and an 80% stake in Cable Onda, the largest cable and fixed telecommunications provider in Panama, in 2018. These strategic moves have solidified Millicom's position as a leading telecommunications service provider in Central America, enhancing its capabilities in both consumer and business markets.


8. BIO - the Belgian Investment Company for Developing Countries


The Belgian Investment Company for Developing Countries (BIO) is a not-for-profit organization established in 2001, based in Brussels, Belgium. BIO 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 its notable transactions, BIO has invested in TowerCo of Africa, which raised $40 million in long-term financing to install 506 new telecom towers in rural Uganda, facilitating access to 4G and 5G data services. This investment is expected to significantly enhance broadband access in underserved areas. Additionally, BIO has been involved in other financing activities, such as supporting Irrawaddy Green Towers, which raised over $66 million for telecom infrastructure, further indicating its engagement in the broadband sector.


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. The company is a prominent telecommunications and media provider operating primarily in Southeast Europe. United Group offers a wide range of services, including television, internet, landline, and mobile telephony, catering to both consumers and businesses. The company has been actively expanding its footprint in the broadband sector through strategic acquisitions. Notable transactions include the acquisition of Bulgarian telecom operator Vivacom for €1.2 billion, which enhances their market presence in the region. Additionally, United Group acquired Bulsatcom in February 2024, Optima Telekom in July 2021, and Telemach Hrvatska in June 2019, further solidifying their position in the broadband market. These acquisitions reflect United Group's commitment to providing connectivity and media content, making them a significant player in the broadband providers industry.


10. 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 and operates in various sectors, including online classifieds, food delivery, payments, and education technology, serving over two billion customers worldwide. Notably, Prosus has made significant investments in the technology sector, including a recent $14 million investment in FiberSense, a company specializing in fiber optic technology, which is crucial for broadband infrastructure. Additionally, Prosus has participated in funding rounds for other technology companies, showcasing its commitment to fostering innovation and supporting local entrepreneurs. With a count of 21 investments in 2024 alone, Prosus is actively seeking opportunities that align with its mission of creating valuable products and services while promoting sustainable business practices.


11. 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. Notably, Mangrove has been involved in several funding rounds for FreedomPop, a company that offers broadband services, including a Series A investment in 2012 and subsequent Series A and B rounds in 2013 and 2015. This involvement highlights their engagement in the broadband sector, alongside their broader focus on empowering startups in the tech ecosystem across Europe and Israel.


12. 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. Notably, KPN Ventures has also invested in companies that are relevant to the broadband providers industry. For example, they participated in a Series B investment in Cujo AI, which specializes in AI-driven services for network operators, highlighting their commitment to enhancing network capabilities. Additionally, KPN Ventures has invested in Actility, a leading provider of network solutions for the IoT market, which is crucial for expanding broadband connectivity and services. Their involvement in these transactions showcases their strategic interest in technologies that support and improve broadband infrastructure and services.


13. 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. With a team size of 11-50, they provide financial support and strategic guidance to help businesses scale and prepare for liquidity events. Their investment strategy focuses on technology firms with proven business models and significant revenue, primarily 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, which are essential for the deployment of broadband networks. Their investments in BridgeWave, including a $10.3 million financing round in 2012 and multiple earlier rounds, highlight their engagement in the broadband technology space, reinforcing their relevance as an investor in this 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 funding and strategic support to help these businesses grow and scale effectively. Notably, Fortino Capital has made significant investments in the telecommunications sector, including the acquisition of Melita Plc, a leading telecommunications operator in Malta, and Cabovisão, which further emphasizes their involvement in the broadband providers industry. Additionally, they have invested in Odin Groep and Van Roey ICT Group, showcasing their broader interest in technology and service providers that may intersect with broadband services. These transactions highlight Fortino Capital's commitment to supporting growth in sectors that are crucial for the digital economy.


15. 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, Mutares SE & Co. KGaA has quickly established itself in the investment landscape, completing 16 investments in 2024 alone. Notably, they have made significant strides in the telecommunications sector with the acquisition of Eltel Networks Energetyka S.A. and Eltel Networks Engineering S.A., which are expected to enhance their portfolio in the broadband infrastructure space. Other transactions include the acquisition of Sirti Energia S.p.A., focusing on energy infrastructure, and Alan Dick Communications Limited, which provides critical communications systems. These transactions reflect Mutares' strategic approach to investing in companies that can benefit from operational support and consulting services to drive profitability and growth.


16. Adara Ventures

  • Website: adara.vc
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 11-50
  • Number of deals in 2024: 5
  • LinkedIn: adara-venture-partners

Adara Ventures is a venture capital firm based in Luxembourg, founded in 2005. The firm specializes in investing in early-stage technology companies across Europe, partnering with visionary founders in sectors such as cybersecurity, digital health, and data applications. Notably, Adara Ventures has made significant investments in broadband-related companies, including Cambridge Broadband Networks, which raised multiple rounds of funding totaling over $40 million between 2007 and 2010. This involvement highlights their commitment to supporting innovative solutions in the broadband sector. Additionally, they have invested in other technology firms, indicating a broad investment strategy while maintaining a presence in the telecommunications space.



Broadband Providers 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
Altice GroupLuxembourg10001+20010
SES SatellitesBetzdorf, Grevenmacher, Luxembourg1001-500019852
Millicom (Tigo)Luxembourg10001+19920
BIO - the Belgian Investment Company for Developing CountriesBrussels, Brussels, Belgium51-20020014
United Group B.V.Hoofddorp, North Holland, Netherlands10001+20001
Prosus GroupAmsterdam, North Holland, Netherlands10001+201921
Mangrove Capital PartnersLuxembourg11-5020005
KPN VenturesRotterdam, South Holland, Netherlands1-1020153
Cipio PartnersLuxembourg11-5020032
Fortino CapitalAntwerp, Flanders, Belgium11-5020139
Mutares BeneluxAmsterdam, North Holland, Netherlands51-200202116
Adara VenturesLuxembourg11-5020055


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