The pharmaceutical clinical trials industry in Benelux is a vibrant hub for innovation, focusing on the research and development of new drugs and therapies. Numerous biotech companies, pharmaceutical giants, and contract research organizations operate in this region, offering a mix of cutting-edge technologies and robust services to facilitate clinical trials. As pharmaceutical pipelines evolve, the industry is increasingly leaning towards personalized medicine and digital health solutions, making significant strides in efficiency and effectiveness. Market demands and scientific advancements drive investment growth, highlighting Benelux as a promising locale for both startups and established firms aiming to improve patient outcomes.


This article features 16 prominent investors in the pharmaceutical clinical trials sector within Benelux, showcasing a mix of venture capital firms and corporate entities. The list includes established firms like the European Investment Bank and emerging players such as FundPlus. Spanning diverse locales across Belgium and the Netherlands, these investors range in size from smaller outfits with fewer than ten employees to large firms employing thousands. Founded as early as 1958, these organizations reflect a robust investment activity seen in their collective 2024 deal count, underscoring their impact on shaping the future of pharmaceutical advancements.


Top 16 Pharmaceutical Clinical Trials 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. In the pharmaceutical sector, the EIC has been involved in significant transactions, such as providing grants to Faron Pharmaceuticals, which raised over $2.8 million in June 2020, and Ability Pharmaceuticals, which received $5.4 million in grants in March 2020 and $7.6 million in a venture round in March 2024. These transactions highlight EIC's commitment to fostering innovation in the pharmaceutical industry, particularly in the context of clinical trials and drug development.


2. 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. In the pharmaceutical context, EIB has been involved in several notable transactions, such as providing a €50 million loan to BioNTech SE for research and development, market access, and manufacturing development for its advanced treatments. Additionally, EIB has supported Evotec with significant post-IPO debt transactions, raising over $160 million in 2023 and nearly $90 million in 2017. Furthermore, EIB provided a €40 million loan facility to Enterome, which is focused on developing innovative therapies. These transactions highlight EIB's commitment to financing initiatives that promote growth and innovation in the pharmaceutical industry.


3. Forbion

  • Website: forbion.com
  • Type: Venture Capital
  • Headquarters: Naarden, North Holland, Netherlands
  • Founded year: 2006
  • Headcount: 11-50
  • Number of deals in 2024: 23
  • LinkedIn: forbion-capital-partners

Forbion is a venture capital firm founded in 2006, located in Naarden, North Holland, Netherlands. The firm specializes in the life sciences and bioeconomy sectors, providing investment management and support to biotech companies. Forbion collaborates with entrepreneurs and academic institutions to develop innovative therapies and technologies aimed at addressing unmet medical needs. Notably, Forbion has been involved in significant transactions within the pharmaceutical sector, such as participating in the Series A, B, and C funding rounds for Replimune Group, which is focused on advancing its lead product and other candidates from its Immulytic™ platform. Additionally, Forbion was part of the funding for Gyroscope Therapeutics, which raised over $148 million in Series C funding, further demonstrating their active role in supporting companies engaged in clinical trials and pharmaceutical development.


4. Life Sciences Partners (LSP)

  • Website: lspvc.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1987
  • Headcount: 11-50
  • Number of deals in 2024: 15
  • LinkedIn: lsp-bioventures

Life Sciences Partners (LSP) is a venture capital firm based in Amsterdam, Netherlands, founded in 1987. The firm specializes in private equity investments within the healthcare sector, focusing on drug development and medical technology. LSP connects investors with innovative healthcare companies, aiming to address unmet medical needs through capital and support. Notably, LSP has been involved in significant funding rounds for companies like Amolyt Pharma, which raised $138 million in Series C financing in 2023, $80 million in Series B in 2021, and $74 million in Series A in 2019, all aimed at advancing therapeutics for rare endocrine disorders. Additionally, LSP has invested in argenx, contributing to their Series A and B rounds, which further emphasizes their active role in supporting pharmaceutical development and clinical trials.


5. 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 focuses on transformative ideas within the biotechnology and technology sectors, particularly in healthcare and life sciences. M Ventures provides funding and strategic guidance to startups, helping them achieve commercial success. Among their notable transactions, they co-led a €20M Series A financing round for Calypso Biotech, which is developing an anti-Interleukin-15 antibody for autoimmune diseases, indicating their commitment to advancing pharmaceutical innovations through clinical trials. Additionally, they participated in Galecto Biotech's €79 million Series C financing, which is intended to support a phase 2/3 clinical study of a treatment for idiopathic pulmonary fibrosis. These investments highlight M Ventures' active role in the pharmaceutical clinical trials landscape.


6. Gilde Healthcare


Gilde Healthcare is a venture capital firm based in Utrecht, Netherlands, specializing in healthcare investments. Founded in 1982, the firm manages over €2.6 billion across two fund strategies: Venture & Growth and Private Equity. Gilde Healthcare focuses on innovative healthtech and therapeutics companies, as well as profitable lower mid-market healthcare providers in Europe. Among their notable transactions, Gilde Healthcare has invested in Evotec, a company known for its drug development services, and Definiens, which specializes in image analysis for drug development. Their investment in Calypso Biotech, which raised €20M in a Series A financing round, is particularly relevant as it aims to develop a therapeutic antibody for autoimmune diseases, indicating Gilde's active role in supporting clinical trials in the pharmaceutical sector.


7. Gimv

  • Website: gimv.com
  • Type: Venture Capital
  • Headquarters: Antwerp, Flanders, Belgium
  • Founded year: 1980
  • Headcount: 51-200
  • Number of deals in 2024: 8
  • LinkedIn: gimv

Gimv is a venture capital investment firm based in Antwerp, Flanders, Belgium, founded in 1980. The firm partners with innovative companies across various sectors, including Consumer, Healthcare, Life Sciences, Smart Industries, and Sustainable Cities. Gimv provides investment management and strategic support to help businesses grow sustainably. Their clientele primarily consists of entrepreneurial companies seeking capital and expertise to navigate market challenges. Notably, Gimv has been involved in significant transactions in the pharmaceutical sector, including multiple funding rounds for Ablynx, a biopharmaceutical company specializing in Nanobody technology, where they participated in Series A, B, and C financing rounds. Additionally, they have shown interest in ImCheck Therapeutics, which raised funds to support clinical trials for cancer therapies, indicating their active role in the pharmaceutical clinical trials landscape.


8. 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, that provides financial solutions and strategic support to small and medium-sized enterprises (SMEs) in the province of Liege. The firm focuses on funding, project structuring, and business development, particularly in sectors such as biotech and sustainable development. Noshaq aims to foster growth and innovation by actively engaging with its clients and offering tailored financial assistance. Notably, Noshaq has participated in several significant transactions in the biotech sector, including a €35M Series B financing round for Imcyse, which is involved in developing innovative therapies, and a €13.6 million funding round for Convert Pharmaceuticals, aimed at preparing and conducting initial clinical studies for an anti-cancer drug. These investments highlight Noshaq's commitment to supporting companies that are directly engaged in pharmaceutical clinical trials.


9. BGV (BioGeneration Ventures)


BioGeneration Ventures (BGV) is a venture capital firm based in Naarden, North Holland, Netherlands, founded in 2006. The firm specializes in seed investments in innovative early-stage biotech companies, providing funding and support to help these companies develop disruptive solutions for unmet medical needs. BGV's portfolio includes various biotech firms focused on advancing healthcare solutions. Notably, BGV has participated in significant transactions in the pharmaceutical clinical trials space, including a Series C financing round for CatalYm, which is developing novel immunotherapies for cancer and is currently in clinical development. They also invested in argenx, which has raised substantial funds for its clinical programs, and AcertaPharma, known for its work in oncology. These investments highlight BGV's commitment to supporting companies that are actively engaged in the pharmaceutical clinical trials process.


10. Thuja Capital

  • Website: thujacapital.com
  • Type: Venture Capital
  • Headquarters: Utrecht, Utrecht, Netherlands
  • Founded year: 2006
  • Headcount: 1-10
  • Number of deals in 2024: 3
  • LinkedIn: thuja-capital

Thuja Capital Management BV is a venture capital firm based in Utrecht, Netherlands, founded in 2006. The firm specializes in healthcare investments, focusing on supporting innovative healthcare ventures from start-up to scale-up. Thuja Capital provides funding and strategic guidance to companies in the biotech and medtech sectors. Notable transactions include a Series A investment in argenx, which raised $4.5 million in 2010, and a venture round investment in Enanta Pharmaceuticals in 2007. More recently, they co-led a €12 million Seed investment in Artica Therapeutics in November 2023, and participated in a Seed round for Tacalyx in June 2024. These investments highlight their active role in funding companies that are likely involved in pharmaceutical clinical trials, making them a significant player in the healthcare investment landscape.


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. It provides a comprehensive range of analytical and testing services across multiple industries, including pharmaceuticals, food, and environmental sectors. With a global presence, Eurofins operates over 900 laboratories in 62 countries, offering extensive expertise in testing and diagnostics. In recent years, Eurofins has made significant strides in the pharmaceutical sector through strategic acquisitions. Notable transactions include the acquisition of Advinus Therapeutics in 2017, which marked a significant entry into the pharmaceutical development space, and the acquisition of Clinical Research Laboratories in 2018, enhancing their clinical research capabilities. Additionally, Eurofins acquired Laboratoire Dermscan, a clinical research company specializing in evaluating cosmetic products, further showcasing their involvement in clinical evaluations. These acquisitions reflect Eurofins' strategic focus on expanding its services in the pharmaceutical clinical trials domain.


12. 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 that acts as an investment company for the Flemish government, founded in 2001. It 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. PMV has been involved in significant transactions in the pharmaceutical and life sciences sectors, including a Series B investment in argenx, which raised approximately $43.8 million in December 2011, and multiple Series B investments in reMYND, totaling over $28 million across different rounds. Most recently, PMV participated in a Series B funding round for Confo Therapeutics, which raised $65.2 million in July 2024. These investments highlight PMV's active role in supporting companies that are engaged in drug development and related clinical trials.


13. Droia Ventures

  • Website: droiaventures.com
  • Type: Venture Capital
  • Headquarters: Zaventem, Flanders, Belgium
  • Founded year: 2011
  • Headcount: 11-50
  • Number of deals in 2024: 5
  • LinkedIn: droiaventures

Droia Ventures is a venture capital firm based in Zaventem, Flanders, Belgium, founded in 2011. The firm specializes in the life sciences sector, focusing on investments in drug development companies. They provide essential support for clinical proof of concept and scientific validation of innovative therapies, primarily targeting oncology and genetic diseases. Droia Ventures has been involved in several significant transactions that highlight their commitment to advancing pharmaceutical innovations. For instance, they participated in the Series C funding round for Arcus Biosciences, which raised $107 million, and also contributed to the Series B round for the same company. Additionally, they were part of the Series C financing for Hummingbird Bioscience, which raised $125 million, and played a crucial role in the seed funding for Convert Pharmaceuticals, which is preparing to conduct initial clinical studies for its lead anti-cancer drug. Their investments demonstrate a strong focus on supporting companies that are actively engaged in clinical trials and drug development.


14. 3B Future Health Fund I & II


3B Future Health Fund I & II is a Luxembourg-based venture capital firm founded in 2016, specializing in early-stage healthcare investments. The firm is particularly focused on oncology and rare diseases, aiming to improve patient outcomes through transformative treatments. Notable transactions include their participation in multiple funding rounds for OncoResponse, a biotech company dedicated to developing antibody-based cancer therapies. They contributed to Series A, B, C, and D funding rounds for OncoResponse, which has raised significant capital to advance its lead immunotherapy candidates. This involvement highlights the fund's commitment to supporting innovative therapies in the pharmaceutical sector.


15. Vesalius Biocapital Arkiv


Vesalius Biocapital Partners Sàrl, founded in 2007 and based in Woluwe-Saint-Pierre, Brussels, Belgium, is a venture capital firm that focuses on providing funding and strategic support to innovative life science companies across Europe. The firm has a particular emphasis on therapeutics, medical devices, and diagnostics. In 2024 alone, Vesalius Biocapital Arkiv participated in several notable transactions, including a $150 million Series D investment in CatalYm, a clinical-stage biopharmaceutical company developing novel immunotherapies for cancer. They also played a role in a EUR 50 million Series C financing round for CatalYm, which was aimed at expanding the Phase 2 clinical development program of their lead candidate, visugromab. Additionally, they were involved in a Series C financing round for Memo Therapeutics, which raised CHF 25 million to complete a Phase II trial of AntiBKV. These transactions highlight Vesalius Biocapital's commitment to supporting companies that are directly involved in pharmaceutical clinical trials, showcasing their relevance in this sector.


16. V-Bio Ventures

  • Website: v-bio.ventures
  • Type: Venture Capital
  • Headquarters: Ghent, Flanders, Belgium
  • Founded year: 2015
  • Headcount: 1-10
  • Number of deals in 2024: 6
  • LinkedIn: v-bio-ventures

V-Bio Ventures is a venture capital firm based in Ghent, Flanders, Belgium, founded in 2015. The firm specializes in life sciences investments, focusing on innovative companies in therapeutics, diagnostics, and sustainable agriculture. V-Bio Ventures aims to support the transformation of scientific innovations into impactful products that address unmet needs in healthcare. Notably, they have been involved in significant transactions within the pharmaceutical sector, including a Series B investment in Confo Therapeutics, which raised over $65 million in July 2024 to advance its drug development efforts. They also participated in earlier funding rounds for Confo Therapeutics, including a €30 million Series A round in 2019 and a seed round in 2016. Additionally, V-Bio Ventures has invested in Orionis Biosciences, participating in both Series A and Series B rounds, indicating their active role in supporting companies that are likely to engage in clinical trials for new therapeutics.



Pharmaceutical Clinical Trials Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
European Innovation Council (EIC)Brussels, Brussels, Belgium201-500195857
European Investment Bank (EIB)Luxembourg1001-5000195899
ForbionNaarden, North Holland, Netherlands11-50200623
Life Sciences Partners (LSP)Amsterdam, North Holland, Netherlands11-50198715
M VenturesAmsterdam, North Holland, Netherlands11-50200918
Gilde HealthcareUtrecht, Utrecht, Netherlands51-200198212
GimvAntwerp, Flanders, Belgium51-20019808
NoshaqBelgium11-50198511
BGV (BioGeneration Ventures)Naarden, North Holland, Netherlands1-1020066
Thuja CapitalUtrecht, Utrecht, Netherlands1-1020063
EurofinsLuxembourg10001+19878
PmvBrussels, Brussels, Belgium51-200200111
Droia VenturesZaventem, Flanders, Belgium11-5020115
3B Future Health Fund I & IILuxembourg11-5020163
Vesalius Biocapital ArkivWoluwe-Saint-Pierre, Brussels, Belgium1-1020078
V-Bio VenturesGhent, Flanders, Belgium1-1020156


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