The physical therapy practice industry in Benelux plays a crucial role in enhancing rehabilitation and recovery for patients. It is composed of clinics, specialized therapy providers, and various health-tech companies focused on personalized treatment plans. These organizations often incorporate innovative technologies, such as telehealth services and rehabilitation equipment, to improve patient experience and outcomes. A noteworthy trend is the increasing focus on preventative care and wellness, as providers aim to minimize long-term injuries through early intervention. As patient demands shift, the industry is adopting more integrated approaches, combining traditional therapies with modern technology-enhanced solutions.


The list of investors in the physical therapy practice industry features a range of entities, including venture capital firms and private equity firms, based in Benelux. These investors vary in size and focus, with some managing billions in assets while others cater to smaller startups. Founded between 1957 and 2020, these investors participated in a total of 299 investment deals in 2024, highlighting their engagement in this growing sector. Their strategic capital infuses innovation, accelerating advancements in healthcare, particularly within physical therapy practices as they navigate the market in 2025.


Top 16 Physical Therapy Practice Investors in Benelux


1. European Innovation Council (EIC)


The European Innovation Council (EIC) is a public entity based in Brussels, Belgium, founded in 1958, that supports 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 also provides business acceleration services, networking opportunities, and prizes to foster innovation in different sectors. Notably, the EIC has been involved in funding companies relevant to physical therapy, such as Reactive Robotics, which raised over $2.6 million in grants for its robotic assistance technology aimed at early mobilization of intensive care patients. Other companies like Piomic and NC Biomatrix also received significant grants from the EIC, indicating a commitment to supporting innovative healthcare solutions that could impact physical therapy practices.


2. 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. Notably, Gilde has invested in Fysius Rugexperts, a company that provides physical therapy services, highlighting their engagement in the physical therapy practice sector. Additionally, their investments in companies like Mainstay Medical, which is involved in pain management technologies, and Nalu Medical, focused on chronic neuropathic pain, further demonstrate their commitment to advancing healthcare solutions that can intersect with physical therapy practices.


3. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, established in 1958, that provides a range of financial services including loans, equity investments, guarantees, and advisory services aimed at supporting sustainable projects across various sectors. With a focus on promoting growth and job creation, the EIB serves both public and private organizations. Among its notable transactions, the EIB provided financing to Wandercraft, a French medical robotics company, which received €25 million to develop its Personal Exoskeleton aimed at improving patient access to rehabilitation technologies. This investment highlights EIB's role in advancing healthcare solutions, particularly in the physical therapy domain. Additionally, EIB's involvement with companies like Ottobock and Sidekick Health further illustrates its engagement in the healthcare sector, reinforcing its relevance as an investor in physical therapy practices.


4. 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 investment 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 healthcare sector, including a significant acquisition of MedRisk, LLC for $1.15 billion, which focuses on physical rehabilitation services. Other relevant transactions include the acquisition of Mehilainen, a healthcare provider, and a stake in PT Siloam International Hospitals, indicating a strategic focus on health services. These investments reflect CVC's commitment to delivering sustainable value and growth through strategic investments in the healthcare industry, including physical therapy practices.


5. 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 invested in Equipe Zorgbedrijven, a group of specialized clinics in the Netherlands, with a €12.5M investment aimed at expansion and additional facilities. This investment highlights their engagement in the healthcare sector, which is relevant to physical therapy practices. Other investments in healthcare-related companies, such as Almaviva Santé and Eurocept, further demonstrate their commitment to supporting businesses in the healthcare field.


6. Vesalius Biocapital Arkiv


Vesalius Biocapital Partners Sàrl is a venture capital firm based in Woluwe-Saint-Pierre, Brussels, Belgium, founded in 2007. The firm specializes in providing funding and strategic support to innovative life science companies across Europe, focusing on therapeutics, medical devices, and diagnostics. Notably, Vesalius Biocapital has participated in several significant transactions within the healthcare sector, including investments in Sword Health, a virtual musculoskeletal care provider, where they participated in multiple funding rounds (Seed, Series A, and Series B) totaling over $34 million. This involvement highlights their commitment to advancing solutions in physical therapy and musculoskeletal care. Additionally, they have invested in Tonic App, a digital health startup, which, while not directly related to physical therapy, indicates their broader interest in health technology and innovation.


7. Capricorn Partners


Capricorn Partners is an investment management firm based in Leuven, Flanders, Belgium, specializing in venture capital, growth capital, and quoted equity funds. Founded in 1993, the firm focuses on innovative companies across sectors such as digital technologies, health, and clean technologies. They are committed to responsible investing, aiming to create both financial returns and strategic value for their clients. Notably, Capricorn Partners has been involved in several transactions relevant to the physical therapy practice context, including investments in Nexstim, which raised funds for its neuromodulation technology aimed at rehabilitation, and Mainstay Medical, which focuses on devices for chronic pain management. These investments highlight their engagement in the health sector, particularly in areas that intersect with physical therapy practices.


8. NLC - The European Healthtech Venture Builder

  • Website: nlc.health
  • Type: Corporate
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2014
  • Headcount: 51-200
  • Number of deals in 2024: 6
  • LinkedIn: nlc-next-level-challenge

NLC - The European Healthtech Venture Builder is a corporate investor based in Amsterdam, Netherlands, founded in 2014. They specialize in developing medical technology solutions, particularly in neonatal care. Their investment strategy emphasizes collaboration with healthcare providers and investors to foster innovation in the health sector. Notable transactions include investments in Symbio Therapy, NC Biomatrix, and Bilihome B.V., all of which are in the early stages of development. Symbio Therapy, in particular, suggests a focus on therapeutic solutions, which aligns with the physical therapy practice context. Their diverse portfolio indicates a broader interest in healthtech innovations that could potentially benefit physical therapy practices.


9. Triton Partners


Triton Partners is a private equity investment firm based in Luxembourg, founded in 1997. The firm specializes in private equity and credit investments in European mid-market businesses, with a strong focus on sectors such as Business Services, Industrial Tech, and Healthcare. Triton provides operational expertise and capital to help companies unlock their full potential, partnering with management teams to address challenges and drive growth. Notably, Triton has made significant investments in the healthcare sector, including the acquisition of a 70% stake in Bergman Clinics, an international group of independent clinics, for over €1 billion. This acquisition aims to expand the clinics' geographical footprint and invest in technological innovation. Additionally, Triton acquired Aleris Healthcare AB, which includes healthcare services that may relate to physical therapy. Their investment in Esperi Care, a residential care provider, further emphasizes their commitment to the healthcare industry, indicating a potential interest in physical therapy practices as part of their investment strategy.


10. Noaber

  • Website: noaber.com
  • Type: Corporate
  • Headquarters: Ede, Gelderland, Netherlands
  • Founded year: 2000
  • Headcount: 11-50
  • LinkedIn: noaber-foundation

Noaber Foundation is a not-for-profit organization based in Ede, Gelderland, Netherlands, founded in 2000. It is dedicated to driving change and improving health outcomes through various health improvement programs and social initiatives. The foundation collaborates with healthcare organizations and communities to promote healthier lifestyles and enhance social health. Notably, Noaber has participated in several relevant transactions, including a seed round investment in Noona Healthcare, a digital health startup focused on AI and predictive analytics for health management, and a Series A investment in Sweetch, a healthtech startup that utilizes behavioral science technology. These investments reflect Noaber's commitment to supporting innovations that can potentially benefit physical therapy practices and the broader healthcare landscape.


11. Cobepa

  • Website: cobepa.com
  • Type: Private Equity
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 1957
  • Headcount: 11-50
  • Number of deals in 2024: 2
  • LinkedIn: cobepa

Cobepa is a private equity investment company based in Brussels, Belgium, founded in 1957. It specializes in providing investment management and strategic support to enhance the growth and sustainability of businesses across various industries. Cobepa operates with a permanent capital base, allowing it to invest in a diverse range of sectors, including healthcare. Notably, Cobepa made a growth equity investment in Precision Orthopedics & Sports Medicine, a leading provider of integrated orthopedic surgical care services in Maryland. This investment aims to bolster operations and support expansion plans, highlighting Cobepa's commitment to the healthcare industry. Additionally, Cobepa has a history of investments in other sectors, but its involvement in healthcare, particularly through Precision Orthopedics, positions it as a relevant player in the physical therapy practice landscape.


12. Utrecht Holdings Seed Fund

  • Website: uhsf.nl
  • Type: Venture Capital
  • Headquarters: Utrecht, Utrecht, Netherlands
  • Founded year: 2020
  • Headcount: 1-10
  • Number of deals in 2024: 1
  • LinkedIn: utrecht-health-seed-fund

Utrecht Holdings Seed Fund is a venture capital investment fund based in Utrecht, Netherlands, founded in 2020. The fund specializes in providing seed funding to science-based startups across various sectors, including Life Sciences, MedTech, Digital Innovation, and Sustainability. It aims to support early-stage companies by offering not only financial resources but also business development assistance to help them scale their innovative solutions. Among its notable transactions, Utrecht Holdings Seed Fund participated in the funding rounds of Moveshelf, a company focused on digital health solutions, and Synerkine Pharma, which is developing a cytokine fusion protein for treating complex regional pain syndrome (CRPS). This involvement in companies that address pain management and rehabilitation highlights the fund's relevance to the physical therapy practice industry.


13. Sgh

  • Website: sghcapital.com
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2015
  • Headcount: 1-10
  • Number of deals in 2024: 3
  • LinkedIn: sghcapital

SGH Capital is a venture capital firm founded in 2015, based in Luxembourg, that specializes in investing in early and mid-stage disruptive companies across various sectors, including fintech and blockchain. They provide capital and strategic support to innovative businesses primarily in the US and western Europe, helping them to grow and succeed in competitive markets. Notably, SGH has invested in CareSkore, which raised $4.3 million in a seed round in 2016. CareSkore focuses on healthcare analytics and patient engagement, which are relevant to the physical therapy practice context. Additionally, SGH has been involved in other seed-stage investments such as ShiftLabs and Habitat Logistics, although these are less directly related to physical therapy. Their diverse investment portfolio and experience in healthcare-related startups suggest they could be a valuable partner for physical therapy practices seeking growth and innovation.


14. AAC Capital Partners


AAC Capital Partners is a private equity investment firm based in Amsterdam, Netherlands, founded in 1982. The firm specializes in supporting mid-sized businesses in the Benelux region by providing growth capital and strategic guidance to help them achieve their international growth ambitions. AAC Capital focuses on fostering entrepreneurship and sustainable growth through partnerships with management teams. Notably, they acquired Fysius Rugexperts, the largest specialized physiotherapy provider in the Netherlands, which has expanded from 13 to 29 locations since their involvement. This acquisition highlights their commitment to the physical therapy sector. Additionally, they have made other investments, such as the acquisition of Corilus SA, further showcasing their diverse investment portfolio.


15. Value4Capital


Value4Capital is a private equity firm based in Luxembourg, founded in 2011, specializing in investments in service-oriented businesses in Central Europe. With over 30 years of experience, the firm partners with business owners and management teams to provide capital for growth and improvement, aiming to build market leaders in the region. Notably, Value4Capital has acquired a stake in Doktor 24, a healthcare services provider in Hungary, which highlights their engagement in the healthcare sector. Additionally, they participated in a funding round for Doctor24, further indicating their interest in healthcare-related investments. These transactions suggest that Value4Capital is actively looking to invest in businesses that could include physical therapy practices, aligning with their investment strategy.


16. Main Capital Partners

  • Website: main.nl
  • Type: Private Equity
  • Headquarters: The Hague, South Holland, Netherlands
  • Founded year: 2003
  • Headcount: 51-200
  • Number of deals in 2024: 16
  • LinkedIn: main-capital-partners-bv

Main Capital Partners is a private equity investment firm based in The Hague, South Holland, Netherlands, founded in 2003. The firm specializes in enterprise software and provides strategic guidance and investment to software businesses across various sectors, including healthcare and finance. In 2024, they made a notable acquisition of buchner, a German therapist software provider that serves approximately 45,000 healthcare professionals. This acquisition aims to support buchner's growth in the software business, highlighting Main Capital's commitment to investing in technology that benefits healthcare providers, including physical therapy practices. Additionally, they have invested in SDB Ayton, further demonstrating their engagement in sectors that may intersect with healthcare services. By leveraging their expertise, Main Capital Partners helps companies achieve growth and innovation in a competitive market, making them a valuable player in the healthcare technology landscape.



Physical Therapy Practice Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
European Innovation Council (EIC)Brussels, Brussels, Belgium201-500195857
Gilde HealthcareUtrecht, Utrecht, Netherlands51-200198212
European Investment Bank (EIB)Luxembourg1001-5000195899
CvcLuxembourg1001-5000200516
GimvAntwerp, Flanders, Belgium51-20019808
Vesalius Biocapital ArkivWoluwe-Saint-Pierre, Brussels, Belgium1-1020078
Capricorn PartnersLeuven, Flanders, Belgium11-5019935
NLC - The European Healthtech Venture BuilderAmsterdam, North Holland, Netherlands51-20020146
Triton PartnersLuxembourg201-50019976
NoaberEde, Gelderland, Netherlands11-5020000
CobepaBrussels, Brussels, Belgium11-5019572
Utrecht Holdings Seed FundUtrecht, Utrecht, Netherlands1-1020201
SghLuxembourg1-1020153
AAC Capital PartnersAmsterdam, North Holland, Netherlands11-5019821
Value4CapitalLuxembourg1-1020110
Main Capital PartnersThe Hague, South Holland, Netherlands51-200200316


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