The aerospace and defence industry in Benelux is marked by robust innovation and strategic investments. It encompasses companies developing cutting-edge technologies like satellite systems, drone solutions, and next-generation aircraft. This sector is crucial for both security and commercial applications, including satellite communications and surveillance. With a commitment to sustainability and efficiency, the industry is pivoting towards environmentally friendly technologies. Luxembourg, Belgium, and the Netherlands are becoming vibrant hubs, attracting talent and capital for aerospace startups and established firms alike, reinforcing their global position and making significant strides in addressing space and defence needs.


The investors in this list represent a mix of venture capital, corporate, and private equity firms, primarily headquartered in Belgium and Luxembourg. Founded between 1985 and 2019, these firms range from small teams to large entities, managing varying investment sizes. In 2024, these investors engaged in notable transactions, making 26 to 99 investments, reflecting a vibrant commitment to the aerospace and defence sectors. The breadth of expertise and resources among these investors significantly fuels the industry's growth, enhancing the innovation landscape throughout the Benelux region.


Top 17 Aerospace and Defence 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. The EIC provides business acceleration services, networking opportunities, and prizes to foster innovation in diverse sectors. In the aerospace and defence context, the EIC has been involved in significant transactions, such as providing grants to Dawn Aerospace, which raised $1,404,249 in July 2022, and Aurora Propulsion Technologies, which received $2,365,528 in grants and additional seed funding in December 2022. These investments highlight the EIC's active role in supporting the aerospace industry, making it a key player in fostering innovation in this sector.


2. 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 recent years, the EIB has been actively involved in the aerospace and defence industry, providing funding to innovative companies in this space. For instance, the EIB granted €10 million to Quantum-Systems GmbH, a leader in small Unmanned Aircraft Systems (sUAS), to expand operations and enhance technological innovation in the UAS mapping and surveillance industry. Additionally, the EIB has engaged in venture debt financing agreements with GomSpace, a Danish company specializing in nano-satellite technology, and Spire Global, which is developing a satellite constellation and software applications. These transactions highlight the EIB's commitment to supporting advancements in aerospace technology and its role as a significant investor in the sector.


3. Boundary Holding


Boundary Holding is a Luxembourg-based venture capital firm founded in 2016, specializing in deep tech investments that drive the 4th industrial revolution. They provide funding and strategic support to startups primarily in the AI and technology sectors. Among their notable transactions, they have invested in CerbAir, a French defense and security company that focuses on anti-drone solutions, securing €5.5 million in funding to enhance its offerings. They also invested in Aeraccess, which operates in the aerospace sector, and Elistair, which is involved in drone technology. These investments highlight Boundary Holding's engagement with companies that have significant implications in the aerospace and defence industries.


4. 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 operates a fleet of over 70 satellites, offering a range of services including video broadcast and data connectivity solutions across various sectors such as broadcasting, government, and maritime. Notably, SES has made strategic acquisitions to bolster its presence in the aerospace and defence sector. In August 2022, SES, through its subsidiary SES Government Solutions, acquired DRS Global Enterprise Solutions for US $450 million, enhancing its capabilities in providing satellite communications solutions to the US Government. Additionally, SES's acquisition of ND Satcom in 2006 further solidified its position in the government market. The recent announcement of SES's acquisition of Intelsat for $3.1 billion, expected to close in 2025, will create the world's largest satellite services provider, further emphasizing SES's commitment to the aerospace and defence industry. Overall, SES's strategic moves reflect its focus on enhancing communication and media distribution, particularly in sectors that require reliable connectivity solutions.


5. 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 investment firm specializing in private equity, credit, secondaries, and infrastructure, managing approximately €193 billion in assets for over 1000 clients, including pension funds and institutional investors. Founded in 2005 and based in Luxembourg, CVC focuses on delivering sustainable value and growth through strategic investments. Among their notable transactions in the aerospace and defence sector, CVC acquired Ontic Engineering and Manufacturing, Inc., a key player in aerospace parts manufacturing, for $1.365 billion in July 2019. They also acquired CTC Moyson Airport Equipment in September 2024, further expanding their footprint in the aerospace industry. Additionally, CVC's investment in Avolon Holdings, an aircraft leasing group, highlights their commitment to the aerospace sector, making them a significant player in this field.


6. 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, and manages a diverse portfolio of companies such as Ferrari, Stellantis, and Philips. Exor focuses on enhancing value through strategic investments and operational support. In the aerospace and defence context, Exor has made notable investments, including participation in Ursa Major's Series D funding round, which raised $138 million for developing innovative rocket propulsion systems. Additionally, Exor invested in Radian Aerospace's seed funding round, supporting the development of an orbital space plane. These transactions highlight Exor's commitment to advancing aerospace technologies, making it a significant player in the aerospace and defence investment landscape.


7. NewSpace Capital


NewSpace Capital is a private equity firm based in Luxembourg, founded in 2018, that specializes in growth investments within the space industry. The firm focuses on deep-tech companies that tackle global challenges, providing both investment management and strategic support. NewSpace Capital operates across various market segments, including Earth observation and telecommunications, which are vital components of the aerospace sector. Notable transactions include a significant investment in Voyager Space, which raised $80.2 million to advance its space initiatives, and a leading role in Cailabs' €26 million funding round, aimed at expanding its laser communications and optical ground station business. These investments highlight NewSpace Capital's commitment to fostering innovation in the aerospace and defense industries, particularly in technologies that enhance space operations and communications.


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. It specializes in providing financial solutions and strategic support to small and medium-sized enterprises (SMEs) in the province of Liege. Noshaq focuses on funding, project structuring, and business development, particularly in sectors such as biotech and sustainable development. In addition to these sectors, Noshaq has also made notable investments in the aerospace industry, including a significant participation in Aerospacelab's €40 million Series B funding round, which aims to enhance satellite production capacity and develop geospatial data analytics capabilities. This involvement highlights Noshaq's engagement in fostering growth and innovation within the aerospace sector, alongside its broader investment strategy.


9. Syensqo Ventures

  • Website: solvay-ventures.com
  • Type: Corporate
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 2016
  • Headcount: 1-10
  • Number of deals in 2024: 4
  • LinkedIn:

Syensqo Ventures is a corporate investor based in Brussels, Belgium, founded in 2016. The firm specializes in advanced materials and solutions across various industries, including aerospace, automotive, and healthcare. With a strong emphasis on research and development, Syensqo Ventures aims to meet the evolving demands of its diverse market. Notable transactions include a $22.5 million Series A investment in iCOMAT, which focuses on composite materials relevant to aerospace applications, and participation in the Series A funding of 9T Labs, a startup that develops 3D printing technologies applicable in aerospace manufacturing. Additionally, their investment in Plyable, which is enhancing composite tooling solutions, further aligns with aerospace industry needs. These transactions highlight Syensqo Ventures' commitment to supporting innovations that can benefit the aerospace sector.


10. Mainport Innovation Fund


Mainport Innovation Fund II is a venture capital fund based in Amstelveen, North Holland, Netherlands, founded in 2009. The fund focuses on accelerating innovation in sustainable mobility, logistics, and aviation, providing funding and support to startups that aim to create climate impact solutions. It collaborates with major partners like KLM and Schiphol to enhance the success of its portfolio companies. Notably, the fund has made significant investments in the aerospace sector, including Aiir Innovations, which specializes in AI-based software for aircraft engine inspections, and Eye on Air, which develops technology for fast screening for explosives. These investments highlight the fund's engagement in the aerospace and defence industries, showcasing its role in fostering technological advancements in these fields.


11. InnovationQuarter

  • Website: innovationquarter.nl
  • Type: Venture Capital
  • Headquarters: The Hague, South Holland, Netherlands
  • Founded year: 2013
  • Headcount: 51-200
  • Number of deals in 2024: 9
  • LinkedIn: innovationquarter

InnovationQuarter is a public entity focused on regional development in South Holland, founded in 2013. It provides innovation support, investment funding, and internationalization assistance to businesses, particularly startups and SMEs. The organization collaborates with various sectors to enhance economic growth and facilitate innovative projects. Notably, InnovationQuarter has invested in aerospace-related companies such as Dawn Aerospace, which specializes in satellite propulsion systems and is developing the Mk-II Spaceplane, and Airborne Technology, which has raised significant funding for its aerospace technology initiatives. These transactions highlight InnovationQuarter's active role in fostering innovation within the aerospace sector.


12. Graduate Entrepreneur Fund


The Graduate Entrepreneur Fund is a venture capital firm based in the Netherlands, founded in 2021. It specializes in providing funding and support to early-stage startups founded by alumni of the universities of Delft and Rotterdam. The fund typically invests between €75K to €2M, offering tailored support, coaching, and networking opportunities to help entrepreneurs navigate their challenges. Notably, the fund has participated in several transactions relevant to the aerospace sector, including an investment in Spherical Systems, a startup focused on developing chips for extreme space conditions, and Fusion Engineering, a Dutch flight control startup. These investments highlight the fund's commitment to supporting innovative technologies within the aerospace industry.


13. Eureka Network


Eureka Network is a not-for-profit organization based in Etterbeek, Brussels, Belgium, founded in 1985. It facilitates international cooperation in research and development (R&D) and innovation, offering various funding programs such as Eurostars and Globalstars to support small and medium-sized enterprises (SMEs), research organizations, and universities in their R&D projects. In recent years, Eureka has been involved in several transactions relevant to the aerospace sector, including grants to companies like Alba Orbital, which focuses on satellite technology, and SpaceChain, which works on blockchain technology for space applications. These transactions highlight Eureka's commitment to fostering innovation in the aerospace industry, making it a notable player in this field.


14. OTB Ventures

  • Website: otb.vc
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2017
  • Headcount: 11-50
  • Number of deals in 2024: 6
  • LinkedIn: otb-ventures

OTB Ventures is a venture capital firm based in Amsterdam, Netherlands, specializing in early-stage investments in deep-tech startups. Founded in 2017, the firm focuses on sectors such as SpaceTech, AI, FinTech, and CyberSecurity, providing capital and strategic support to help these startups scale and succeed in global markets. Notably, OTB Ventures has made significant investments in the aerospace sector, including a EUR 26 million funding round for ClearSpace, a leader in in-orbit servicing and active space debris removal, and a €3.7 million seed funding for Kurs Orbital, an Italian spacetech startup. Additionally, they participated in a seed round for ATMOS Space Cargo, further emphasizing their commitment to the aerospace industry.


15. HPE Growth

  • Website: hpegrowth.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2010
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: hpe-growth-capital

HPE Growth is a venture capital firm based in Amsterdam, Netherlands, founded in 2010. The firm specializes in technology growth investments, providing equity and active support to fast-growing digital tech businesses across Europe. Their focus spans various sectors, including SaaS, FinTech, Digital Health, and Climate Tech. Notably, HPE Growth has made significant investments in aerospace-related companies, such as Airborne Technology, which raised multiple rounds of funding from HPE Growth between 2010 and 2016, indicating a sustained interest in the aerospace sector. Additionally, their acquisition of Cotesa in 2012 further highlights their involvement in aerospace, as Cotesa specializes in composite components for the aerospace industry. These transactions demonstrate HPE Growth's capability and interest in supporting companies within the aerospace and defence context, despite their broader investment strategy.


16. Ilavska Vuillermoz Capital


Ilavska Vuillermoz Capital is a venture capital firm founded in 2019, based in Luxembourg and the Czech Republic. The firm specializes in venture capital and impact investing, aiming to create positive economic impacts through strategic investments. They have been involved in various sectors, including a notable investment in CerbAir, a French defense and security company that raised €5.5 million to enhance its anti-drone solutions. This investment highlights their engagement in the aerospace and defence industry. Additionally, they participated in a Series B funding round for Ametrine Technologies, although the specifics of this transaction do not directly relate to aerospace and defence. Overall, their investment strategy reflects a commitment to innovative and impactful solutions across multiple industries, including aerospace and defence.


17. 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 in sectors such as digital technologies, health, and clean technologies. Notably, Capricorn Partners has participated in significant transactions, including a notable investment in SpaceX, which secured $1 billion in funding to advance research in space transport and satellite manufacturing. This involvement highlights their engagement in the aerospace sector. Additionally, they have invested in Arkite NV, although this company does not directly relate to aerospace and defence. Capricorn Partners operates with a commitment to responsible investing, aiming to create both financial returns and strategic value for its clients, which aligns with the broader goals of innovation in aerospace and defence.



Aerospace and Defence Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
European Innovation Council (EIC)Brussels, Brussels, Belgium201-500195857
European Investment Bank (EIB)Luxembourg1001-5000195899
Boundary HoldingLuxembourg11-5020160
SES SatellitesBetzdorf, Grevenmacher, Luxembourg1001-500019852
CvcLuxembourg1001-5000200516
Exor N.V.Amsterdam, North Holland, Netherlands11-50200926
NewSpace CapitalLuxembourg11-5020183
NoshaqBelgium11-50198511
Syensqo VenturesBrussels, Brussels, Belgium1-1020164
Mainport Innovation FundAmstelveen, North Holland, Netherlands11-5020090
InnovationQuarterThe Hague, South Holland, Netherlands51-20020139
Graduate Entrepreneur FundNetherlands11-5020219
Eureka NetworkEtterbeek, Brussels, Belgium11-5019851
OTB VenturesAmsterdam, North Holland, Netherlands11-5020176
HPE GrowthAmsterdam, North Holland, Netherlands11-5020101
Ilavska Vuillermoz CapitalLuxembourg11-5020193
Capricorn PartnersLeuven, Flanders, Belgium11-5019935


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