The functional foods industry in Benelux is rapidly evolving, focusing on products that offer health benefits beyond basic nutrition. This sector includes a variety of companies, ranging from health-focused startups to established food manufacturers, all looking to cater to the growing consumer demand for wellness-oriented dietary options. Key innovations often encompass probiotics, prebiotics, and fortified foods designed to enhance overall health. The market is expected to continue its trajectory of growth, driven by increasing health awareness among consumers, regulatory support for nutritional claims, and a rise in holistic health trends across the region.


The investors listed represent a mix of venture capitals, private equities, and corporate firms, predominantly headquartered across Belgium, Luxembourg, and the Netherlands. These investors range in size, with many managing assets in the thousands and several founded in the early 2000s, showcasing their experience and commitment to the sector. In 2024, the investor activity was robust, with deal counts ranging from 0 to nearly 100, indicating strong interest in the functional foods space.


Top 17 Functional Foods Investors in Benelux


1. dsm-firmenich

  • Website: dsm-firmenich.com
  • Type: Venture Capital
  • Headquarters: Maastricht, Limburg, Netherlands
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: dsmfirmenich

dsm-firmenich is a for-profit company based in Maastricht, Limburg, Netherlands, operating primarily in the nutrition, health, and beauty sectors. With a workforce of over 10,000 employees, the company provides a diverse range of products, including fragrances, nutritional supplements, and active pharmaceutical ingredients. Notably, dsm-firmenich has been actively investing in the functional foods sector, exemplified by its involvement with NutriLeads. The company has participated in multiple funding rounds for NutriLeads, including a €4.5 million Series C funding round in December 2023 aimed at commercializing the prebiotic ingredient BeniCaros, as well as earlier Series A and B rounds that supported the development of immune-modulating ingredients. These transactions highlight dsm-firmenich's strategic focus on enhancing product offerings in the functional foods market and addressing sustainability challenges within the industry.


2. EIT Food

  • Website: eitfood.eu
  • Type: Corporate
  • Headquarters: Leuven, Flanders, Belgium
  • Founded year: 2016
  • Headcount: 51-200
  • Number of deals in 2024: 37
  • LinkedIn: eit-food

EIT Food is a not-for-profit organization founded in 2016, based in Leuven, Flanders, Belgium. It is dedicated to transforming the food system through innovation, education, and entrepreneurship. EIT Food supports agrifood startups and entrepreneurs by providing resources, funding opportunities, and educational programs aimed at creating healthier and sustainable food solutions. In 2024, EIT Food has already made 37 investments, showcasing its active role in the agrifood sector. Notable transactions include MaGie Creations, which raised funds in a seed round, and MATR Foods, which received non-equity assistance. These investments reflect EIT Food's commitment to fostering innovation in the food industry, particularly in areas that could lead to the development of functional foods. Their initiatives engage various stakeholders, including businesses and the public, to foster collaboration and drive change in the food sector.


3. Azelis

  • Website: azelis.com
  • Type: Corporate
  • Headquarters: Antwerp, Flanders, Belgium
  • Founded year: 2001
  • Headcount: 1001-5000
  • Number of deals in 2024: 5
  • LinkedIn: azelis

Azelis is a specialty chemical distributor and innovation service provider based in Antwerp, Flanders, Belgium, founded in 2001. The company caters to over 63,000 customers across the life sciences and industrial sectors, focusing on delivering high-quality raw materials and innovative formulations. In recent years, Azelis has made significant strides in the functional foods sector through strategic acquisitions. Notably, they acquired Hortimex Sp. z o.o., a Polish distributor specializing in food ingredients and nutraceuticals, to enhance their presence in Poland's Food & Nutrition market. Additionally, their acquisition of Tunçkaya, a Turkish distributor of food ingredients and additives, further strengthens their position in the food market. These transactions highlight Azelis' commitment to expanding its capabilities and offerings in the functional foods industry.


4. 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. EIB's clientele includes both public and private organizations seeking funding for initiatives that promote growth and job creation. In recent years, EIB has made significant investments in the functional foods sector, including a €22 million investment in MATR Foods in September 2024 and a €38 million investment in Carbery Group in December 2019. Additionally, EIB has supported biotech companies like Nuritas and Inbiose, which are involved in developing innovative food products and therapeutics, further emphasizing its commitment to the functional foods industry.


5. PeakBridge


PeakBridge VC is a venture capital firm based in Luxembourg, founded in 2018, that specializes in FoodTech investments. The firm supports early-stage founders and businesses in the food industry by providing investment, consulting services, and access to a vast network of industry experts. Their focus is on innovative solutions that address significant challenges in the global food system, making them a key player in the FoodTech sector. Notably, PeakBridge has been involved in several relevant transactions, including Prenexus Health, which raised funds for health-oriented food products, and Nick's, a Swedish ice cream brand that emphasizes healthier options. In 2021, Nick's raised $100 million in Series C funding, with PeakBridge as one of the investors, highlighting their commitment to supporting brands that align with functional food principles.


6. Astanor

  • Website: astanor.com
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2017
  • Headcount: 11-50
  • Number of deals in 2024: 10
  • LinkedIn: astanor-venture

Astanor is an impact investment firm based in Luxembourg, founded in 2017, that specializes in the agrifood tech sector. They focus on supporting innovative companies that aim to create sustainable food systems through strategic guidance and investment. Astanor has been actively involved in several notable transactions in the functional foods space, including a $30 million Series B investment in Plantible Foods, a company that produces duckweed protein, and a $18.4 million Series A investment in Digestiva, which is likely focused on digestive health. Additionally, they led a €12 million Series A round for Standing Ovation, a startup developing animal-free casein and cheese substitutes. These investments highlight Astanor's commitment to advancing functional foods and sustainable food technologies.


7. 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 founded in 2005, based in Luxembourg, managing approximately €193 billion in assets for over 1000 clients, including pension funds and institutional investors. The firm specializes in private equity, credit, secondaries, and infrastructure investments. Notably, CVC has made significant strides in the functional foods sector, exemplified by their recent investment in Sunday Natural, a leading brand for premium vitamins, minerals, and supplements, aimed at scaling and expanding its international reach. Additionally, their acquisition of Lipton in November 2021 for over $5 billion highlights their interest in health-conscious food and beverage brands. These transactions reflect CVC's commitment to delivering sustainable value and growth through strategic investments in the functional foods industry.


8. Verlinvest

  • Website: verlinvest.com
  • Type: Venture Capital
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 1995
  • Headcount: 11-50
  • Number of deals in 2024: 5
  • LinkedIn: verlinvest

Verlinvest is a venture capital firm based in Brussels, Belgium, founded in 1995. The firm specializes in high-growth consumer brands across various sectors, including food, beverage, health, and technology. Verlinvest provides long-term capital and strategic advisory services to help brands scale and innovate. Their portfolio includes a diverse range of companies that prioritize consumer needs and sustainable practices. Notable transactions include leading investments in Sambazon, which focuses on premium acai products, and Epigamia, a Greek yogurt maker that has raised multiple funding rounds with Verlinvest's participation. These investments highlight Verlinvest's focus on the functional foods sector, showcasing their commitment to supporting brands that align with health and wellness trends.


9. 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 founded in 1987, headquartered in Luxembourg. With a workforce exceeding 10,000 employees and a global presence across 62 countries, Eurofins specializes in a wide range of analytical and testing services. Their expertise spans various industries, including pharmaceuticals, food, and environmental sectors, providing essential compliance and quality assurance services. Notably, Eurofins has made several strategic acquisitions that enhance its capabilities in the food sector. For instance, the acquisition of Agro-Analyses in 2016 underscores their commitment to food safety and quality, which is vital for functional foods. Additionally, their acquisition of Craft Technologies in 2018 and Experchem Laboratories in 2015 further expands their analytical services, potentially benefiting the functional foods market. These transactions highlight Eurofins' active role in the food industry, making them a relevant player in the functional foods space.


10. Wessanen Benelux (B Corp)


Wessanen Benelux (B Corp), based in Amsterdam, Netherlands, is a corporate investor specializing in organic and plant-based food products. Founded in 1765, the company has a long history of promoting sustainability and biodiversity through its diverse range of offerings, which include dairy-free drinks, breakfast cereals, and vegetarian spreads. Wessanen has made several strategic acquisitions to strengthen its position in the organic food market, including the purchase of Alter Eco, a leading French organic and fair-trade food company, and Biogran, a prominent organic food company in Spain. Notably, the acquisition of Abbot Kinney's, which focuses on organic almond and coconut yogurts and ice creams, highlights Wessanen's commitment to expanding its functional food offerings. These transactions reflect Wessanen's strategy to cater to health-conscious consumers and enhance its leadership in the organic food sector.


11. Sofina

  • Website: sofinagroup.com
  • Type: Venture Capital
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 1898
  • Headcount: 51-200
  • Number of deals in 2024: 4
  • LinkedIn: sofina

Sofina is a venture capital investment company based in Brussels, Belgium, founded in 1898. It specializes in providing patient capital to growing businesses across various sectors, including telecommunications, consumer goods, and energy. Sofina partners with entrepreneurs and family-owned businesses, offering strategic advice and long-term investment solutions to foster sustainable growth. Notably, Sofina has made significant investments in the functional foods sector, including a Series C funding round for Lemonilo, a healthy food startup, and a $25 million investment in HealthKart, which focuses on expanding its omnichannel nutrition platform. These transactions highlight Sofina's commitment to supporting innovative companies in the functional foods space.


12. Icos Capital


Icos Capital is a venture capital firm based in Rotterdam, South Holland, Netherlands, founded in 2005. The firm specializes in ClimateTech investments and partners with startups and corporations to accelerate sustainability through innovative technologies. Their focus includes sectors such as Food Systems and Circular Economy, providing funding and strategic support to help clients achieve significant reductions in greenhouse gas emissions. Icos Capital has been involved in several notable transactions in the functional foods space, including a Series B investment in NutriLeads, which is focused on health ingredients, and a Series A investment in BioActor, a company that develops health ingredients. They also invested in WholeFiber, which aims to increase production capacity for functional food products. These investments highlight Icos Capital's commitment to supporting innovation in the functional foods industry.


13. Rockstart

  • Website: rockstart.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2011
  • Headcount: 11-50
  • Number of deals in 2024: 16
  • LinkedIn: rockstart

Rockstart is a venture capital firm and startup accelerator based in Amsterdam, Netherlands, founded in 2011. They empower early-stage founders across various sectors, including AgriFood, Energy, and Emerging Technology, by providing investment, mentorship, and networking opportunities. In the context of functional foods, Rockstart has made notable investments such as Todos Comemos, which raised $235,000 in a Pre-Seed round in 2020, and Miils, which raised $110,096 through a Convertible Note in 2019. Additionally, they have invested in Nanomik Biotechnology, which raised significant amounts in Seed rounds in both 2020 and 2022. These transactions highlight Rockstart's involvement in innovative food-related startups, reinforcing their relevance in the functional foods sector.


14. Capital V

  • Website: capitalv.vc
  • Type: Venture Capital
  • Headquarters: Belgium
  • Founded year: 2015
  • Headcount: 1-10
  • LinkedIn: capitalv-vc

Capital V is a venture capital firm based in Belgium, founded in 2015, that specializes in vegan investments. The firm focuses on funding startups that create sustainable alternatives to animal products, addressing health, environmental, and animal welfare issues. Their clientele primarily consists of innovative businesses in the plant-based sector seeking financial support to scale their operations. Notable transactions include investments in The Vegetarian Butcher, a pioneer in plant-based meat alternatives, and Heura Foods, which focuses on creating healthy, plant-based products. Additionally, they invested in Väcka, a food tech company developing new technologies for vegan products, and Veggie Victory, a Nigerian startup aiming to expand its vegan product offerings. These investments highlight Capital V's active role in the functional foods sector, particularly in promoting plant-based and health-oriented food innovations.


15. V3 Ventures

  • Website: v3.ventures
  • Type: Venture Capital
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 2022
  • Headcount: 1-10
  • Number of deals in 2024: 9
  • LinkedIn: v3-venture

V3 Ventures is a venture capital firm based in Brussels, Belgium, founded in 2022. The firm specializes in investing in early-stage consumer businesses across various sectors, including wellness, food, and lifestyle. V3 Ventures aims to support founders by providing both capital and strategic guidance to help them build strong brands and achieve growth. Notably, V3 Ventures has participated in several relevant transactions in the functional foods space, such as their investments in Go Zero, a brand focused on zero sugar ice cream, which raised significant funding in both Seed and Series A rounds. This involvement highlights their commitment to the functional foods sector, as they seek to back innovative companies that align with health-conscious consumer trends.


16. 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 across various sectors, including online classifieds, food delivery, payments, and education technology, serving over two billion customers worldwide. Notably, Prosus has invested in The EVERY Company, which raised $175 million in a Series C funding round, indicating its interest in alternative proteins, a key area within functional foods. Furthermore, Prosus's acquisition of a majority stake in iFood for €1.5 billion highlights its commitment to the food delivery and grocery sectors, which are increasingly integrating functional food products. These transactions demonstrate Prosus's strategic involvement in the food industry, particularly in areas that align with functional foods.


17. SHIFT Invest

  • Website: shiftinvest.com
  • Type: Venture Capital
  • Headquarters: Amstelveen, North Holland, Netherlands
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 4
  • LinkedIn: shift-invest

SHIFT Invest is a venture capital fund based in Amstelveen, North Holland, Netherlands, founded in 2009. The firm specializes in impact investing, focusing on innovative enterprises with significant potential for environmental impact. They provide funding and support to early-stage companies across various sectors, including energy transition, smart food & agriculture, and sustainable mobility. Notably, SHIFT Invest has been involved in several transactions within the functional foods context, particularly with NutriLeads, a Dutch startup specializing in nutritional health ingredients. SHIFT Invest participated in NutriLeads' Seed Round in 2015, Series A funding in 2017, and Series B funding in 2020, which were aimed at developing and commercializing health ingredients. This involvement highlights their commitment to advancing the functional foods industry and supporting entrepreneurs in scaling their businesses effectively.



Functional Foods Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
dsm-firmenichMaastricht, Limburg, Netherlands10001+3
EIT FoodLeuven, Flanders, Belgium51-200201637
AzelisAntwerp, Flanders, Belgium1001-500020015
European Investment Bank (EIB)Luxembourg1001-5000195899
PeakBridgeLuxembourg11-5020188
AstanorLuxembourg11-50201710
CvcLuxembourg1001-5000200516
VerlinvestBrussels, Brussels, Belgium11-5019955
EurofinsLuxembourg10001+19878
Wessanen Benelux (B Corp)Amsterdam, North Holland, Netherlands51-20017650
SofinaBrussels, Brussels, Belgium51-20018984
Icos CapitalRotterdam, South Holland, Netherlands11-5020054
RockstartAmsterdam, North Holland, Netherlands11-50201116
Capital VBelgium1-1020150
V3 VenturesBrussels, Brussels, Belgium1-1020229
Prosus GroupAmsterdam, North Holland, Netherlands10001+201921
SHIFT InvestAmstelveen, North Holland, Netherlands11-5020094


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