The telecommunications industry in Benelux is vital to connecting people and powering businesses. This sector includes established telecom giants providing mobile and internet services alongside innovative startups focusing on niche technologies like IoT and 5G solutions. Companies operate across various segments, from mobile network services to cloud communications and satellite connectivity. With a growing emphasis on digital transformation and greener technologies, the industry is evolving rapidly. Investment in broadband infrastructure, especially fiber and 5G networks, is crucial for meeting increased consumer demand and improving connectivity across urban and rural areas.


The investors listed here represent a mix of corporate entities and venture capital firms, primarily located in Luxembourg, the Netherlands, and Belgium. Ranging in size from small teams to large corporations with thousands of employees, these investors have made a substantial impact since their inception from 1982 to 2015. In 2024 alone, these investors executed over 80 deals, demonstrating an active engagement within the telecommunications sector and highlighting their focus on both growth and innovation in this ever-evolving market.


Top 17 Telecommunications 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 a range of financial services including loans, equity investments, guarantees, and advisory services. EIB supports sustainable projects across various sectors, including telecommunications, which is evident from its recent transactions. Notably, EIB has participated in significant debt financing for major telecommunications companies: it provided $534 million to Orange in February 2023 and $774 million in December 2019, as well as $149 million to Tele2 in June 2024, $497 million to Telefonica Germany in February 2020, and $40 million to Telkom Kenya in November 2018. These investments highlight EIB's commitment to supporting growth and job creation in the telecommunications sector, making it a relevant investor in this industry.


2. 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 multiple sectors. Notably, the EIC has been involved in funding telecommunications-related companies such as Tessares, which raised funds in both venture rounds and grants, and Oledcomm, which also received significant grant funding. These transactions highlight the EIC's commitment to supporting innovative solutions in the telecommunications space, making it a relevant player in this 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. Notable transactions include the acquisition of Telfort, which added 2.4 million subscribers and increased KPN's market share in the Dutch wireless market; the acquisition of Solcon, a Dutch internet service provider, to enhance its service offerings; and the recent acquisition of Youfone, a significant Mobile Virtual Network Operator (MVNO) in the Netherlands, which is expected to solidify KPN's position as the largest mobile operator in the country. These strategic acquisitions reflect KPN's focus on strengthening its telecommunications portfolio and expanding its market reach.


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 investment firm founded in 2005, based in Luxembourg, specializing in private equity, credit, secondaries, and infrastructure. With approximately €193 billion in assets under management for over 1000 clients, including pension funds and institutional investors, CVC focuses on delivering sustainable value and growth through strategic investments. Notably, CVC has made significant investments in the telecommunications sector, including the acquisition of Hong Kong Broadband Network for approximately HK$5 billion in 2012, and the acquisition of Sunrise Communications, TDC's Swiss subsidiary, for an enterprise value of CHF 3.3 billion in 2010. Additionally, CVC acquired a 50% stake in Arteria Networks, a fiber operator in Japan, for about US$150 million in 2014, and Wireless Logic, a leading M2M managed services platform, further highlighting their commitment to the telecommunications industry.


5. 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 in geostationary and medium Earth orbits, ensuring global coverage for its customers. SES offers a variety of services, including video broadcast and data connectivity solutions, catering to sectors such as broadcasting, government, and maritime. Notably, SES has been involved in significant transactions in the telecommunications space, including the acquisition of SES Networks for $730 million in 2016, which expanded their capabilities in satellite communications. Additionally, SES announced its acquisition of U.S.-based Intelsat for $3.1 billion in 2024, which is set to create the world's largest satellite services provider. These strategic moves highlight SES's commitment to enhancing its telecommunications offerings and expanding its market presence.


6. 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 connectivity solutions, including internet, TV, and phone services to residential and business customers across Western Europe, Israel, the United States, and the Caribbean. Altice has been actively involved in the telecommunications sector through several significant transactions, including the acquisition of PHAROL, SGPS for approximately $8.96 billion in 2014, Suddenlink Communications for $9.1 billion in 2015, and Covage for $1.1 billion in 2019. Additionally, Altice France, the parent company of SFR, signed an agreement to acquire Coriolis Télécom for €415 million in 2021, further demonstrating its commitment to expanding its telecommunications portfolio.


7. 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, Netherlands, is a banking institution that offers a variety 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 telecommunications industry. For instance, they participated in the debt financing of euNetworks Group, which raised over $1.3 billion in June 2024. Additionally, they were part of the financing for Glasfaser Nordwest, which secured approximately €800 million for the expansion of its fiber-to-the-home (FTTH) network in Germany. Furthermore, ABN AMRO played a key role in CityFibre's substantial £4.9 billion debt package aimed at funding its fiber build to 8 million homes in the UK. These transactions highlight ABN AMRO's active engagement in supporting telecommunications infrastructure development, reinforcing their position as a relevant investor in this sector.


8. 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, primarily targeting entrepreneurial companies seeking capital and expertise to navigate market challenges. Notably, Gimv has made significant investments in the telecommunications sector, including the acquisition of Onedirect Comunicaciones for approximately $19.3 million in 2010, which highlights their commitment to the telecommunications industry. Additionally, their acquisition of a 23.6% stake in Cegeka in 2017, an ICT company, further emphasizes their involvement in the telecommunications and technology sectors. These transactions reflect Gimv's strategy to support growth and expansion in companies that operate within the telecommunications landscape.


9. Millicom (Tigo)


Millicom International Cellular SA, operating under the Tigo brand, is a prominent telecommunications provider based in Luxembourg, with a strong presence in Latin America. Founded in 1992, Millicom offers a diverse range of services, including mobile and fixed-line telecommunications, broadband, cable TV, and mobile financial services, catering to both consumers and businesses. The company has been actively expanding its footprint in the telecommunications sector through strategic acquisitions. Notable transactions include the complete acquisition of Tigo Panama in 2022, which was part of a larger $1 billion deal initiated in 2018, and the acquisition of the remaining 45% equity interest in Tigo Guatemala for $2.2 billion in 2021, enhancing its cash flow and market position. Additionally, Millicom acquired Telecable Costa Rica in 2014 and an 80% stake in Cable Onda, the largest cable and fixed telecommunications provider in Panama, in 2018. These acquisitions reflect Millicom's strategy to strengthen its telecommunications capabilities and expand its market presence in Central America.


10. 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. It operates as a telecommunications and media provider in Southeast Europe, offering a comprehensive range of services that include television, internet, landline, and mobile telephony. The company serves both consumers and businesses, providing essential connectivity and media content. United Group has been actively expanding its telecommunications portfolio through strategic acquisitions. Notable transactions include the acquisition of Bulgarian telecom operator Vivacom for €1.2 billion, which was announced on November 7, 2019, and the acquisition of Optima Telekom on July 9, 2021, for an undisclosed amount. Additionally, United Group acquired Bulsatcom on February 27, 2024, and Telemach Hrvatska for approximately $247 million on June 3, 2019. These acquisitions highlight United Group's strategic focus on strengthening its position in the telecommunications market and enhancing its service offerings.


11. 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. They provide financial support and strategic guidance to help businesses scale and prepare for liquidity events. Cipio Partners focuses on technology firms with proven business models and significant revenue, primarily in the software and B2B sectors. Notably, they have been involved in several transactions within the telecommunications context, particularly with BridgeWave Communications, which raised multiple rounds of funding with Cipio's participation. These transactions include a $2.4 million investment in 2009, a $10.3 million financing round in 2012 aimed at supporting 4G Mobile and LTE networks, and additional investments in 2013. This involvement highlights Cipio Partners' engagement in the telecommunications industry, particularly in supporting innovative solutions for mobile network infrastructure.


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. However, it has also made significant investments in the telecommunications space. For instance, KPN Ventures invested in Cujo AI, an artificial intelligence company that develops services for network operators, highlighting its commitment to enhancing telecommunications capabilities. Additionally, KPN Ventures has invested in Actility, a leading provider of IoT network solutions, which is crucial for the telecommunications industry as it supports the growing demand for IoT connectivity. These strategic investments reflect KPN Ventures' role in fostering innovation within the telecommunications sector while also providing capital, expertise, and networking opportunities to help early-stage companies grow and succeed.


13. Mangrove Capital Partners


Mangrove Capital Partners is a venture capital firm based in Luxembourg, founded in 2000. The firm specializes in early-stage investments in innovative technology companies, providing both financial support and strategic guidance to entrepreneurs. While their primary focus is on sectors like digital health and education tech, they have also made significant investments in the telecommunications industry. Notably, Mangrove participated in multiple funding rounds for FreedomPop, a company that offers low-cost mobile services, contributing to its Series A and Series B funding rounds. Additionally, they invested in Cellity, a company that was involved in telecommunications services. This involvement in telecommunications, alongside their broader technology focus, positions Mangrove as a versatile investor in the tech ecosystem, particularly in Europe and Israel.


14. BIO - the Belgian Investment Company for Developing Countries


BIO - the Belgian Investment Company for Developing Countries is a not-for-profit organization based in Brussels, Belgium, founded in 2001. It 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, providing $40 million in long-term financing to install 506 new telecom towers in rural Uganda, which will enhance access to 4G and 5G services. Additionally, BIO was involved in the financing of Irrawaddy Green Towers, which raised over $66 million to support telecommunications infrastructure. These investments highlight BIO's commitment to fostering sustainable development in the telecommunications sector.


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, part of Mutares SE & Co. KGaA, is a private equity firm based in Amsterdam, Netherlands, founded in 2021. The firm specializes in acquiring and managing companies in transition, providing operational support and consulting services to enhance profitability and growth across various sectors, including technology and telecommunications. Notably, Mutares has made significant investments in the telecommunications space, including the acquisition of Alan Dick Communications Limited, a UK-based provider of critical communications and security systems, and ADComms, which also focuses on critical communications. These transactions highlight Mutares' commitment to enhancing its portfolio in the telecommunications sector, alongside its broader investment strategy that includes automotive and energy sectors.


16. 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 specializes in investing in transformative ideas within the biotechnology and technology sectors, particularly focusing on startups in healthcare, life sciences, and advanced technology. M Ventures provides funding and strategic guidance to help these startups achieve commercial success. Notably, M Ventures has participated in several transactions that have implications for the telecommunications industry. For example, they invested in ALCAN Systems, a German startup developing smart antennas, which are crucial for modern telecommunications infrastructure. Additionally, M Ventures was involved in funding rounds for Celestial AI, a company creating photonic technology that can significantly enhance communication systems. These investments highlight M Ventures' engagement with technologies that are relevant to telecommunications, despite their broader focus on various technology sectors.


17. 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 both funding and strategic support to help these businesses grow and scale effectively. Notably, Fortino Capital has been involved in significant transactions within the telecommunications industry, including the acquisition of Melita Plc, a leading telecommunications operator in Malta, and Cabovisão, a telecommunications provider in Portugal. These investments highlight Fortino's engagement in the telecommunications sector, alongside their broader focus on B2B software firms.



Telecommunications Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
European Investment Bank (EIB)Luxembourg1001-5000195899
European Innovation Council (EIC)Brussels, Brussels, Belgium201-500195857
KpnRotterdam, South Holland, Netherlands10001+19892
CvcLuxembourg1001-5000200516
SES SatellitesBetzdorf, Grevenmacher, Luxembourg1001-500019852
Altice GroupLuxembourg10001+20010
ABN AMRO Clearing BankAmsterdam, North Holland, Netherlands501-1000198219
GimvAntwerp, Flanders, Belgium51-20019808
Millicom (Tigo)Luxembourg10001+19920
United Group B.V.Hoofddorp, North Holland, Netherlands10001+20001
Cipio PartnersLuxembourg11-5020032
KPN VenturesRotterdam, South Holland, Netherlands1-1020153
Mangrove Capital PartnersLuxembourg11-5020005
BIO - the Belgian Investment Company for Developing CountriesBrussels, Brussels, Belgium51-20020014
Mutares BeneluxAmsterdam, North Holland, Netherlands51-200202116
M VenturesAmsterdam, North Holland, Netherlands11-50200918
Fortino CapitalAntwerp, Flanders, Belgium11-5020139


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