The biotechnology industry in Benelux is a vibrant ecosystem that fosters innovation in medicine and healthcare. Companies range from pioneering startups to established firms, developing solutions such as therapies, diagnostics, and novel drug candidates. Belgium and the Netherlands are particularly known for their strong research institutions that collaborate with biotech firms, creating a fertile ground for breakthrough advancements. The sector is rapidly evolving, with trends like personalized medicine and digital health gaining traction, indicating a significant shift toward integrated healthcare solutions. Notably, the region's strategic position within Europe enhances its potential for growth and international partnerships.


The investors in this list reflect a significant cross-section of the biotechnology funding landscape in Benelux. Predominantly venture capital firms based in Brussels, Amsterdam, and Utrecht, these organizations range in size and investment focus. Founded between 1985 and 2016, they engaged in numerous deals in 2024, collectively supporting innovative biotech solutions. From seed funding to strategic partnerships, these investors drive the success of biotech ventures, with a keen eye for companies with pioneering technologies. Their involvement is critical to shaping the future of healthcare solutions across the region.


Top 18 Biotechnology 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. Notably, the EIC has been involved in several transactions within the biotechnology sector, including a venture round for RemedyBio, which raised over $9 million, and multiple grants for companies like PROSION and Xenothera, which received funding to advance their biotech solutions. These transactions highlight the EIC's active role in supporting biotechnology innovation and development.


2. 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 improving patient outcomes. Notably, Forbion has been involved in significant transactions within the biotechnology sector, including multiple funding rounds for Bluebird Bio, where they participated in Series A, B, and D rounds, contributing to the advancement of therapies for conditions like Beta-Thalassemia and Sickle Cell Anemia. Additionally, Forbion invested in argenx, supporting their development of antibody-based therapies. These transactions highlight Forbion's commitment to fostering innovation in the biotechnology industry.


3. 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, particularly focusing on drug development and medical technology. LSP connects investors with innovative healthcare companies, providing capital and support to foster advancements that address unmet medical needs. Notable transactions include their early investments in argenx, where they participated in both Series A and Series B funding rounds, helping the company raise significant capital for its biotechnology initiatives. Additionally, LSP led a EUR 24 million Series A financing round for eTheRNA, a company developing mRNA-based immunotherapy, and participated in a Series B2 financing round for the same company. These transactions highlight LSP's commitment to investing in biotechnology and supporting the growth of companies that are at the forefront of medical innovation.


4. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg that provides financial services, including loans, equity investments, guarantees, and advisory services, to support sustainable projects across various sectors. Founded in 1958, the EIB aims to promote growth and job creation by funding initiatives from both public and private organizations. In the biotechnology sector, the EIB has been actively involved in financing key players. For instance, it provided €75 million to CureVac for its infectious disease vaccine programs, including its Covid-19 vaccine candidate. Additionally, the EIB has supported Evotec with post-IPO debt financing, raising over $160 million in 2023 and $90 million in 2017. Furthermore, Cellectis received a €40 million credit facility from the EIB to bolster its research, development, and innovation activities. These transactions highlight the EIB's commitment to advancing biotechnology and health-related projects.


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. Notably, M Ventures has been involved in several significant transactions in the biotechnology space, including leading funding rounds for Galecto Biotech, which raised €79 million in a Series C financing round to advance clinical studies for treatments related to idiopathic pulmonary fibrosis. Additionally, M Ventures participated in earlier funding rounds for Galecto, including a Series B round in 2013. They also invested in F-Star Therapeutics, contributing to their Series A and Post-IPO Equity rounds, which further underscores their active role in supporting biotechnology innovation and growth.


6. Gilde Healthcare


Gilde Healthcare is a prominent investment firm based in Utrecht, Netherlands, specializing in healthcare. 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. The firm has made significant investments in the biotechnology sector, including notable transactions such as Evotec, which raised funds in a venture round, and Symphogen, which secured substantial funding in both Series D and venture rounds. Additionally, Gilde co-led a Series B funding round for Amphista Therapeutics, showcasing their collaborative approach with other major investors like Novartis and Eli Lilly. Their recent investment in CatalYm, which raised $150 million in Series D funding, further highlights their active engagement in the biotechnology industry, making them a key player in this field.


7. 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 both 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. Notable transactions include their early investments in argenx, where they participated in two Series A funding rounds in 2009 and 2010, raising a total of $18 million. Additionally, BGV led a Series A round for Confo Therapeutics in 2019, which raised €30 million, and they participated in a Series B round for the same company in 2024, which raised over $65 million. These transactions highlight BGV's commitment to the biotechnology sector and their role in supporting the growth of innovative healthcare solutions.


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. In the biotechnology context, Gimv has been involved in notable transactions such as the Series B and C funding rounds for ImmunOs Therapeutics, which raised significant capital to advance its clinical programs. Additionally, they participated in funding rounds for ImCheck Therapeutics, which focuses on cancer therapies. These investments highlight Gimv's active role in the biotechnology industry, particularly in supporting companies that are developing cutting-edge medical solutions.


9. 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, established in 1985. The firm specializes in providing financial solutions and strategic support to small and medium-sized enterprises (SMEs) in the province of Liege, with a particular focus on sectors such as biotechnology 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 significant biotechnology transactions, including a $49.2 million Series A investment in ExeVir Bio, a seed round for HEPHAISTOS-Pharma to advance its lead candidate towards clinical trials, and a Series A investment in Osivax, a developer of a universal flu vaccine. These transactions highlight Noshaq's commitment to supporting the biotechnology sector and its role in advancing innovative healthcare solutions.


10. 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 businesses that transform scientific innovations into impactful products, addressing unmet needs in healthcare and agriculture. Notably, they have participated in several key transactions in the biotechnology space, including a Series A and Series B investment in Orionis Biosciences, which focuses on drug development, and multiple funding rounds for Confo Therapeutics, a company dedicated to developing new therapeutic candidates. Their active engagement in these biotechnology firms underscores their commitment to advancing the life sciences sector.


11. 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 actively involved in several notable transactions in the biotechnology space. For instance, they participated in the $65 million Series A financing for Vicinitas Therapeutics, which focuses on developing innovative cancer therapies. They also invested in Muna Therapeutics, which raised $73 million in Series A funding to advance small molecule programs aimed at neuroprotection and resolving neuroinflammation. Additionally, Droia Ventures was part of the $125 million Series C financing for Hummingbird Bioscience, which is engaged in developing therapies for cancer and other serious diseases. These transactions underscore Droia Ventures' commitment to advancing biotechnology innovations and supporting firms that are at the forefront of therapeutic development.


12. 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, particularly in the biotech and medtech sectors. Thuja Capital provides funding and strategic guidance to innovative healthcare startups, helping them transition from start-up to scale-up. Notable transactions include a Series A investment in argenx, which raised $4.5 million in 2010, and participation in venture rounds for Enanta Pharmaceuticals and Vernalis. More recently, they co-led a €12 million Seed investment in Artica Therapeutics in November 2023 and invested $7.5 million in Tacalyx in June 2024. These transactions highlight their commitment to advancing biotechnology and medical technology innovations.


13. 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, providing both financial support and strategic management to its portfolio companies. Notably, 3B Future Health Fund has been involved in significant transactions within the biotechnology space, including multiple funding rounds for OncoResponse, a Seattle-based biotech company. They participated in OncoResponse's Series A, B, C, and D funding rounds, contributing to the development of innovative immunotherapy candidates aimed at treating cancer. Additionally, they were involved in the Series A financing of Gain Therapeutics, further emphasizing their commitment to advancing biotechnology solutions. Their mission is centered on improving patient outcomes through transformative therapies, making them a key player in the biotechnology investment landscape.


14. 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 based in Brussels, Belgium, founded in 2001. It serves as an investment company for the Flemish government, offering a variety of financing solutions, including loans and co-financing, to startups, scale-ups, and established businesses across multiple sectors, notably real estate, clean tech, and life sciences. PMV has been actively involved in the biotechnology sector, participating in significant funding rounds for companies such as argenx, which raised $43.79 million in a Series B round in 2011, and eTheRNA immunotherapies, which secured €39 million in a Series B2 round in 2022, among other rounds. Their investments in companies developing innovative therapies and technologies highlight their commitment to advancing the biotechnology field.


15. FundPlus

  • Website: fundplus.be
  • Type: Venture Capital
  • Headquarters: Leuven, Flanders, Belgium
  • Founded year: 2015
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: fund-

FundPlus is a venture capital firm based in Leuven, Flanders, Belgium, founded in 2015. The firm specializes in the life sciences sector, investing in innovative companies that are developing therapeutics, diagnostics, and medical devices. FundPlus primarily targets investments at the Series A or B financing stages, aiming to create sustainable shareholder value while contributing positively to societal impact. In 2022, FundPlus participated in a €39M Series B2 financing round for eTheRNA Immunotherapies, which focuses on mRNA technologies and therapeutic products. Additionally, they were involved in a €34 million Series B equity financing round for eTheRNA in 2020. FundPlus also invested in Confo Therapeutics, which raised over $65 million in a Series B round in 2024, further solidifying their commitment to the biotechnology sector. The firm collaborates with high net worth individuals, family offices, and governmental agencies, enhancing its investment capabilities in the life sciences.


16. 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 based in Leuven, Flanders, Belgium, founded in 2016. 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 2023, EIT Food awarded €1.8 million to three cultivated protein-pioneering businesses, including LenioBio, which focuses on developing commercial products using 'food grade' cell culture media. They have also provided grants to companies like 3D Bio-Tissues, which raised $656,857 for their bioprinting technology, and Nanomik Biotechnology, which received $10,806. Their initiatives engage various stakeholders, including businesses and the public, to foster collaboration and drive change in the food sector, particularly at the intersection of food and biotechnology.


17. 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, with a particular emphasis on biotechnology. Vesalius Biocapital has been actively involved in several notable transactions in the biotechnology sector. For instance, they participated in a Series C financing round for Memo Therapeutics, which raised over $22 million to support the development of its drug for Phase II trials. Additionally, they were involved in a Series D funding round for CatalYm, which raised $150 million to advance its immunotherapy treatments for cancer. These transactions highlight Vesalius Biocapital's commitment to supporting the growth of biotechnology companies and their innovative solutions in the life sciences.


18. Inkef

  • Website: inkef.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2010
  • Headcount: 11-50
  • Number of deals in 2024: 4
  • LinkedIn: inkef-netherlands-manager

Inkef is a venture capital firm based in Amsterdam, Netherlands, founded in 2010. The firm specializes in early-stage investments primarily in the healthcare and technology sectors, supporting mission-driven entrepreneurs with funding and strategic guidance to scale their businesses. Inkef is distinguished by its focus on long-term value creation and patient investment strategies. Notably, Inkef has been involved in several significant transactions in the biotechnology field, including a $13.2 million seed round for Draupnir Bio in July 2024, an $85 million Series A investment in AmbAgon Therapeutics in January 2022, and participation in multiple funding rounds for Scenic Biotech, a company focused on developing genetic therapies for cancer and rare genetic diseases. These investments highlight Inkef's commitment to advancing innovative solutions in the biotechnology sector.



Biotechnology Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
European Innovation Council (EIC)Brussels, Brussels, Belgium201-500195857
ForbionNaarden, North Holland, Netherlands11-50200623
Life Sciences Partners (LSP)Amsterdam, North Holland, Netherlands11-50198715
European Investment Bank (EIB)Luxembourg1001-5000195899
M VenturesAmsterdam, North Holland, Netherlands11-50200918
Gilde HealthcareUtrecht, Utrecht, Netherlands51-200198212
BGV (BioGeneration Ventures)Naarden, North Holland, Netherlands1-1020066
GimvAntwerp, Flanders, Belgium51-20019808
NoshaqBelgium11-50198511
V-Bio VenturesGhent, Flanders, Belgium1-1020156
Droia VenturesZaventem, Flanders, Belgium11-5020115
Thuja CapitalUtrecht, Utrecht, Netherlands1-1020063
3B Future Health Fund I & IILuxembourg11-5020163
PmvBrussels, Brussels, Belgium51-200200111
FundPlusLeuven, Flanders, Belgium1-1020152
EIT FoodLeuven, Flanders, Belgium51-200201637
Vesalius Biocapital ArkivWoluwe-Saint-Pierre, Brussels, Belgium1-1020078
InkefAmsterdam, North Holland, Netherlands11-5020104


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