The sports nutrition industry in Benelux is growing, driven by increased awareness of health and fitness among consumers. This sector features various players, including supplement brands, nutritional food manufacturers, and fitness-focused companies. Many firms offer innovative protein powders, meal replacements, and energy products tailored for athletes and active individuals. Recent trends are leaning toward plant-based nutrition and clean-label products, reflecting consumer demand for transparency and sustainability. With technology playing a critical role, companies are leveraging digital platforms for better customer engagement, transforming the industry into a vibrant marketplace poised for continued expansion.


The Benelux region features a robust array of investors in sports nutrition, including private equity firms, venture capitalists, and corporate funders. Investing entities vary significantly in size and focus, with headquarters located in Belgium, Luxembourg, and the Netherlands. Founded as early as 1898, these investors have collectively engaged in numerous transactions in 2024, supporting innovative startups and established brands. For instance, private equity firms like CVC and venture capitals such as dsm-firmenich and Astanor underscore the area's dynamic investment landscape, indicating strong growth potential in the sports nutrition market.


Top 18 Sports Nutrition 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, specializing in 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 made significant investments in the sports nutrition industry, such as leading a $6.5 million Series A round for Momentous, a company dedicated to human performance. They also participated in funding rounds for other health-focused startups, including a $7 million Series A for OK Capsule and seed funding for Vivici, a precision fermentation startup. These transactions highlight their active role in supporting innovations that enhance nutritional offerings, particularly in the sports nutrition domain.


2. 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 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 a diverse portfolio, with notable transactions including the acquisition of Virgin Active, a gym chain, and a significant stake in Premiership Rugby, indicating their interest in the sports and fitness sectors. Importantly, CVC also acquired Provimi, a company focused on animal nutrition, which connects them to the nutrition industry. This diverse investment strategy reflects their commitment to delivering sustainable value and growth through strategic investments across various sectors, including those relevant to sports nutrition.


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, Belgium, founded in 2001. The company serves over 63,000 customers across various sectors, including life sciences and industrial markets. Azelis has been active in expanding its portfolio through strategic acquisitions, particularly in the food and nutrition sectors. Notably, they acquired Hortimex, a Polish specialty chemicals distributor focused on food ingredients and nutraceuticals, which enhances their presence in the Food & Nutrition market. This acquisition, along with their previous purchase of Ingredi AB, a distributor for the Swedish food and health industry, demonstrates Azelis's commitment to strengthening its capabilities in areas that are relevant to sports nutrition. Their ongoing efforts to innovate and provide high-quality raw materials position them as a significant player in the sports nutrition landscape.


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 through its funding initiatives. Among its notable transactions, the EIB has invested in Devenish Nutrition, providing €40 million to support research and development in optimized animal nutrition and food innovation. This investment is particularly relevant to the sports nutrition sector as it focuses on enhancing nutritional products. Additionally, the EIB has financed EGYM, a company that integrates fitness technology, which aligns with health and nutrition goals. These transactions highlight the EIB's engagement in sectors that intersect with sports nutrition, making it a noteworthy investor in this field.


5. 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 focuses on the agrifood tech sector. They support innovative companies aiming to create sustainable food systems through strategic guidance and investment. Astanor has been involved in several transactions that highlight their interest in health and nutrition, including a $3 million seed investment in Heali AI, a digital food as medicine platform that offers medically tailored meal suggestions. Additionally, they led a $21.5 million Series A funding round for Plantible Foods, a company specializing in duckweed protein, which is relevant for those seeking plant-based nutrition options. Their recent investment in Digestiva, which raised $18.4 million in Series A, further emphasizes their commitment to health-oriented food solutions. Astanor's expertise in driving growth and sustainability in the agrifood sector positions them as a significant player in the evolving landscape of nutrition, including sports nutrition.


6. 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 health and nutrition space, including a $25 million investment in HealthKart, which focuses on expanding its omnichannel nutrition platform and launching new D2C nutrition brands. This investment highlights Sofina's commitment to the sports nutrition sector. Additionally, they have participated in funding rounds for other health-related companies, indicating a broader interest in the health and wellness industry.


7. PeakBridge


PeakBridge VC is a venture capital firm founded in 2018 and based in Luxembourg, specializing 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 transactions relevant to the sports nutrition context, including iwi Life, which raised $10 million in Series A funding for its plant-based omega-3 supplements, and Enhanced Medical Nutrition, which raised $5 million in Series A funding. These investments indicate their interest in companies that could contribute to the sports nutrition market.


8. Lrm

  • Website: lrm.be
  • Type: Venture Capital
  • Headquarters: Hasselt, Flanders, Belgium
  • Founded year: 1994
  • Headcount: 51-200
  • Number of deals in 2024: 1
  • LinkedIn: lrmnv

LRM is an investment company founded in 1994, based in Hasselt, Flanders, Belgium, focused on sustainable economic growth in the Limburg region. They provide financing and expertise to startups, scale-ups, and mature companies, facilitating their development and innovation. LRM has been involved in various transactions, including investments in sports-related companies such as Vitalnext, which focuses on nutrition, and Raw Stadia, a sports tech company targeting the NFL market. They also invested in Classified Cycling, which is relevant to the cycling sports sector. These investments highlight LRM's engagement in the sports nutrition and related industries, contributing to their overall mission of fostering economic growth and innovation.


9. s16vc - Founders for Founders Fund

  • Website: s16vc.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2020
  • Headcount: 11-50
  • Number of deals in 2024: 7
  • LinkedIn: s16vc

s16vc - Founders for Founders Fund is a venture capital firm based in Amsterdam, North Holland, Netherlands, founded in 2020. The firm focuses on providing advisory services to companies, emphasizing the importance of strategic management and guidance. Among their notable transactions, they invested in Nutrisense, which raised $3,800,000 in a Seed Round in September 2021, indicating their interest in health and nutrition. This aligns with the sports nutrition sector. Additionally, they have participated in other investments such as Simple and Humanity, but Nutrisense stands out as particularly relevant to sports nutrition. Their recent investment in Playgama, while not directly related to nutrition, shows their active engagement in the startup ecosystem.


10. Icos Capital


Icos Capital is a venture capital firm based in Rotterdam, South Holland, Netherlands, founded in 2005. The firm specializes in ClimateTech investments, partnering 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. Notably, Icos Capital has invested in companies like NutriLeads, which is developing health ingredients for commercialization, and BioActor, a health ingredients company that focuses on launching products in the USA. These investments highlight Icos Capital's engagement in the health and nutrition space, particularly relevant to sports nutrition. Additionally, their investment in WholeFiber further emphasizes their commitment to enhancing food production and health-related products.


11. 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 2024, Noshaq has been involved in 11 investments, including significant transactions in the sports technology sector. Notably, Noshaq participated in multiple funding rounds for MYOCENE, a Belgian sportstech company, contributing to a bridge round of 2M€ and seed rounds totaling over $3 million. This involvement highlights Noshaq's commitment to fostering growth and innovation in the sports nutrition industry, making it a relevant player in this space.


12. 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 Brussels-based venture capital firm founded in 1995, specializing in high-growth consumer brands across various sectors, including food, beverage, health, and technology. The firm 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. Notably, Verlinvest has made significant investments in various sectors, including a recent acquisition of a stake in The Climbing Hangar, a leading UK bouldering gym operator, which aligns with the health and fitness lifestyle. They also led a Series A funding round for KatKin, a fresh food and pet healthtech platform, indicating their interest in health-oriented brands. Their investment in Oatly, a company known for its oat-based products, further highlights their focus on health-conscious consumer goods, which could intersect with the sports nutrition market.


13. Waterland Private Equity


Waterland Private Equity Investments B.V. is a private equity firm based in Bussum, North Holland, Netherlands, founded in 1999. The firm specializes in growth equity investments and partners with ambitious entrepreneurs and management teams to support their growth strategies through strategic planning and operational assistance. Waterland focuses on various sectors, including healthcare and sustainability, and operates across Europe. Recently, Waterland has made significant moves in the health and fitness sector, notably acquiring LifeFit Group, a German health and fitness platform, which indicates their commitment to investing in areas that align with health and wellness, including sports nutrition. Additionally, LifeFit Group's acquisition of the FIT/One Group further emphasizes their expansion in the fitness industry, which is closely related to sports nutrition. These transactions highlight Waterland's active role in sectors that intersect with sports nutrition, making them a noteworthy investor in this space.


14. Participatiemaatschappij Oost Nederland NV


Participatiemaatschappij Oost Nederland NV, also known as Oost NL, is a public entity based in Arnhem, Gelderland, Netherlands, dedicated to fostering economic development in East Netherlands. The organization provides business development support, financing options, and internationalization assistance to entrepreneurs and businesses across various sectors, including Food, Energy, Health, and Tech. Notably, Oost NL has been involved in significant transactions within the sports nutrition context, such as its investment in NutriLeads, a Dutch startup specializing in nutritional health ingredients. In a Series A financing round announced on March 29, 2017, Oost NL participated alongside other investors to support NutriLeads' development of a novel immune-modulating plant polysaccharide. Additionally, they were involved in NutriLeads' earlier seed round in November 2015. Furthermore, their investment in Protifarm, which raised over $11 million in a Series B round in November 2019, highlights their commitment to the food and nutrition sector, reinforcing their relevance in the sports nutrition industry.


15. 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. Notably, Gimv participated in a €12M Series A funding round for Paleo, a Brussels-based startup focused on scaling technology for GMO-free products, which indicates their engagement in the nutrition space. Additionally, their diverse portfolio and strategic approach suggest they are well-positioned to support companies in the sports nutrition sector as they navigate market challenges.


16. 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, targeting innovative enterprises with significant environmental impact potential. 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 relevant to the sports nutrition industry, particularly with NutriLeads, a Dutch startup focused on nutritional health ingredients. SHIFT Invest participated in NutriLeads' Series A funding in 2017, a Seed round in 2015, and a Series B funding round in 2020, which aimed to commercialize health ingredients like Xtramune™. These investments highlight SHIFT Invest's commitment to supporting companies that contribute to health and nutrition, making them a relevant player in the sports nutrition sector.


17. LUMO Labs

  • Website: lumolabs.io
  • Type: Venture Capital
  • Headquarters: Eindhoven, North Brabant, Netherlands
  • Founded year: 2016
  • Headcount: 11-50
  • Number of deals in 2024: 5
  • LinkedIn: lumo-labs

LUMO Labs is a venture capital firm based in Eindhoven, North Brabant, Netherlands, founded in 2016. The firm specializes in impact-driven investments in emerging technologies, focusing on areas such as AI and Blockchain. LUMO Labs provides funding and tailored support programs to early-stage startups that address social and environmental challenges. Among their notable transactions, LUMO Labs participated in the seed funding round for CityLegends, which received close to €1 million from a syndicate of investors, including LUMO Labs, to broaden its marketing efforts in the sports sector. This involvement highlights LUMO Labs' interest in the sports industry, particularly in companies that may intersect with sports nutrition and technology.


18. Healthy.Capital

  • Website: healthy.capital
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2017
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: healthydotcapital

Healthy.Capital is a venture capital firm based in Amsterdam, Netherlands, founded in 2017. The firm specializes in investing in early-stage startups that aim to improve healthcare through innovative digital health solutions. Among its notable transactions, Healthy.Capital led a seed round for Clear, a Dutch startup that designs personalized nutrition, raising €780K in February 2020. This investment highlights Healthy.Capital's engagement in the nutrition sector, particularly in areas that can intersect with sports nutrition. Additionally, Healthy.Capital has invested in other health-related startups such as Homed-IQ and Roott, which focus on medical diagnostics and digital healthcare platforms, respectively. While their primary focus remains on digital health, their involvement in personalized nutrition positions them as a relevant player in the sports nutrition investment landscape.



Sports Nutrition Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
dsm-firmenichMaastricht, Limburg, Netherlands10001+3
CvcLuxembourg1001-5000200516
AzelisAntwerp, Flanders, Belgium1001-500020015
European Investment Bank (EIB)Luxembourg1001-5000195899
AstanorLuxembourg11-50201710
SofinaBrussels, Brussels, Belgium51-20018984
PeakBridgeLuxembourg11-5020188
LrmHasselt, Flanders, Belgium51-20019941
s16vc - Founders for Founders FundAmsterdam, North Holland, Netherlands11-5020207
Icos CapitalRotterdam, South Holland, Netherlands11-5020054
NoshaqBelgium11-50198511
VerlinvestBrussels, Brussels, Belgium11-5019955
Waterland Private EquityBussum, North Holland, Netherlands201-50019997
Participatiemaatschappij Oost Nederland NVArnhem, Gelderland, Netherlands11-500
GimvAntwerp, Flanders, Belgium51-20019808
SHIFT InvestAmstelveen, North Holland, Netherlands11-5020094
LUMO LabsEindhoven, North Brabant, Netherlands11-5020165
Healthy.CapitalAmsterdam, North Holland, Netherlands1-1020172


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