The telecommunications infrastructure industry in Benelux plays a crucial role in connecting people and businesses through advanced communication networks. This sector involves companies that create, support, and enhance telecommunication systems, including internet, mobile, and satellite services. Dominated by both corporate giants and venture capital firms, the industry is witnessing a shift toward innovative technologies like 5G and IoT solutions. Investment in this area is genuinely buzzing, with stakeholders focusing on expanding access to high-speed connectivity and improving infrastructure resilience. As digital demand rises, companies in this space are eager to evolve, positioning themselves for a technology-driven future.


This article highlights 19 notable investors active in the telecommunications infrastructure arena in Benelux. The list comprises a mix of corporate, private equity, and venture capital firms, showcasing a variety of ownership sizes and strategies. Based in locations such as Luxembourg, the Netherlands, and Belgium, these investors range from well-established entities with thousands of employees to smaller firms specializing in technology investments. In 2024, these investors completed a significant number of deals, indicating a robust commitment to the telecommunications sector amidst ongoing digital transformation.


Top 19 Telecommunications Infrastructure Investors in Benelux


1. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, established in 1958, that provides a range of financial services including loans, equity investments, guarantees, and advisory services aimed at supporting sustainable projects across various sectors. In the telecommunications infrastructure context, the EIB has been actively involved in financing key players in the industry. Notable transactions include a $455.2 million funding deal with Ericsson in December 2023, a €315 million agreement with Cellnex Telecom for the expansion of 5G infrastructure in July 2023, and previous funding rounds for Nokia and Ericsson in 2018. These investments highlight the EIB's role in facilitating growth and innovation in telecommunications infrastructure, making it a significant player in this sector.


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 investment firm founded in 2005, 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 strides in the telecommunications infrastructure space, acquiring Hong Kong Broadband Network for approximately US$644 million in 2012, and a 50% stake in Arteria Networks, a fibre operator, for about US$150 million in 2014. Additionally, their acquisition of Myanmar's largest telecom tower company, Irrawaddy Green Towers, for an enterprise value of approximately $700 million in 2020 further underscores their commitment to the telecommunications sector. These transactions highlight CVC's strategic positioning within the telecommunications infrastructure market.


3. 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 Satellites, founded in 1985 and headquartered in Betzdorf, Luxembourg, is a leading satellite telecommunications provider that operates a fleet of over 70 satellites in geostationary and medium Earth orbits. The company specializes in delivering video broadcast and data connectivity solutions across various sectors, including broadcasting, government, and maritime. In 2024, SES announced its acquisition of U.S.-based Intelsat for $3.1 billion, a strategic move that will create the world's largest satellite services provider, enhancing their telecommunications infrastructure capabilities. Additionally, SES has a history of significant transactions, including the acquisition of SES Networks in 2016 for $730 million, which further emphasizes their focus on expanding their telecommunications infrastructure services. SES Networks has also raised substantial funding over the years, indicating a strong investment in developing telecommunications solutions.


4. 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 has made significant investments in telecommunications-related companies, such as CoreOptics, which raised substantial funding in multiple rounds (including $25 million in 2008 and $28 million in 2006) for its optical networking solutions. These transactions highlight Gimv's engagement in the telecommunications infrastructure space, showcasing their capability to support companies that contribute to this sector.


5. 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. With over 10,000 employees, KPN offers a comprehensive range of services including fixed and mobile telephony, internet, and television, catering to both consumers and businesses. The company is recognized for its reliable network and extensive service offerings. KPN has been active in the telecommunications infrastructure space through several strategic acquisitions. For instance, in 2009, KPN acquired iBasis, enhancing its international voice services and connectivity. In 2005, KPN acquired Telfort, the third-largest wireless carrier in the Netherlands, which added 2.4 million subscribers to its mobile network and increased its market share significantly. Additionally, KPN has acquired other companies like Solcon and RoutIT to bolster its internet and ICT service offerings, further solidifying its position in the telecommunications infrastructure sector.


6. 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 provides a range of financial services including personal banking, business banking, and investment management. The bank serves individual consumers and businesses, helping them manage their financial needs and investments while ensuring compliance with financial regulations. In recent years, ABN AMRO has been involved in several notable transactions within the telecommunications infrastructure sector. For instance, in June 2024, the bank participated in a debt financing round for euNetworks Group, raising over $1.35 billion. Additionally, ABN AMRO was a key lender in the €800 million financing for Glasfaser Nordwest's expansion of its FTTH network in Germany, aimed at reaching 1.5 million customers by 2030. Furthermore, the bank played a significant role in CityFibre's £4.9 billion debt package to fund its fiber build to 8 million homes in the UK. These transactions highlight ABN AMRO's commitment to supporting the growth of telecommunications infrastructure.


7. 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 provides a wide range of connectivity solutions, including internet, TV, and phone services, to both residential and business customers across Western Europe, Israel, the United States, and the Caribbean. Notable transactions include the acquisition of Covage for over $1.1 billion in 2019, OniTelecom in 2013, PHAROL, SGPS for approximately $8.96 billion in 2014, and Suddenlink Communications for $9.1 billion in 2015. These strategic acquisitions highlight Altice's commitment to enhancing its telecommunications infrastructure and expanding its market presence.


8. 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, a private equity firm based in Amsterdam, specializes in acquiring and managing companies in transition across various sectors, including automotive, technology, and retail. Founded in 2021, Mutares SE & Co. KGaA focuses on strategic investments and turnaround management to enhance profitability and growth for its portfolio companies. Among its notable transactions, Mutares has acquired Alan Dick Communications Limited, a UK-based provider of critical communications and security systems, and ADComms, which also specializes in critical communications. These acquisitions highlight Mutares' interest in the telecommunications infrastructure space. Furthermore, the pending acquisition of Eltel Networks Energetyka S.A. and Eltel Networks Engineering S.A. underscores their commitment to expanding their footprint in telecommunications infrastructure, as these companies are involved in network services and engineering solutions. Overall, Mutares Benelux is positioned as a versatile investor with a growing focus on telecommunications infrastructure.


9. 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. With a team size of 11-50, they provide financial support and strategic guidance to help businesses scale and prepare for liquidity events. Their investment strategy focuses on technology firms with proven business models and significant revenue, primarily in the software and B2B sectors. Notably, Cipio Partners has been involved in several funding rounds for BridgeWave Communications, a supplier of 4G millimeter wave backhaul solutions. Their investments in BridgeWave, including a $10.3 million financing round in 2012 aimed at supporting network deployments for 4G Mobile and LTE networks, highlight their engagement in the telecommunications infrastructure space. This involvement demonstrates their capability and interest in supporting technology that underpins telecommunications infrastructure.


10. 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. Notably, KPN Ventures has also made strategic investments in the telecommunications infrastructure space. For example, they participated in funding rounds for Actility, which provides network solutions for the IoT market, securing $75 million in Series D funding and $25 million in Series C funding. Additionally, KPN Ventures invested in Cujo AI, an AI company that aims to enhance services for network operators. These transactions demonstrate KPN Ventures' commitment to supporting companies that contribute to the telecommunications infrastructure ecosystem, making them a relevant player in this sector.


11. 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 entrepreneurs achieve commercial success. Notably, M Ventures has participated in several transactions that intersect with telecommunications infrastructure. For example, they invested in ALCAN Systems, a German startup developing smart antennas, which are critical for modern communication networks. Additionally, they were involved in funding Celestial AI, a company that creates photonic fabric optical interconnect technology, which is essential for high-speed data transmission in telecommunications. These investments highlight M Ventures' engagement in technologies that support and enhance telecommunications infrastructure.


12. Brabantse Ontwikkelings Maatschappij (BOM)


Brabantse Ontwikkelings Maatschappij (BOM) is a venture capital firm based in Tilburg, North Brabant, Netherlands, founded in 1983. BOM acts as a development agency that supports startups and scale-ups in the Brabant region, providing funding, expertise, and networking opportunities to enhance business growth. Among its notable transactions, BOM has invested in EFFECT Photonics, which raised funds in Series A rounds in 2015 and 2016, focusing on photonics technology essential for telecommunications. Additionally, BOM participated in the recent debt financing of SMART-Photonics, which raised over $44 million in July 2023. These investments highlight BOM's engagement in the telecommunications infrastructure sector, particularly in innovative technologies that support communication networks.


13. Adara Ventures

  • Website: adara.vc
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 11-50
  • Number of deals in 2024: 5
  • LinkedIn: adara-venture-partners

Adara Ventures is a venture capital firm based in Luxembourg, founded in 2005, that specializes in investing in early-stage technology companies across Europe. The firm partners with visionary founders in sectors such as cybersecurity, digital health, and data applications, providing them with the necessary resources and strategic support to scale their businesses effectively. Notably, Adara Ventures has been involved in several funding rounds for Cambridge Broadband Networks, a company that focuses on providing broadband solutions, which is integral to telecommunications infrastructure. Their investments in this area, including a Series E round of $22.5 million in 2007 and subsequent funding rounds, highlight their engagement in the telecommunications sector. Additionally, their investment in Corinex, which raised $30 million in 2025, further emphasizes their interest in companies that contribute to telecommunications infrastructure.


14. imec.xpand

  • Website: imecxpand.com
  • Type: Venture Capital
  • Headquarters: Leuven, Flanders, Belgium
  • Founded year: 2017
  • Headcount: 1-10
  • Number of deals in 2024: 5
  • LinkedIn: imec.xpand

imec.xpand is a venture capital fund based in Leuven, Flanders, Belgium, founded in 2017. The fund specializes in providing investment and operational support to early-stage deep tech companies, particularly in the semiconductor and nanotechnology sectors. Leveraging imec's expertise and infrastructure, imec.xpand aims to foster innovation and help startups navigate their development and market challenges. Notably, imec.xpand has participated in significant funding rounds for companies like Pharrowtech, which raised €15 million in Series A funding to accelerate the deployment of its 5G technology, and €6 million in a Seed round to enhance product capabilities for wireless applications. Additionally, they invested in Celestial AI, a company developing optical interconnect technology, which is relevant to telecommunications infrastructure. Their investment in Nubis Communications further demonstrates their engagement in the telecommunications sector, as it involves communication technologies.


15. TKH Group

  • Website: tkhgroup.com
  • Type: Corporate
  • Headquarters: Haaksbergen, Overijssel, Netherlands
  • Founded year: 1930
  • Headcount: 5001-10000
  • Number of deals in 2024: 1
  • LinkedIn: tkh-group-n.v.

TKH Group is a technology company based in Haaksbergen, Overijssel, Netherlands, specializing in innovative solutions for automation, digitalization, and electrification. Founded in 1930, the company operates globally, providing smart vision, manufacturing, and connectivity systems to enhance efficiency and sustainability across various sectors. Notably, TKH Group has made several strategic acquisitions that align with telecommunications infrastructure, including:1. **Commend International (2015)**: Acquired a controlling interest of 74% in this leading technology company specializing in mission-critical intercom systems, which are essential for secure and reliable communication in various industries, including telecommunications.2. **Schneider Intercom (2006)**: This acquisition further emphasizes TKH's commitment to enhancing communication systems, which are critical components of telecommunications infrastructure.3. **CAE Groupe (2007)** and **Pantaflex (2007)**: While the specific relevance to telecommunications is less clear, these acquisitions contribute to TKH's overall technology portfolio, which supports their connectivity solutions.4. **JCAI Inc (2024)**: This recent acquisition focuses on guidance software for airports, which may indirectly relate to telecommunications infrastructure through enhanced communication and operational efficiency in transportation hubs.Through these transactions, TKH Group demonstrates a strategic interest in enhancing telecommunications infrastructure, making them a relevant player in this sector.


16. Millicom (Tigo)


Millicom International Cellular SA, operating under the Tigo brand, is a leading telecommunications provider based in Luxembourg, primarily serving Latin America. Founded in 1992, Millicom offers a comprehensive range of services, including mobile and fixed-line telecommunications, broadband, cable TV, and mobile financial services. The company has been actively involved in expanding its telecommunications infrastructure through significant acquisitions. Notable transactions include the acquisition of the remaining 45% equity interest in Tigo Guatemala for $2.2 billion, which solidified its position as a leading provider in Central America. Additionally, Millicom completed the 100% acquisition of Tigo Panama, enhancing its market presence following an initial 80% stake acquisition. Other key acquisitions include Telecable Costa Rica and an 80% stake in Cable Onda, the largest cable and fixed telecommunications provider in Panama. These strategic moves reflect Millicom's focus on strengthening its telecommunications infrastructure and expanding its footprint in the region.


17. 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. The company is a prominent telecommunications and media provider in Southeast Europe, offering a comprehensive range of services including television, internet, landline, and mobile telephony. United Group serves both consumers and businesses, ensuring connectivity and access to media content. In recent years, the company has made strategic acquisitions to enhance its telecommunications infrastructure, including the acquisition of Optima Telekom in July 2021, Bulsatcom in February 2024, Vivacom for €1.2 billion in November 2019, and Telemach Hrvatska for approximately $247 million in June 2019. These acquisitions reflect United Group's commitment to strengthening its position in the telecommunications market and expanding its service offerings across the region.


18. BIO - the Belgian Investment Company for Developing Countries


The Belgian Investment Company for Developing Countries (BIO) is a not-for-profit organization established in 2001, based in Brussels, Belgium. BIO 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 support the installation of 506 new telecom towers in rural Uganda, which will enhance access to 4G and 5G data services. Additionally, BIO was involved in the financing of Irrawaddy Green Towers, further emphasizing its commitment to improving telecommunications infrastructure in developing regions. These investments highlight BIO's role in facilitating sustainable development through enhanced connectivity.


19. Innovation Industries


Innovation Industries is a venture capital firm based in Amsterdam, North Holland, Netherlands, founded in 2017. The firm specializes in deep tech investments, providing capital and support to startups in sectors such as industrial tech, med tech, and food & agri tech. In 2024, they have made 10 investments, showcasing their active role in the venture capital landscape. Among their notable transactions, they have invested in EFFECT Photonics, which focuses on developing single-chip coherent optics, raising significant funds in multiple rounds, including a Series D round of $38 million in March 2024. Additionally, their investment in Pharrowtech, which raised €15 million in Series A funding, is particularly relevant as it aims to accelerate the deployment of 60 GHz CMOS RFIC technology for 5G unlicensed fixed wireless access. These transactions reflect Innovation Industries' strategic interest in telecommunications infrastructure technologies.



Telecommunications Infrastructure Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
European Investment Bank (EIB)Luxembourg1001-5000195899
CvcLuxembourg1001-5000200516
SES SatellitesBetzdorf, Grevenmacher, Luxembourg1001-500019852
GimvAntwerp, Flanders, Belgium51-20019808
KpnRotterdam, South Holland, Netherlands10001+19892
ABN AMRO Clearing BankAmsterdam, North Holland, Netherlands501-1000198219
Altice GroupLuxembourg10001+20010
Mutares BeneluxAmsterdam, North Holland, Netherlands51-200202116
Cipio PartnersLuxembourg11-5020032
KPN VenturesRotterdam, South Holland, Netherlands1-1020153
M VenturesAmsterdam, North Holland, Netherlands11-50200918
Brabantse Ontwikkelings Maatschappij (BOM)Tilburg, North Brabant, Netherlands51-200198310
Adara VenturesLuxembourg11-5020055
imec.xpandLeuven, Flanders, Belgium1-1020175
TKH GroupHaaksbergen, Overijssel, Netherlands5001-1000019301
Millicom (Tigo)Luxembourg10001+19920
United Group B.V.Hoofddorp, North Holland, Netherlands10001+20001
BIO - the Belgian Investment Company for Developing CountriesBrussels, Brussels, Belgium51-20020014
Innovation IndustriesAmsterdam, North Holland, Netherlands11-50201710


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