Leading European growth equity investor Smartfin has closed its third growth equity fund at €250 million — a significant milestone in its mission to accelerate Europe’s B2B technology sector. The new fund, Smartfin Capital III, has attracted returning investors and notable new backers, including the European Investment Fund (EIF) through its ESCALAR program.
This funding brings Smartfin’s total investment commitments to over €600 million, positioning the firm to invest more heavily in Europe’s most promising B2B technology companies.
Behind Smartfin’s Latest Growth Fund
Founded in 2014 in Belgium by Jürgen Ingels (co-founder of Clear2Pay, a payments technology company sold to FIS for €375 million in 2014) and Bart Luyten, Smartfin targets exceptional B2B technology companies across Europe. It offers more than just capital.
The fund addresses a European venture capital market gap by focusing on growth-stage companies with a proven product-market fit. It leverages the founders’ deep operational and investment experience in technology. Smartfin’s approach stems from the founders’ conviction that a diverse B2B technology portfolio offers better long-term value than concentrating on a single technology area.
Smartfin Capital III will maintain the firm’s strategy of investing in growth-stage B2B technology companies across Europe. The fund invests between €1 and €25 million per portfolio company, targeting businesses that have achieved product-market fit and are ready to scale. Its key focus areas include financial technology, enterprise software, and sustainability-focused initiatives technologies.
Smartfin has already made its first two investments through the new fund: CrazyGames (a global browser-based casual gaming platform) and Emma (a leading multi-cloud management platform for optimising cloud infrastructure).
Smartfin Ventures I & II: a proven track record
Smartfin Capital III is the firm’s fifth fund, building on its two early-stage funds (Smartfin Ventures I and II) and two previous growth funds (Smartfin Capital I and II). Smartfin has become a key player in the European tech ecosystem in the past decade.
Notable active and past investments include the first Belgian unicorn, Deliverect, a leading food delivery integration software provider; Bright Analytics, a consolidated management reporting platform; Recharge, a global one-stop-shop branded payments platform; Hex-Rays, a specialist in reverse engineering software; Zivver, a secure communications platform for email, video, and file sharing; Silverfin, a cloud-based accounting workflow platform acquired by Visma; Theo Technologies, a global leader in video streaming technology acquired by Dolby; Newtec, a pioneer in satellite communications acquired by ST Engineering; and UnifiedPost, a publicly listed fintech company transforming invoicing and payments for SMEs.
The European Investment Fund’s participation in the ESCALAR programme demonstrates strong confidence in Smartfin’s investment strategy. This partnership, which brings Smartfin’s total investment commitments to over €600 million, enables the firm to institutionalise its operations further.
Jürgen Ingels, Founding Partner of Smartfin, noted: “This successful fundraising reflects the strength of our team and the confidence our investors place in us. The partnership with EIF, through the ESCALAR programme, is an international quality stamp that reaffirms our commitment to backing exceptional entrepreneurs and fostering innovation in Europe’s B2B technology ecosystem. We are excited to continue building on our strong track record and scaling the next generation of tech leaders.”
Supporting the EU tech landscape
To support its expanding portfolio and investment capabilities, Smartfin is implementing a comprehensive growth plan. The firm will strengthen its investment team with new professionals while deepening its expertise across key technology domains. These initiatives will enhance Smartfin’s ability to support portfolio companies while promoting job creation and innovation across Europe.
This latest fund solidifies Smartfin’s role in bridging the growth-stage funding gap for European B2B technology companies, supporting their journey from product-market fit to international scale.
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