Syndicate One, an international network-driven investment firm backing Belgium’s burgeoning startup ecosystem has closed its debut fund at €6.5 million. This milestone follows a €4.5 million first close in late 2023 and underscores the firm’s mission to identify, finance, and mentor Belgium’s most promising startup founders across diverse sectors.
Stellar lineup of investors
Syndicate One is touted to be the first investment firm to receive backing from four governmental funds: PMV (Flanders), SFPIM (federal), Finance&invest.brussels, and Wallonie Entreprendre.
Founders and ecosystem builders who have invested in Syndicate One’s debut fund include Matthias Geeroms (Lighthouse), Stijn Christiaens (Collibra), Marie Bouillez (Belgian Growth Fund), Pieterjan Bouten (Showpad), Dewi Van De Vyver (Effex), Jeroen de Wit (Teamleader), Nathalie Kornhoff-Brüls (GP, Noteus), Benoit Deper (CEO, Aerospacelab), computer science professor Karl Tuyls (ex-Google DeepMind), Elise Pepermans (CEO, ImmuneSpec), David Du Pré (ex-Showpad, Alan, Henchman and itsme), Tom Vroemans (Gorilla, Spencer, November Five), Victor Mortreu (Just Russel), Benjamin Schrauwen (Oqton, Oqcam), former BeCentral CEO Laurent Hublet and many more.
In another testament to flywheel effect, the investment firm saw backing from more than half of the founders and operators of the companies it has backed in the past, including TechWolf co-founder Andreas De Neve, Aikido Security co-founders Felix Garriau, Roeland Delrue and Willem Delbare, Botanix Labs founder and CEO Willem Schroe, Holly co-founder Boris Gordts, and Vendorvue co-founder Michiel Bearelle.
In total, more than 100 entrepreneurs have answered the call to back Syndicate One in its mission to level up the growing Belgian tech ecosystem, alongside many of Belgium’s most entrepreneurial families, including Balcaen, Vlerick, De Clerck, Leysen, and Van Thillo. This reinvestment reflects confidence in Syndicate One’s mission to elevate Belgian tech and nurture the next generation of global tech leaders.
Supports Belgium’s future tech leaders
Launched in early 2022 by Laurens De Poorter, Syndicate One has quickly established itself as a driving force in early-stage startup investment. In addition to funding, its portfolio companies get shared expertise from founders with a range of Belgian entrepreneurs and operators who have helped scale businesses such as Collibra, Deliverect, Datacamp, Showpad, Qover, Cowboy and Go Vocal. This collaborative network ensures that new founders receive the mentorship and connections needed to scale their ventures globally.
Portfolio of investments
Syndicate One’s portfolio represents a diverse array of industries, highlighting Belgium’s potential in technology innovation. These include:
- Techwolf, a workforce intelligence platform leveraging AI.
- Aikido Security, offering cybersecurity solutions for application vulnerabilities.
- Sirona Technologies, offering nnovative software for business optimisation.
- Donna, providing AI-driven tools for legal professionals.
- Cosmic Aerospace, offering dvancing aerospace engineering.
- Vendorvue, which optimises vendor management processes.
- SAPI, which offers sustainability analytics and prediction tools.
- Powernaut, a provider of renewable energy solutions.
- Kennek, a financial management software for SMEs.
The road ahead for the investor
Reportedly, the private capital investment in Belgian startups has exceeded €470 million in the first half of 2024, compared to a total of €424 million in 2023. Boosting this ecosystem further, Odoo recently reached a €5 billion valuation in a €500 million secondary sale transaction. Similarly, Lighthouse closed a €351 million Series C funding round.
With its debut fund now fully operational, Syndicate One is poised to accelerate the growth of Belgium’s tech ecosystem. By fostering collaboration between entrepreneurs, government bodies, and investors, the firm aims to create a sustainable pipeline of globally competitive startups. Along with its investors, the firm is committed to continue driving the advancement of the early-stage startup ecosystem in Belgium to enable the creation and growth of more scaleups and unicorns in the future.
Laurens De Poorter, founder of Syndicate One, said: “Our journey at Syndicate One reflects the incredible potential of Belgium’s tech ecosystem. By uniting investors, operators, and founders, we’ve created a platform that not only finances ambitious startups but also provides the guidance and network they need to thrive. This €6.5 million close is more than just a milestone, it’s a testament to our collective belief in the future of Belgian innovation. Together, we’re empowering the next generation of global tech leaders.”
Roeland Delrue, co-founder and CRO/COO of Aikido, commented: “Syndicate One has been instrumental in Aikido’s rapid growth, providing not just capital but invaluable expertise and connections. Their support has helped scaling our business quickly and effectively. Investing in the fund myself was a no-brainer, it’s a way to contribute to the ecosystem driving our success.”
Andreas De Neve, co-founder and CEO of TechWolf, added: “With approximately a third of its members as well as its investments being Belgians abroad, I have been very impressed by Syndicate One’s international reach. I’m proud to join as an investor and pay it forward by helping them support Belgian startups in scaling globally.”
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