Belgian VC Market Study 2023

An overview of venture capital investment practices in Belgium

Belgian VC market study 2023
  • Publication
  • 3 minute read
  • April 16, 2024

decrease in number of deals in 2023, compared to 2022.


of deal flow comes from networks and events.


of VCs indicated ‘team’ as the most important factor for the valuation of a later stage company.


is the typical ESOP pool size expected per portfolio company.

Creating transparency in a volatile yet vibrant ecosystem

Venture capital in Belgium has seen significant changes in the past few years. During and post COVID-19, valuations reached a historical high, putting a lot of pressure on the startup market. A major startup valuation drop was almost inevitable, and we saw it from the start of 2023.

Inflation went up, energy prices skyrocketed. The perfect recipe for a more protective investment fund strategy, with focus on reinvesting in the current portfolio and an increasingly prudent approach to new investments. The time was right to take a deeper look into venture capitalists’ current investment strategies and sentiment about the future.

Venture capital plays a vital role in fuelling innovation, driving economic growth and transforming industries. This survey, a PwC and BVA initiative, was created to bring transparency to common market practices within the ecosystem, and provide insights into the current investment climate and investor sentiment. 

The high level of participation in this survey, with 35 of the 67 contacted investment managers taking the time to provide insights, confirms the demand for transparency and clear benchmarking data.​

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Belgian VC Market Study 2023

“‘For companies that priced their previous round too high, a flat round is the only option sometimes, but that’s fine. I can live with flat rounds. I’m not too worried about it. If it is still at a reasonable price and the founders still have enough shares, it’s okay. We focus on the long term. If the business performs well, we will figure it out.”

Lucas Stoops6 Degrees Capital

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Belgian VC Market Study 2023

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Elise Carton

Elise Carton

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