An overview of venture capital investment practices in Belgium

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.​