The Belgian startup ecosystem matured and stabilised in 2024
The rapidly evolving startup scene in Belgium saw a substantial increase in total deal value over 2024 compared to the previous year, despite a slight drop in the number of deals. The Belgian startup ecosystem is clearly becoming more mature, releasing fewer but larger deals in the market.
After a successful launch of the first VC market study last year, this year's study continues to provide fascinating insights into how Belgian (corporate) venture capitalists have invested in the past year. It examines how investors value startups, negotiate term sheets, and estimate the impact of current geopolitical events on deals in 2025.
Over the past decade, there has been a significant increase in the commitment of institutional investors to responsible investing. This year, we extended our survey to include the use of ESG investment policies in venture capital funds. The results revealed compelling insights into the reporting, importance, and use of ESG factors in VC investments.
Through this study, a joint initiative by PwC and Private Capital Belgium, we aim to serve as a crucial resource for those seeking to understand and navigate the Belgian venture capital landscape.
Download the
Belgian VC Market Study 2024
"As a corporate VC, we approach value creation differently than traditional VCs. While we may also choose to sell our investments and aim for maximum returns, our primary value lies in investing in startups that are developing new categories with strong future potential. Our goal is to increase our stake and eventually acquire these startups, integrating them into Spadel to create new growth opportunities. This reflects a strategic intent, rather than being purely financial. We're not overly concerned with whether our return on investment is five, six, or seven percent. The true value creation happens once we've acquired and integrated the business and helped it scale.”
Clement YvorraSpadelDownload the study now
Belgian VC Market Study 2024
Learn more about PwC Next Level
PwC Next Level creates value for and between ventures, corporates and investors.
Contact us
