Brussels-based Syndicate One closes debut fund at €6.5M; becomes the first investment firm with backing from four governmental funds

Brussels-based Syndicate One, an international investment firm focused on supporting Belgium’s ambitious startup founders, has announced the final close of its oversubscribed debut fund at €6.5M. 

Following a €4.5M first close in late 2023, the firm aims to expand its network and back standout Belgian entrepreneurs across all sectors. The fund will provide financing and support to help these founders scale and become leaders in the global tech industry.

Since early 2022, Syndicate One has invested in Belgian early-stage startups like Techwolf, Aikido Security, and Sirona Technologies. It has also connected these founders with experienced Belgian entrepreneurs from companies such as Collibra, Deliverect, and Showpad, fostering expertise sharing to support business growth.

Driving the growth of Belgium’s tech ecosystem

Syndicate One is an international network-driven fund that invests in early-stage Belgian-based and Belgian-founded tech startups. It combines expertise, an international network, and seed capital from experienced founders, operators, and professional investors to support startups in scaling and achieving growth.

Laurens De Poorter, founder of Syndicate One, says, “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 €6.5M 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.”

Syndicate One, in collaboration with anchor investor Sofina and Bain & Co, released the inaugural “State of Belgian Tech Report 2024”, highlighting the growth of Belgium’s tech ecosystem. 

Recent milestones include Odoo’s €5B valuation in a €500M secondary sale and Lighthouse’s €351M Series C funding, reflecting the ecosystem’s continued maturation and momentum.

Syndicate One and its investors are dedicated to advancing Belgium’s early-stage startup ecosystem, aiming to foster the creation and growth of more scale-ups and unicorns in the future.

Matthias Geeroms, co-founder and CFO of Lighthouse adds, “Achieving unicorn status with Lighthouse is a testament to the strength of the ecosystem around us. Belgium’s vibrant tech community and the collaborative networks within it have been instrumental in our journey.” 

“In this space, no company succeeds in isolation—it’s the support from others, from investors to fellow founders, that drives real growth. As an early supporter and investor in Syndicate One, I’ve seen how their efforts are building a thriving ecosystem that enables startups to dream big, scale fast, and compete on the global stage.”

Investors supporting Syndicate One

Syndicate One has become the first investment firm to secure backing from four governmental funds, including PMV (Flanders), SFPIM (federal), Finance&invest.brussels, and Wallonie Entreprendre.

Investors also include founders and ecosystem builders such as 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), 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 among others.

Syndicate One has attracted investment from over 100 entrepreneurs, including more than half of the founders and operators of its portfolio companies, such as TechWolf’s Andreas De Neve and Aikido Security’s Felix Garriau, Roeland Delrue, and Willem Delbare. 

Additionally, prominent Belgian entrepreneurial families, including Balcaen, Vlerick, and Van Thillo, have joined to support its mission of advancing the Belgian tech ecosystem.