Belgian investor Pitchdrive raises €40M in third fund to back 30 early-stage European startups

Antwerp-based Pitchdrive, a Belgian VC firm, has raised its third fund of €40M to support early-stage startups in Europe.

Due to high interest from LPs, Pitchdrive exceeded its initial fund size by more than 30 per cent. It is exclusively accepting investments from entrepreneurs and family offices.

Pitchdrive’s previous funds, Fund I and II, performed well, especially the second fund which was managed alongside later-stage VC Smartfin. This success generated interest in the firm’s third fund.

Within two months, the fund was oversubscribed. Originally planned as a €30M fund, it completed its first closing at €34M. Despite commitments being 30 per cent higher, the fund will be capped at €40M.

Boris Bogaert, co-founder and Managing Partner at Pitchdrive, says, “The €40M investment fund will support 30 European startups over the next two years.”

“Alongside the fund, Pitchdrive has established a new mentor network of 10 successful European entrepreneurs. This powerhouse network will provide personalised guidance and diverse expertise to propel Pitchdrive’s growing portfolio.”

VC funding with entrepreneurial expertise

According to Pitchdrive, startups do better when they get their first investments from experienced entrepreneurs. Pitchdrive helps with this by using its entrepreneurial skills. 

The firm provides money to startups at the very beginning (pre-seed stage), and also gives them personalised help and connects them with useful contacts. Its fund size allows for possibilities of participation in new rounds, giving the startups an immediate edge.

This approach has worked well mentions Pitchdrive. Out of the 50 or more startups the firm has invested in, about 70 per cent have gotten more funds within 2 years, and some of them are starting to sell or go public. 

Pitchdrive mostly invests in Europe and has an active portfolio in 11 countries. 66 per cent of the startups are located outside of Belgium.

Brief about Pitchdrive

Pitchdrive was founded in 2020 by a group of known Belgian angels. These include Jonas Dhaenens from Team.Blue, Boris Bogaert, Wim Derkinderen, and Koen Christiaens from Xpenditure/Rydoo, as well as Lorenz Bogaert and Toon Coppens from Netlog/Twoo & StarApps, and Luc Verelst from DROIA invest.

They claim to know firsthand how important it is to have experienced entrepreneurs involved in a startup’s early stages, as well as the difficulties in growing and getting more investment later on. Using this knowledge, they created Pitchdrive.

The firm invests startups in pre-seed rounds across Europe and offers personalised and active support to their portfolio. It has invested in over 50 startups through two funds and is now starting to invest from its third fund. 

Some of their investments include Belgian companies like Henchman, NineID, Otiv, Bizzy, Fixform, Introw, Oper Credits, Smooved, Brauzz, and Picky, as well as UK-based Hotel Manager, Happl, and Privasee, Dutch Luna, German FoodAmigos, Keaz, and Turkish Salus Mental, among others.