6 Belgium Tech Startups to Watch

Belgium is synonymous with ornate architecture, moules-frites, world-beating beers and the European Union. It’s somewhat less universally associated with trailblazing tech, but this belies the vibrancy of the startup scene which exists in this small nation of just under 12 million people.

Last year, startups based in Belgium racked up over $1 billion in funding, with B2B companies particularly flourishing. Indeed, Belgium has the highest number of B2B scale-ups in Europe, and some of the most well-known unicorns to come out of the country have made their name providing cutting-edge business tools. These include data intelligence platform Collibra, business management software developer Odoo, and food delivery software specialist Deliverect.

There are some key factors which make Belgium fertile ground for ambitious entrepreneurs. It’s the nerve centre of the European Union, with all the high-level connections that implies, Brussels is one of the most multicultural cities on the planet, and the country as a whole is a hotbed of well-travelled, well-connected, multilingual individuals with an international perspective – rich pickings for startups looking to take on top talent from around the world.

Belgium also boasts a rich ecosystem of incubators and accelerators, with notable examples being Birdhouse, which has its own early-stage investment fund, and Start it @KBC, which features a dedicated project supporting female founders.

So, which Belgian startups have been on our radar? Let’s have a glance at some that have been making their mark in recent years.

Accurate, seamless ESG reporting continues to be a pressing concern for organisations of all sizes, with the need to meet (and exceed) regulatory and ethical standards increasingly vital both for attracting customers and investors. Brussels-based Greenomy leverages AI to simplify the reporting process, so that clients can collect and manage the relevant information with ease.

The platform allows users to centralise ESG data, keep tabs on the latest regulations, and get support from Greenomy’s own team of ESG diagnostic experts. Making a strategic investment in Greenomy for an undisclosed amount in 2022, the CEO of financial services giant Euroclear hailed the company’s “strong and compelling ESG value proposition with its unique market position, data model and an end to end platform.”

Brussels is far from the only hive of activity when it comes to startups in Belgium. The picturesque, medieval city of Ghent is also a thriving startup hub, and a home-grown success stories is Whale – one of many Belgian B2B companies that have attracted notice from investors.

Its SaaS platform enables businesses to manage their documentation in a more efficient, centralised way, with a particular emphasis on making the onboarding and scaling process more seamless and cohesive. The startup’s own scaling ambitions were given a boost last year, thanks to a $2.7 million funding round which is being used to grow the platform and incorporate AI.

In the words of a recent article in The Brussels Times, “Flanders has set its sights on becoming a European leader in AgeTech”, and a major innovator in this space is Nobi. The Antwerp-based company has developed a range of AI-powered smart lamps designed to tackle the problem of falls in care homes, hospitals and at home.

As well as providing light that adjusts according to the time of day, aligning with the body’s circadian rhythm, Nobi lamps monitor their surroundings to detect falls when they occur, and alert caregivers and family members so that any potentially life-threatening situations are swiftly alleviated. This elegant and clever solution for an ever-present problem affecting the elderly has won plaudits as well as serious investment, with the company raising $14.1 million in 2022.

AI is impacting the legal world just as it is every other sector, yielding rich opportunities for startups such as the evocatively-named Henchman. Last year, the Ghent-based company closed a $7 million funding round for its contract drafting platform, which allows law firms to swiftly tailor and review documentation.

Henchman makes it easier for such firms to delve into their often massive and labyrinthine archives of previously written clauses and definitions, and enhance contracts with AI-based recommendations. The company has enjoyed impressive growth in the past few years, with adoption across at least 15 countries and one investor quipping that “Henchman is ready to conquer the world”.

Launched just before the pandemic, Vertuoza’s growth certainly wasn’t scuppered by the unprecedented events hitting Belgium and the rest of the world. In its words, the firm was able to “almost triple Vertuoza’s recurring revenue (ARR) in one year, reach the €1 million mark in early 2022 and continuously break new monthly sales records”.

Based in Nivelles, the company’s platform allows construction projects to be orchestrated through a single cohesive interface. Everything from delegating tasks to setting work schedules to sending invoices can be managed through the platform. Its rapid adoption by workers across Europe has inspired plenty of investor interest, with its latest funding round last year raising $6.5 million.

Autoimmune diseases are notoriously tricky to treat, and Ghent-based startup Dualyx is tackling the challenge head on with innovative immune system modulators. The exact details of its technology are, as you might imagine, hard to summarise in layperson’s terms, but it’s focusing on therapies involving regulatory T cells, or “Tregs”. By activating such cells, the company’s therapies aim to suppress autoimmune reactions and potentially cure chronic conditions.

The work has certainly inspired investors to reach deeply into their pockets, with the startup scoring an impressive $43.4 million round last year.

The proven dealmakers and industry experts at Hampleton Partners are ready to provide guidance and support so that you can achieve the best transaction results, whether you’re active in Belgium or anywhere else. Contact our managing director Michel Annink to get the ball rolling.