Belgium tech startup Syndicate One completed the first close of its second fund at €22 mn, exceeding target demand within eight weeks of its initial pitch.
The raise follows a €6.5 mn vehicle secured in late 2024 and signals accelerating capital formation across Belgium’s tech sector.
Founder Laurens De Poorter manages the new fund alongside Arnaud Bakker and Robin Wauters. The firm deploys capital through a network of founders, operators, and private investors rather than a conventional top-down structure. That network model sits at the center of its sourcing strategy.
According to Beinsure analysts, founder-led syndicates in smaller European markets often move faster on pre-seed and seed allocations than traditional VC partnerships.
Since launching in early 2022, Syndicate One backed Belgian startups including Aikido Security, Techwolf, Conveo, Sirona Technologies, Donna, Warren, SAPI, Ravical, Cosmic Aerospace, Powernaut, Tekst, and Mindoo.
Two early portfolio companies, Fundamental and Aikido Security, reached unicorn valuations above $1 bn. Those outcomes strengthened the firm’s credibility with institutional allocators.
De Poorter describes Belgium’s startup scene as compounding. Founders who exit or scale reinvest into the next generation.
The firm intends to double down on Belgian entrepreneurs operating domestically and abroad, while supporting ecosystem initiatives aimed at accelerating international expansion from day one.
Public backing remains central. Syndicate One became the first Belgian investment firm supported by four state-linked funds: PMV in Flanders, SFPIM at the federal level, Finance&Invest Brussels, and Wallonie Entreprendre.
Earlier anchor investor Sofina recommitted capital, joined by institutional participants including Finhouse and COI. Existing institutional backers returned for the second fund, reinforcing continuity across vintages.
The €22 mn first close positions Syndicate One to expand its early-stage footprint across Belgium’s startup pipeline.
We think concentrated domestic networks paired with repeat institutional support create durable deal flow in compact markets like Belgium. The firm now moves into deployment mode with fresh dry powder and visible momentum behind it.
