Belgian early-stage investment is getting a serious boost. Syndicate One, a Belgian startup fund and network-driven investment firm focused on Belgian-founded tech startups, has closed its second fund at €22 million – and it did so in under eight weeks after the first pitch. For anyone watching the Belgian tech ecosystem, that timeline says a lot about investor confidence right now.
The fund is oversubscribed, which means demand from investors exceeded the target. That matters because it happened during a period when global fundraising has been notably harder across the board.
120+ Founders Backing Founders:
One of the more interesting structural details of this fund is who is actually in it. Over 120 startup founders, operators, and investors committed capital – including many of the founders Syndicate One previously backed. Names like Stijn Christiaens from Collibra, Hendrik Isebaert and Pieterjan Bouten from Showpad, and Felix Garriau from Aikido Security are all listed as investors.
This kind of founder-to-backer loop is a real signal of ecosystem maturity. When the people who received early funding turn around and fund the next wave, capital starts compounding alongside knowledge and networks.
Institutional backers include Sofina, Finhouse, PMV, Wallonie Entreprendre, COI, and Finance&Invest Brussels. Notably, all prior institutional investors recommitted to this new fund.
From €6.5M to €22M:
Syndicate One’s first fund closed at €6.5 million in late 2024. This new fund is more than three times larger. That kind of step-up in fund size reflects both the track record the team has built and the growing appetite to deploy more capital into Belgian startups at the early stage.
Two portfolio companies – Fundamental and Aikido Security – have reached unicorn status, meaning private valuations above $1 billion. Those exits give LPs a clear reference point for what the model can produce.
The firm was founded by Laurens De Poorter and is run alongside founding members Arnaud Bakker and Robin Wauters. The team brings a mix of operational and media experience that directly feeds into the support founders get beyond the check.
Laurens De Poorter, the original founder of Syndicate One, said: “Our €22 million fund is a strong signal that the Belgian tech ecosystem is maturing and compounding. What started as a tight-knit network of ambitious founders and operators has evolved into a powerful flywheel, where today’s founders become tomorrow’s backers. We are doubling down on exceptional Belgian entrepreneurs, wherever they are in the world, and on the ecosystem initiatives that help them scale faster, think bigger and build globally competitive companies from day one.”
What the Fund Actually Does:
Syndicate One describes itself as network-driven, and that framing is backed by concrete activities. The VC firm has published two editions of the State of Belgian Tech Report in partnership with Sofina, SFPIM, and Bain and Co. It also released the second version of the Syndicate One Convertible – a standardized convertible loan agreement built specifically for the Belgian market.
These are practical ecosystem tools. A standardized CLA reduces friction for early-stage financing, which matters a lot at the pre-seed and seed level where legal costs and deal complexity can slow things down.
The fund also runs a video podcast series, organises events and workshops, and supports initiatives aimed at helping Belgian founders build globally competitive companies.
Portfolio so Far:
Since launching in early 2022, Syndicate One has backed startups including Aikido Security, Techwolf, Conveo, Sirona Technologies, Donna, Warren, SAPI, Ravical, Cosmic Aerospace, Powernaut, Tekst, and Mindoo.
The portfolio spans sectors – from cybersecurity and HR tech to aerospace and fintech. The common thread is founder quality and Belgian roots, whether the company is headquartered in Belgium or founded by Belgians operating internationally.
Belgian Tech in 2026:
Belgium has produced a handful of genuinely global tech companies over the last decade. Collibra, Deliverect, Showpad, and DataCamp are all names with international traction. The question for the ecosystem has always been whether that success can repeat at scale.
The structure of this fund – with founders reinvesting, institutions recommitting, and a growing standardized infrastructure for early deals – points toward a more self-sustaining cycle of capital and knowledge. That is the direction mature tech ecosystems move in, and Belgium is moving there.
What to Follow Next:
Watch for new portfolio announcements from Syndicate One as the €22 million fund gets deployed. Given the firm’s focus on exceptional early-stage Belgian founders, the next batch of investments will give a clearer picture of which sectors and profiles the team is prioritizing in 2026.
The third edition of the State of Belgian Tech Report will also be worth reading when it drops – the prior editions have tracked ecosystem growth with real data, and the next one will reflect this moment of increased capital activity.
For founders building in Belgium or with Belgian roots, the Syndicate One Convertible is a practical document worth reviewing as a starting point for early-stage financing conversations.
