Syndicate One, a network-driven early-stage investment firm backing Belgian tech founders, announced it has successfully concluded the first close of its second fund at €22 million, aimed at accelerating the next generation of high-potential startup entrepreneurs and operators.
The Belgium-based firm said the fund was oversubscribed within eight weeks of its first pitch, despite a challenging global fundraising environment. The new capital follows the firm’s €6.5 million fund closed in late 2024 and will support its expanding investor network in identifying, financing and scaling standout Belgian founders across sectors and geographies.
Founded in early 2022, Syndicate One has invested in a range of Belgian early-stage 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, have since reached unicorn status with private valuations exceeding $1 billion.
The firm’s model centers on leveraging a broad network of founders and operators who have helped scale companies such as Collibra, Deliverect, Accountable, DataCamp, Showpad, THEO Technologies, N26, EyeSee, Oper and Bnewable. Syndicate One said the depth of its community provides founders with insights across investment strategy, operations, go-to-market execution, sales, platform development, marketing and public relations.
The new fund will be managed by founder Laurens De Poorter alongside founding members Arnaud Bakker and Robin Wauters, in conjunction with a network of founders, investors, operators and executives with startup and venture capital experience.
Syndicate One said it was the first Belgian investment firm backed by four governmental funds: PMV, SFPIM, Finance&Invest Brussels and Wallonie Entreprendre. Prior anchor investor Sofina and new institutional backers including Finhouse and COI also participated in the new fund, with all prior institutional investors recommitting.
More than 120 entrepreneurs and members of Belgium’s entrepreneurial families invested in the €22 million vehicle. Investors include founders and executives from companies such as Aikido Security, Lighthouse, Collibra, TechWolf, Warren, Accountable, Qover, Rosa, Sirona, ImmuneSpec, Aerospacelab, Oqton, CrazyGames, Teamleader, Effex, Showpad, Lizy, Segments, Gorilla, Just Russel, Botanix Labs, Belfort, Officient, Vendorvue and Eagl.
In addition to capital deployment, Syndicate One continues to focus on ecosystem-building initiatives. Together with Sofina, SFPIM and Bain & Co, the firm recently released the second State of Belgian Tech Report. It also launched the second iteration of the Syndicate One Convertible, a standardized convertible loan agreement for early-stage Belgian startups, and introduced a video podcast series highlighting local entrepreneurial talent. The firm said it will continue organizing events, workshops and meetups to support the Belgian tech ecosystem.
Syndicate One invests in early-stage Belgium-based and Belgian-founded technology startups, combining seed capital with expertise and an international network of experienced founders, operators and professional investors.
KEY QUOTES
“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,”
Laurens De Poorter, Founder Of Syndicate One
