Series A Funded Startups in Belgium
Disclosed Series A rounds in Belgium skew sharply toward a small number of high-ticket deals: Augustine Therapeutics raised $84M on 2025-03-24, which sits…
Disclosed Series A rounds in Belgium skew sharply toward a small number of high-ticket deals: Augustine Therapeutics raised $84M on 2025-03-24, which sits well above the rest and is only one of three disclosed amounts above $50M (PanTera’s $110M on 2024-09-11 and another $84M). At the other end, the smallest disclosed amount shown is $1M (IONNYK on 2022-01-27), creating a wide spread across the 41 rows.
Geographically, the list is concentrated in a handful of cities: Leuven appears repeatedly (e.g., Aspect Analytics on 2025-09-11 at Genk; multiple Leuven-headquartered rounds such as Augustine Therapeutics on 2025-03-24 and Vaultspeed on 2023-11-16), alongside recurring presence in Brussels and Antwerp. Sector-wise, Artificial Intelligence (AI) shows up in multiple entries (e.g., Henchman on 2023-03-02 at $7M, OTIV on 2023-01-12 with undisclosed amount, Soda on 2021-02-02 at $14M), while 2 rounds are explicitly “undisclosed” on $-amounts (NGRAVE on 2023-07-15; OTIV on 2023-01-12). Temporally, the rows span from 2021-02-02 (Soda) through 2025-11-18 (Resortecs), with the newest entry dated 2025-11-18.
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Frequently asked
What are the biggest and smallest disclosed Series A rounds in the Belgium list, and how extreme is the range?
The largest disclosed amount is PanTera’s $110M on 2024-09-11, and it dwarfs the next tier (e.g., Augustine Therapeutics at $84M on 2025-03-24, and Skysun at $19M on 2024-09-10). The smallest disclosed amount shown is $1M for IONNYK on 2022-01-27, making the disclosed range from $1M to $110M across 41 rows with 2 undisclosed entries.
Do any sectors show up repeatedly, suggesting an investable cluster?
Artificial Intelligence (AI) appears multiple times across years (Henchman on 2023-03-02 at $7M; OTIV on 2023-01-12 with an undisclosed amount; TechWolf on 2022-05-10 at $11M; Soda on 2021-02-02 at $14M). That’s more repetition than other single sectors in the list, which are often represented by one or two companies.
Which amounts look like outliers relative to the rest of the disclosed rounds?
Two large biotechnology/health-related raises stand out: PanTera at $110M on 2024-09-11 and Augustine Therapeutics at $84M on 2025-03-24. Many other disclosed rounds fall into lower single-digit to teens (for example, TrustUp at $5M on 2025-01-01 and Azumuta at $9M on 2025-11-13), so these two rounds clearly separate from the general distribution.
Is there a city concentration, or do rounds spread widely across Belgium?
The set shows repeated activity in key business cities: Antwerp appears more than once (Unbox on 2024-01-09 at $13M; NGRAVE on 2023-07-15 is undisclosed; Oper on 2022-07-12 at $11M; Venly on 2022-04-08 at $23M), while Brussels also recurs (Resortecs on 2025-11-18 at $7M; Izix on 2023-09-28 at $3M; Soda on 2021-02-02 at $14M). This suggests a hub pattern rather than fully distributed geography.
How do the most recent rounds compare to earlier ones in timing and size?
The latest dated entry is Resortecs on 2025-11-18 at $7M, followed by Azumuta on 2025-11-13 at $9M and Aspect Analytics on 2025-09-11 at $12M—sizes that sit below the highest disclosed deals in the table. Earlier years include substantially larger outliers, such as PanTera’s $110M on 2024-09-11 and Augustine Therapeutics’ $84M on 2025-03-24, indicating that recent months include smaller checks alongside fewer very large rounds.
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