Syndicate One, an international, network-driven investment firm focused on backing Belgian startup founders, has completed the first close of its second fund at €22 million, marking a significant milestone for the firm and the wider Belgian technology ecosystem. The fund was oversubscribed within just eight weeks of its initial pitch, underlining strong investor confidence in Belgium’s growing pool of early-stage tech companies.
This new vehicle follows Syndicate One’s first fund of €6.5 million, raised in late 2024, and represents a substantial step up in scale as the firm deepens its role as a connector of founders, operators, and long-term capital.
Building on a founder-led model
The second fund will be deployed through Syndicate One’s extensive network of founders, investors, and operators. It is managed by founder Laurens De Poorter alongside founding members Arnaud Bakker and Robin Wauters. Together, they continue to champion a model where experienced entrepreneurs actively support the next generation of founders, not only through capital but also through hands-on guidance and access to hard-earned operational knowledge.
Since launching in early 2022, Syndicate One has invested in a broad range of Belgian early-stage startups across sectors such as cybersecurity, artificial intelligence, fintech, health, climate, and deep tech. Portfolio companies include Aikido Security, Techwolf, Conveo, Sirona Technologies, Donna, Warren, SAPI, Ravical, Cosmic Aerospace, Powernaut, Tekst, and Mindoo.
Notably, two early investments, Fundamental and Aikido Security, have since reached unicorn status, achieving private valuations above $1 billion. These outcomes have helped reinforce Syndicate One’s reputation as a platform capable of identifying and supporting globally ambitious Belgian founders at an early stage.
Momentum in the Belgian tech ecosystem
According to Laurens De Poorter, the successful first close reflects the growing maturity and momentum of Belgium’s startup ecosystem.
“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,” he said. “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.”
This philosophy is reflected in the fund’s investor base, which combines institutional backing with a strong contingent of founders and ecosystem builders.
Strong institutional and founder backing
Syndicate One was the first Belgian investment firm supported by all four governmental investment funds, PMV at the Flemish level, SFPIM at the federal level, Finance&Invest Brussels, and Wallonie Entreprendre. Alongside returning anchor investor Sofina, all previous institutional backers have recommitted to the second fund, joined by new institutional investors including Finhouse and COI.
In addition, the €22 million fund has attracted more than 120 entrepreneurs and several Belgian entrepreneurial families. Many of these investors are founders from companies previously backed by Syndicate One, reinforcing the firm’s vision of a self-reinforcing founder economy.
More than capital
Beyond financing, Syndicate One positions itself as a community platform. Founders gain access to a network of Belgian entrepreneurs and operators who have scaled companies such as Collibra, Deliverect, Accountable, DataCamp, Showpad, THEO Technologies, N26, EyeSee, Oper, and Bnewable. The community offers expertise across investment, operations, sales, go-to-market strategy, product development, marketing, and communications.
The firm also plays an active role in shaping the ecosystem. Together with Sofina, SFPIM, and Bain & Co, Syndicate One recently published the second State of Belgian Tech Report. It has also released an updated version of the Syndicate One Convertible, a standardised convertible loan agreement for early-stage financing, and launched a video podcast highlighting Belgian technology talent.
With its second fund now underway, Syndicate One is positioning itself as a key catalyst for the next wave of Belgian startups aiming to compete on a global stage.