Brussels-based angel investment group Syndicate One has completed the first €4.8 million close of its debut fund, after opening up funds to external investors for the first time in 2023. A second closing is scheduled for early 2024.
The funding will be used to further the Group’s mission to boost Belgian-based and Belgian-founded technology start-ups that demonstrate high potential.
This early-stage investment group was founded in 2022 and is drawn from experienced founders, startup executives, and executives who have scaled businesses such as Cowboy and Collibra.
In its first two years of existence, Syndicate One has invested in startups such as Techwolf’s Kennek, a fintech and skills intelligence platform. It has also launched initiatives to strengthen the Belgian technology ecosystem as a whole, including standardized convertible debt agreements (CLAs), which the group says are the first of its kind for the local market. .
In this first offering, over 70 investors responded to the Group’s first external capital call. These include institutional investors such as Sofina, SFPIM and Wallonie. Families and family offices represented by Balcaen, Vlerick, Berghmans and others. Entrepreneurs include Jeroen de Wit (Team Leader), Stijn Christiaens (Collibra) and Stephane Kurgan (Ex-King, Index Ventures).
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“Belgium has world-class entrepreneurial talent, but per capita seed funding is at the bottom in Europe,” Kurgan said. “The Syndicate One team wants to change that.”
External investors not only support Syndicate One’s portfolio with capital, but also provide industry expertise and potential customer introductions. The overarching goal is to involve more stakeholders across the country in initiatives that can promote Belgium’s technology ecosystem in a holistic way.
To further strengthen it, Syndicate One is expanding its team with nine new members, including Laurence de Beiter (N26), Pierine Carlier (ex-ProxyClick, Jabbly) and Sybil Grindle (ex-Accountable) .
“Belgium has everything it needs for a thriving tech ecosystem, but we need to work together to make it happen,” said Laurens de Poulter, founder of Syndicate One.
“Thanks to the involvement of these institutional investors, government funds and family offices, we are able to make increasingly large investments in Belgian high-tech start-ups, and we are able to make more and more investments that support the growth of our portfolio companies. You can expand your network of experts and drive systemic change with all relevant organizations.” Stakeholders. ”