Brussels-based investor Syndicate One has hit a funding milestone with the €22 million first close of its second early-stage tech fund, underscoring a growing confidence in Belgium's startup ecosystem.

The new capital builds on the firm's first fund, which closed at €6.5 million in late 2024, and will be deployed to support early-stage Belgian tech companies, wherever they are based and irrespective of sector.

Backing founders with money and networks

Founded in 2022, Syndicate One combines startup capital with a founder-led network of experienced operators, investors and ecosystem builders aiming to give Belgian entrepreneurs more than just checks.

Its investors include over 120 founders and ecosystem figures, including alumni of companies such as Aikido Security, Collibra, Warren and Qover, as well as institutional backers like Sofina, Finhouse and COI.

Four Belgian public investment vehicles, PMV (Flanders), SFPIM (federal), Finance&Invest Brussels and Wallonie Entreprendre, also joined the fund, highlighting strong public-private cooperation in support of tech growth.

What sets Syndicate One apart in the Benelux startup scene is its blend of capital and operational support.

Alongside investments, the firm runs initiatives designed to strengthen ecosystem infrastructure, such as the State of Belgian Tech Report, produced in collaboration with Sofina, SFPIM and Bain & Co, and the Syndicate One Convertible, a standardised early-stage financing tool.

It also offers workshops, community events and a podcast to share insights directly from founders and operators.

“We're proud that many of the founders previously backed by Syndicate One are now investors in the fund themselves. This is a testament to Belgium's ever-faster-spinning tech flywheel, and to our conviction that nurturing future unicorns and the ecosystem that breeds them creates a virtuous circle,”said Syndicate One founder Laurens De Poorter in one LinkedIn post. 

Belgium's tech ecosystem has been quietly maturing, attracting more capital and talent year over year. Local reports show that the country has seen increasing seed activity, and that investors are more active across stages despite broader market fluctuations in Europe.

Syndicate One's new fund, already oversubscribed at €22 million, suggests that investor confidence is building, particularly for networks that combine financial backing with real-world experience in scaling companies.

For founders in Belgium and beyond, this marks another step toward making the region a more compelling alternative to larger tech hubs in Europe.