Syndicate One has reached a €22 million first close for its second investment fund, aimed at supporting early-stage Belgian technology founders and strengthening the country’s startup ecosystem.
The fund, which was reportedly oversubscribed within eight weeks of its initial pitch, follows the firm’s €6.5 million fund launched in late 2024. Backed by a mix of institutional and private investors, the new vehicle reflects sustained confidence in Belgium’s expanding technology sector.
What The Company Does
Syndicate One operates as a network-driven investment firm that deploys capital through a community of founders, operators, and experienced investors. The fund is led by founder Laurens De Poorter, together with founding members Arnaud Bakker and Robin Wauters, and focuses primarily on early-stage Belgian startups with international growth potential.
Since launching in early 2022, the firm has built a portfolio that includes companies such as Aikido Security, Techwolf, Conveo, Sirona Technologies, Donna, Warren, SAPI, Ravical, Cosmic Aerospace, Powernaut, Tekst, and Mindoo. Its investment model emphasizes close collaboration with founders, combining financial backing with operational expertise and ecosystem connections.
The approach is designed to create a founder-led investment loop in which experienced entrepreneurs actively support the next generation of startups, particularly during the early stages of product development and market entry.
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Market Context / Industry Background
Belgium’s startup ecosystem has shown increasing maturity in recent years, with more early-stage companies scaling internationally and attracting venture capital attention. However, access to early-stage funding and operator-led support networks has historically been more limited compared to larger European tech hubs such as Berlin, Paris, or London.
Network-based venture models are gaining traction across Europe as they provide not only capital but also strategic guidance and industry connections. These models are particularly relevant in smaller ecosystems, where concentrated founder communities can accelerate knowledge sharing and cross-investment dynamics.
The participation of public investment institutions in venture funds has also become more prominent across Europe, reflecting broader policy efforts to stimulate innovation, strengthen local ecosystems, and retain high-growth startups within domestic markets.
Founder / Investor Commentary
Founder Laurens De Poorter described the second fund as a continuation of the firm’s ecosystem-driven strategy, noting that the network of founders and operators supporting Syndicate One has expanded significantly since its inception. He stated that what began as a small community of entrepreneurs has evolved into a reinforcing cycle where successful founders increasingly reinvest in emerging companies.
According to De Poorter, the firm intends to deepen its focus on high-potential Belgian entrepreneurs globally, while also supporting ecosystem initiatives that enable startups to scale faster and compete internationally from an early stage.
Institutional backing for the new fund includes continued support from earlier investors as well as new commitments, signaling sustained investor confidence in the firm’s strategy and the broader Belgian technology landscape.
Growth Plans / Use Of Funds
The €22 million fund will be deployed into early-stage technology companies through Syndicate One’s existing network structure, with a focus on seed and early growth investments. The firm plans to continue identifying startups with strong international scalability while reinforcing its role as an ecosystem connector between founders, investors, and operators.
All previous institutional investors have recommitted to the new fund, joined by additional backers including Sofina, Finhouse, and COI. Syndicate One also maintains support from four public investment institutions: PMV (Flanders), SFPIM (federal), Finance&Invest Brussels, and Wallonie Entreprendre, making it the first Belgian investment firm to receive backing from all four entities.
Two of the firm’s early portfolio companies, Fundamental and Aikido Security, have since reached unicorn status with private valuations exceeding $1 billion, highlighting the potential long-term impact of early-stage ecosystem-focused funding.
About Syndicate One
Syndicate One is a Belgium-based, network-driven investment firm focused on supporting early-stage startups with capital, expertise, and strategic connections. Founded in 2022. Headquartered in Belgium. The firm’s core mission is to back ambitious Belgian tech founders and help them scale globally through a founder-led investment ecosystem.
