Belgium accelerates its technological transition
Belgium accelerates its technological transition: record fundraising, AI breakthrough and international reach
By David Smith, Brussels - May 2025
In 2024, Belgium established itself as a major technology player in Europe. Thanks to record fundraising, massive adoption of artificial intelligence (AI) and a maturing entrepreneurial ecosystem, the country has reached a new milestone in its digital transformation.
The Belgian technology sector had an exceptional year. Companies in the sector raised 1.43 billion euros in 2024, almost double the amount raised the previous year. This explosion in investment reflects the growing interest in Belgian innovation, particularly in AI, which alone captured 70% of the funds injected into tech.
The geographical breakdown of capital inflows highlights the supremacy of Flanders, which attracted 1.06 billion euros, followed by Wallonia (190 million) and Brussels (150 million). This dynamism confirms a fundamental trend: the Belgian regions, although modest in size, are now competing with the major European hubs.
AI is emerging as the main driver of Belgian tech. Companies like TechWolf and Robovision illustrate this strategic shift, adoptingAI solutionsto optimize industrial, HR or logisticsprocesses.
This repositioning is also explained by the national "AI 4 Belgium" strategy, which encourages the integration of artificial intelligence into all sectors of the economy. Institutions such as Imec are playing a key role, working with companies to accelerate technology transfer.
Belgium now has four unicorns, symbols of the sector's vitality:
- Team.blue (Ghent) - Web hosting and digital services - Valuation: €4.8 billion
- Collibra (Brussels) - Data governance - Value: $5.25 billion
- Odoo (Ramillies) - Business management software - Value: €5 billion
- Deliverect (Ghent) - Foodservice solutions - Value: €1.3 billion
Exits are also on the rise, with 22 deals recorded in 2024. This trend confirms the growing maturity of the entrepreneurial ecosystem, which is now attracting leading international investors.
Despite this boom, there are still warning signs. Growth in the information and communication technology (ICT) sector slowed to 1.9% in 2024, its lowest level in ten years. At the same time, 1,750 net jobs have been lost.
Furthermore, Belgium continues to lag behind in semiconductor production, despite investments in European projects such as the Chips Act. This gap between R&D innovation and industrial capacity remains an obstacle to the full development of the technological value chain.
Growing international influence
Belgian companies are no longer content to simply operate within the country. They are investing massively abroad, particularly in Canada, a country considered strategic for innovation:
- Seido Capital, formerly Theodorus, has transferred its headquarters to Montreal to invest in life sciences.
- Umicore builds an electric vehicle materials plant in Ontario (CAD 1.5 billion).
- Giants such as Sonaca, DEME and Fluxys are exploring cooperative ventures in green energy and aerospace.
These initiatives reflect a clear desire to make Belgium a bridge between Europe and North America in key areas such as green technologies, biotech and AI.
The Belgian private equity market has also experienced spectacular growth. In 2024, 4.45 billion euros were invested in 264 companies, an increase of 37% compared to 2022. This growth means that Belgium is now Europe's 4th-largest market in terms of investment volume.
Funds such as GIMV, Sofina, Smartfin and Fortino Capital have stepped up their activities, fostering the growth of technological and sustainable companies. The distinctions awarded at the Private Equity Awards to Aikido Security, Cluepoints and Sofico confirm the quality of the local ecosystem.
The mergers & acquisitions (M&A) market contracted in 2024, with transaction volume falling to 24 billion euros from 32 billion the previous year. This decline is attributable to rising interest rates, geopolitical tensions and heightened investor caution.
Nevertheless, the technology and pharmaceutical sectors remain highly sought-after. Professionals anticipate a recovery in 2025, driven by consolidation strategies, increasing integration of ESG criteria and better use of data analysis in due diligence phases.
A promising trajectory for 2025
Between massive investment, technological breakthrough and internationalization, Belgium confirms its place among the leaders in European innovation. If it succeeds in overcoming structural challenges, particularly in terms of industrial production and digital employment, the country could become a key leader in sustainable, intelligent tech.