% of GDP spent on R&D in Belgium (compared to an EU27 average of 2.1)

Luxembourg’s GDP per capita, the third highest in the world

How many more startups per 1m people the Netherlands has than Europe’s average

Come for the moules frites, the bitterballen, the potato fritters… stay for the tech? The Benelux region — long a magnet for people who love Tintin, tulips and European regulation — is starting to come into its own for startups. Initially late to the party, these countries’ tech scenes are now among the fastest growing in Europe, drawing on the strength of their research centres and diverse, multilingual populations (and in Luxembourg at least, the odd canny tax loophole).

Still, challenges persist. Funding at later stages remains a hurdle to creating both startups and scaleups — and that’s only once enough ideas have made it out of the region’s many university labs and onto the market. Belgium and Luxembourg in particular are also lacking the so-called flywheel effects of past success stories accelerating ecosystems with their expertise and expenditure. These countries may be small and punchy, but they’ve still got a way to go.

Benelux

Founded by serial entrepreneur Paul Veugen, Detail provides one app for users to record, stream and edit their videos using their cameras. It’s secured backing from the likes of Point Nine and angels including Sten Tamkivi and Taavet Hinrikus.

Detail

Backed by the likes of Seedcamp and Kima Ventures, Vespucci applies mathematical and AI models to uncover key drivers behind user behaviour and engagement.

Vespucci

Cofounded by two former lawyers, STOKR is an investment platform for alternative assets. Its investors include Borderless Capital and G1 Ventures.

STOKR

Sifted

Dealroom.co

World Bank

Investors say Belgium’s startups are poised for international expansion

Benelux is set to become a unicorn factory, founders and investors best take note

Bytes and Beers: Belgium's burgeoning tech scene

European tech: What startups can expect in Belgium, the Netherlands, and Luxembourg

 The State of Flanders’ Startup Ecosystem 2022

The future's orange? How the Netherlands can become a tech master

* Payments company that lets businesses accept online and point-of-sale payments
* Went public in 2018 at a market cap of €7bn, which has since risen to €46bn

Adyen

* Offers a host of integrated business management systems including CRM, accounting and ecommerce tools that were used by more than 5m customers in 2021

Odoo

* The world’s largest manufacturer of graphene nanotubes, which can be used to improve batteries, textiles and materials like glass, aluminium and silicon

OCSiAI Group

Pepper

Mobypark

Soil Capital

Mr. Chadd

Scorechain

Influo

Satelligence

Petbnb.nl

Circularise

VRee

Kazidomi

Vive

Change

AZIOBOT

NEXT.exchange

BIOND Solutions (BI/OND)

Innatera Nanosystems

We Are Eves

Awell

Healix BV

Overstory

Qblox

Packaly

Touchy-Feely Tech

EV Biotech

Odd.Bot

Winc Academy

KIMO

Uni-Life

NGRAVE

ePay BV (dba TrustableBridge)

Fluidensity

Localie

Seenons

Onramper

Dayrize

Soulpicks

Quodari

NOOSA

WLPayments

Sentinels

Breeze

Inuka Coaching

QDI Systems

E-magy

Tapio

JetCamp

kodehyve

Syntho

Loop Robots

ScanWorld

Husense B.V.

Hello Mentor

THX Network

Henchman

QustomDot

Tally

Earth Resonance

time to momo online bv

TRANSFERZ

Live the World

OTIV

QphoX

Axelera AI

Carbon Equity

BRXS

QuantWare

Silatha

OOPKOP

Cooper Pet Care

Greencast

Joonze

Autonomous Knight

Sprinque

Longhouse Water150

→ Home to the best tech scene among the Benelux trio, the Netherlands has spawned notable successes in fintech and SaaS — now the next wave of startups has its sight set further afield.

→ While Amsterdam reigns supreme for startup creation, other cities are pursuing particular focal points, like Wageningen for foodtech or Eindhoven and Delft for deeptech.

→ With R&D spending among the highest in Europe, Belgian startups have been doing particularly well in biotech and healthtech, followed by B2B software and fintech.

→ Beyond Brussels, cities like Ghent, Antwerp and Leuven are emerging as notable startup hubs.

→ Despite being one of the world’s most economically stable places with a wealthy, international population, the Grand Duchy’s fledgling tech scene is still getting off the ground, helped primarily by government initiatives.

→ The country’s reliance on its banking sector may offer opportunities for fintech startups in particular, while the government is also keen to support initiatives in ICT and spacetech.