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State · Europe

Wallonia

State · Belgium · Pop. 3.7M

A public taster of the full Wallonia ecosystem on Dealroom — request a demo for live deal flow, founder pedigrees, AI-talent maps, and the full cap table for every company below.

$14.2B+45%
Combined startup EV
$212.3M
VC invested (last 12mo)
315
Tracked startups
#56/ 69
Unicorns per 1M people · regions rank
🦄 Unicorns
2
2 live · +1 new in 2025 (incl. 0 new decacorns)
💎 Decacorns
0
🐎 Thoroughbreds
5
Top 1% growth · $500M+

Adjacent regions by EV

Startup funnel

Wallonia's power-law funnel

From the first cheque written to a $10B+ outcome. Each arrow shows what fraction of companies at one stage graduate to the next, tracked by founding cohort.

Pre-Seed
96
Seed
63
Series A
45
Series B
28
Series C
15
Unicorn
2

* C→Unicorn and Unicorn→Decacorn rates are derived from current counts (no founding-cohort data); the four mid-funnel rates use Dealroom's cohort tracking.

Notable companies

Top private companies in Wallonia

Up to 20 names per tier from Dealroom's tracked dataset. Decacorns are valued $10B+, unicorns $1B+, thoroughbreds have crossed $100M in revenue.

Unicorns $1B+ valuation 2
OdooI-care
Thoroughbreds+ $100M+ revenue 4
OdooI-careNewpharmaLampiris

Academia

Wallonia's academic flywheel

Companies founded by university alumni or spun out of research, plus the institutions producing the most founders tied to Wallonia.

University-linked startup formation
164
University spinouts
372
Total alumni-founded companies
280
Of which startups (<$15M raised)
81
Breakouts ($15M-100M)
11
Scaleups ($100M+)

Vs. similarly-sized ecosystems

How Wallonia stacks up

Peers chosen from the same country (Belgium), sized closest to Wallonia by combined EV. The scatter plots growth × current size — outliers in the upper-right are ecosystems compounding fastest.

Combined enterprise value
$16.7B
$14.5B
Wallonia
$14.2B
$7.1B
$6.1B
EV growth (5-yr ×) vs current EV
peer median 5.2× 2.7× 5.0× 7.3× $6.1B $117B $2.3T EV growth (5yr ×) Combined enterprise value (log) European Union Nordics Central Eastern Europe Berlin Bavaria Wallonia

Premium analytics

What we don't show on this page (yet)

Sector breakdowns, founder origins, AI-talent leaderboards and live deal flow are gated to logged-in Dealroom users. Book a demo to access the full Wallonia dataset — or see a sample on the Dealroom app.

Sector breakdown
Where Wallonia's unicorns concentrate
Fintech
AI / Enterprise SW
Health Tech
Biotech
Cybersecurity
Consumer
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Capital autonomy
Wallonia's domestic vs foreign capital mix
% domestic VC by stage
Cross-border lead investors
Sovereign-fund participation
Foreign-LP exposure
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Recent momentum
Wallonia's VC investment trajectory by stage
2024 vs 2025 by stage
Round-size trends
Stage-conversion deltas
Quarterly velocity
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Founder origins
Where Wallonia's startup founders come from
By country of origin
Per capita
Top universities
Top alumni-factory companies
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AI talent
Top employers of AI talent in Wallonia
Core AI roles
Frontier AI roles
YoY hiring growth
Senior + lead engineers
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Deal flow
Live deal flow & funding rounds in Wallonia
New rounds last 30 days
Stage breakdown
Active investors
Round-size trends
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