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The State of Flanders’ Startup Ecosystem 2023

VC investment in Flanders-based startups reached an all-time high of €744M in 2022.


The 2022 increase in VC investment in Flanders has been driven by increased early-stage investment, with 44% of total VC investment coming from rounds under €15M.

VC investment per capita has grown 28% between 2021 and 2022, and now surpasses EU VC per capita average. Although VC activity progressively slowed down following Q1 2022.


Flanders is strengthening its links with the rest of the world.


In 2022, only 36% of VC investment in Flanders-based startups came from local investors. 23% of the VC investment raised came from the US and 22% came from the rest of Europe. Foreign Corporates such as Atlas Copco and Fujitsu are opening R&D centers in Flanders, and foreign unicorns and startups are also opening offices in the region. 

Explore more startups with an office in Flanders


Flanders is a fast-growing Deep tech hub.

VC investment in Deep tech startups has reached a record €84M in 2022 and a combined enterprise value of €1.3B. Deep tech spinouts have led the growth, representing 43% of combined EV.


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