ScaleFund III raises 12 million euros for tech scale-ups and targets 30 million euros

Brussels, June 3rd 2025 - ScaleFund, a Belgian venture capital fund, announces the launch of its third fund, ScaleFund III, with a target size of 30 million euros. For its first closing, 12 million euros have already been raised from a mix of sector organizations, institutional investors , business angels, family-owned businesses and private investors including a top athlete from the Belgian Red Devils team and entrepreneurs who previously received investments from ScaleFund.

The fund focuses on technology-driven companies in an early growth phase beyond the startup stage but not yet ready for large-scale Series A funding. This stage is often critical, where many promising companies, despite having customers and traction, struggle to achieve sustainable growth.

According to Claire Munck, founder and managing partner of ScaleFund, founders in this phase need more than just capital.

“Many entrepreneurs only realize during scaling how much structure, focus and support they truly need. We do not just invest money. We help build strategy, team, governance and international expansion.”

Focus on active guidance

ScaleFund III plans to invest in 15 to 20 companies active in digital transformation, cleantech and deeptech. In addition to a focus on seed toSeries A, the fund also includes room for seed investments in ventures led by serial entrepreneurs. Capital is also reserved for follow-on funding in later growth stages of existing portfolio companies.

A network of venture partners with entrepreneurial experience and sector specialization strengthens the selection and support of the companies. This active involvement sets the fund apart from many other players in the market.

Wim Peeters, investor in ScaleFund III, former VP of business development and former executive committee member at EcoVadis:

“It is fun to share some capital and experience with “young wolves”, but again and again, their fresh ideas and insights enrich my own experience. I invested in ScaleFund III because I believe we have the right mix of expertise to help young founders grow faster and create above-average value for investors.”

Olivier Verdin, co-founder of AppTweak, Wooclap and 87 Seconds, is one of the investors in the fund.

“Too many strong start-ups hit a wall after their first funding round. They have product-market fit but lack experience in building structures for sustainable growth. ScaleFund brings more than money. It brings experience and governance that really make a difference.”

The West-Flemish Versele-Laga Group has also invested in the fund.

“As an established player in a more traditional sector, we have always succeeded in evolving with the times. Our sector too is undergoing major changes through technological innovations. This step is therefore a strategic choice to prepare for the future and strengthen our agility in a constantly changing world.”

François Torche, former CEO and CPTO of CluePoints, which was acquired by EQT in 2024, adds:

“ScaleFund is for founders who are looking for investors who contribute rather than just observe. As someone once told me, don’t just cheer, contribute.”

Broader ecosystem

ScaleFund often acts as lead investor and works closely with networks such as BeAngels, which brings together over 550 investors, as well as with European investment funds. This opens up follow-on funding and international connections.

The industry organization Agoria is also involved as an investor.

“With this investment we are filling a key gap in the funding landscape and reinforcing our commitment to the Belgian technology ecosystem, says Bart Steukers, CEO of Agoria. The fund also aligns perfectly with our initiatives such as Scaleup Flanders and Scale Brussels.”

Building on experience

ScaleFund III builds on the approach and experience of two previous funds. The first fund had a size of 2.5 million euros. The second grew to 10 million euros. Together they invested in companies such as Wooclap (Belgium – edtech), Moonbird (Belgium – healtech), Resortecs (Belgium – circular textiles), Passbolt (Luxembourg – cybersecurity) and WeGrow (France – B2B software), showing a wide geographical reach.

In addition to capital, these companies received access to strategic advice, a broad network and tailored support during their growth journey.

According to Gauthier van der Elst, partner at ScaleFund, the setup remains deliberately manageable.

“With this scale, we can stay truly involved and create value."

ScaleFund III welcomes additional investors who share its values of sustainable growth, active involvement, and technological innovation for the future.

The ScaleFund team

Claire Munck, founder and Managing Partner ScaleFundClaire Munck, founder and Managing Partner ScaleFund

Note to editors , not for publication

For more information or interview requests:

Laura Van De Woestyne
​+32 498 57 82 76
​laura@twoisacrowd.com

About ScaleFund

ScaleFund is a Belgian venture capital fund investing in digital technology, deeptech and cleantech in the Benelux, France and Switzerland. The fund focuses on companies from Seed to Series A.

ScaleFund stands out through active involvement, taking a leading role in deals and engaging venture partners for both due diligence and post-investment support.Through strategic partnerships with networks such as BeAngels and leading European funds, ScaleFund has exclusive access to growth companies, a broad network of experts and strong follow-on funding opportunities. More info: https://www.scale-fund.com