PMV (Participatiemaatschappij Vlaanderen) is the investment arm of the Flemish regional government in Belgium, providing venture capital, loans, and guarantees to start-ups, scale-ups, and mature companies across Flanders. It finances promising companies from early stage through growth and internationalization, always in co-financing with the market.
Deal activity decreased year-over-year (5 deals in the last 12 months vs 8 prior). Average disclosed round size is $20.0M (across 19 rounds with reported amounts).
Portfolio
78
Fund Size
—
Top Stage
Series A
Last 12 Mo
5
Team
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
108 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Vectrix | Seed | — | Mar 2026 |
 Vertical Compute | Seed | — | Jan 2026 |
 XFA | Seed | — | Dec 2025 |
 Azumuta | Series A | — | Nov 2025 |
 Ontracx | Seed | — | Sep 2025 |
 Aspect Analytics | Series A | — | Sep 2025 |
| EEdgx | Seed | — | Aug 2025 |
 Animab | Series B | — | Jul 2025 |
 Spica Therapeutics | Seed | — | Jun 2025 |
 Augustine Therapeutics | Series A | — | Mar 2025 |
 Nobi | Series B | — | Jan 2025 |
| Vertical Compute | Seed | — | Jan 2025 |
 Swave Photonics | Series A | — | Jan 2025 |
 Avantium | Unknown | — | Jan 2025 |
| Animab | Series B | — | Jan 2025 |
| Augustine Therapeutics | Series A | — | Jan 2025 |
| Azumuta | Series A | — | Jan 2025 |
 miDiagnostics | Series D | — | Dec 2024 |
| Augustine Therapeutics | Series A | — | Jun 2024 |
 TechWolf | Series B | $42.8M | Jun 2024 |
 Gorilla | Series B | $25M | Jun 2024 |
 MICLEDI MICRODISPLAYS BV | Series A | — | Mar 2024 |
 Protealis | Seed | — | Jan 2024 |
| MMinze | Growth | $5.3M | Jan 2024 |
 Minze Health | Unknown | — | Jan 2024 |
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Top Co-Investors
imec.istart18 shared
VIB14 shared
Qbic11 shared
Fortino Capital7 shared
Capricorn6 shared
Gemma Frisius Fund6 shared
Fund+6 shared
Forbion5 shared
imec.xpand5 shared
Korys5 shared
Seeder Fund4 shared
High-Tech Gründerfonds4 shared
Novalis LifeSciences4 shared
Smartfin4 shared
Noshaq4 shared
Philips Ventures4 shared
BNP Paribas3 shared
ScaleFund3 shared
Keen Venture Partners3 shared
Last updated: 7 October 2026