For growing companies, venture capital and private equity investors are playing a more important role than ever. This is because they provide much more than funding: they drive businesses forward by providing them with expertise, support and a network of contacts. Investors give strategic assistance to management teams, helping them to take their growth to the next level while pursuing their long-term vision. That collaboration is often crucial in helping companies achieve success and become more professional in terms of their business processes, particularly in complex economic environments.
As a result, venture capital and private equity funds are a major driving force behind the Belgian economy: in 2023, they invested a total of €2 billion in 264 Belgian companies. That money is an important source of funding for Belgian start-ups and scale-ups.
Three companies, three resounding successes
The three winners of the Private Equity Awards 2024 were revealed in a lively ceremony, and were chosen from a shortlist of nine nominees in each category.
The Venture category is intended to recognise young companies that, with the support of a venture capital investor, are developing and selling an innovative product or service. The Growth category showcases companies that are beginning or continuing a phase of rapid growth in their business – organically, through acquisitions or a combination of the two – and are supported by a financial partner that does not intend to take a controlling stake. The Buy-out category is for companies that have undergone a change in ownership and are continuing their growth through the joint efforts of management and a private-equity investor with a controlling stake.
By naming Aikido Security, Cluepoints and Sofico as the three winners, the Private Equity Awards 2024 jury recognised three exemplary companies that are a perfect illustration of the vital role played by venture capital and private equity in stimulating innovation, growth and competitiveness in the Belgian economy.
A promising future
BNP Paribas Fortis wants to champion growing Belgian companies. It does this partly as the co-founder of the Private Equity Awards, but also through BNP Paribas Fortis Private Equity, which was set up in the 1980s and not only supports innovative scale-ups but also helps companies to become more sustainable. The firm wants to grow its portfolio to €1 billion by 2025.
“BNP Paribas Fortis Private Equity is on track to hit this target,” says Didier Beauvois, Head of Corporate Banking and member of the BNP Paribas Fortis Executive Committee. “This seventh edition of the Private Equity Awards not only celebrates past successes, but also seeks to inspire the future ambitions of all nominees and of our Private Equity business as well. We want to continue supporting businesses that are building Belgium’s economic future, while also addressing ESG matters: protecting the environment, fostering social entrepreneurship and promoting good governance.
A closer look at the award winners
Venture Company of the Year: Aikido Security
Aikido Security is a cyberspecialist that helps developers make their software more secure. The company was founded in 2022 and is based in Ghent. Willem Delbare, the founder of Teamleader, is Aikido Security’s CEO.
Companies now need to comply with a large number of complex regulations and standards. Developers face a growing number of obligations in this area, and must increasingly play the role of security experts. Aikido Security offers software solutions that address these requirements.
Since the company was founded in 2022, it has raised €24 million in total from investors including Singular, Notion Capital and Connect Ventures.
Aikido Security currently employs 60 people.
The jury chose Aikido Security in recognition of the importance it places on cyber security. The company offers a 'one-stop-shop' solution in this area and is experiencing exceptional and exponential growth. It focuses on software developers rather than end users, so the customer's cost of entry is low.
Growth Company of the Year: Cluepoints
Cluepoints, founded in 2012 and based in Louvain-la-Neuve, specialises in data analytics used in pharmaceutical companies’ clinical trials. Its technology was developed by the International Institute for Drug Development (IDDI), a world-renowned contract research organisation specialising in statistics and data sciences, founded by Marc Buyse. Cluepoints’ technology helps pharmaceutical companies detect errors and fraud when carrying out clinical trials.
The company boasts major clients such as Pfizer, BioNTech, UCB and Novo Nordisk. After a funding round led by Summit in 2020, Cluepoints was acquired by EQT in 2024 at a valuation of €500 million. WE, Invest.BQ and Theodorus achieved impressive exits.
Cluepoints has 287 staff members, including 130 in Belgium.
The jury congratulated Cluepoints on its rapid growth and excellent financial results. As the Growth Company of the Year, Cluepoints places particular emphasis on ESG criteria (environment, society, and governance) while providing solutions for large pharmaceutical companies.
Buy-out Company of the Year: Sofico
Founded in 1988 in Ghent, Sofico is a software company that provides solutions for the leasing industry. It operates in more than 20 countries, has 513 employees, and is led by its CEO Gémar Hompes. The company provides both B2B (fleet) and B2C (retail) solutions. Sofico has an impressive portfolio of both national and international clients, including KBC Lease, ALD Automotive, Interleasing, Athlon, Volkswagen and Mercedes.
In late 2023, French investment fund Astorg took control of the company, with Apheon and Sofico’s founders also reinvesting.
The jury is proud to award this distinction to Sofico, a world-class Belgian technology company specialising in software for the automotive industry that has enjoyed continuous growth.
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For more information, please contact:
Jan Alexander, Secretary General of the BVA
+32 496 57 90 16
Jeroen Petrus, spokesperson BNP Paribas Fortis
+32 498 32 14 94 | jeroen.petrus@bnpparibasfortis.com
BVA
The Belgian Venture Capital & Private Equity Association (BVA) is the organisation that represents the venture capital and private equity industry in Belgium and advocates for the industry among political decision-makers. The BVA was founded in 1986 and has 206 member organisations: it has 122 full members, including most private equity firms operating in Belgium, and 84 associate members, mainly law and consultancy firms working with the PE/VC sector. The BVA’s aim is to give the public a better understanding of what its members do, and to promote the industry among political decision-makers in both Belgium and the EU, in the media and among the general public. For more information, please visit www.bva.be.
BNP Paribas Fortis Private Equity
BNP Paribas Fortis Private Equity (BNP Paribas Fortis Private Equity | Focus | BNP Paribas Fortis Entreprises) is the venture capital company of BNP Paribas Fortis and has been operating in the private equity market in Belgium since the 1980s. BNP Paribas Fortis Private Equity currently acquires minority stakes and provides mezzanine financing to high-performance medium-sized companies. BNP Paribas Fortis Private Equity also invests in specialised venture capital and private equity funds in the Belgian market. Direct holdings of BNP Paribas Fortis Private Equity include Studio 100, Konings, JAC, Penne, Stûv, Ecosteryl and PointChaud.
