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Capricorn Partners

Europe, Vlaams-Brabant, Belgium, Leuven

Description

Capricorn Partners is a prominent European venture capital and equity fund manager based in Leuven, Belgium, with a significant track record in investing in innovative technology companies. Established in 1993, the firm has cultivated a deep expertise across various high-growth sectors, positioning itself as a key financial partner for ambitious startups and scale-ups. Their investment philosophy centers on supporting companies that leverage cutting-edge technology to address market needs and drive sustainable growth.

The firm's investment strategy is broad yet specialized, targeting European technology companies from early-stage to growth-stage. Capricorn Partners manages a diverse portfolio of funds, each with a specific thematic focus, including digital technologies, health-tech, sustainable chemistry, cleantech, and information and communication technology (ICT). For initial investments, Capricorn Partners typically deploys cheques ranging from EUR 0.5 million to EUR 5 million, which translates to approximately $540,000 to $5.4 million based on recent exchange rates. This flexible approach allows them to engage with companies at various points in their development, from seed rounds to more mature growth financing.

With over EUR 1.5 billion (approximately $1.62 billion) in total capital under management, Capricorn Partners stands as a substantial player in the European venture capital landscape. The firm is known for its hands-on approach, providing not only capital but also strategic guidance and access to its extensive network. Recent activities include the launch of new specialized funds in 2023, such as the Capricorn Health-Tech Fund II with a target size of EUR 125 million and the Capricorn Sustainable Chemistry Fund II aiming for EUR 100 million. These new funds underscore Capricorn Partners' continued commitment to fostering innovation within critical technological domains and expanding its investment capacity.

Investor Profile

Capricorn Partners has backed more than 105 startups, with 6 new investments in the last 12 months alone. The firm has led 31 rounds, about 30% of its total and boasts 28 exits across its portfolio.

Investment Focus Highlights

  • Concentrates on Series Unknown, Series B, Series A rounds (top funding stages).
  • Majority of deals are located in Belgium, United States, The Netherlands.
  • Strong thematic focus on Biotechnology, Health Care, Manufacturing.
  • Led 2 rounds in the past year.
  • Typical check size: $540K – $5.4M.

Stage Focus

  • Series Unknown (29%)
  • Series B (23%)
  • Series A (17%)
  • Seed (10%)
  • Series C (10%)
  • Series D (6%)
  • Series G (2%)
  • Series F (1%)
  • Series E (1%)
  • Post Ipo Equity (1%)

Country Focus

  • Belgium (39%)
  • United States (17%)
  • The Netherlands (15%)
  • United Kingdom (8%)
  • Germany (6%)
  • France (5%)
  • Switzerland (3%)
  • Finland (3%)
  • Ireland (1%)
  • Denmark (1%)

Industry Focus

  • Biotechnology
  • Health Care
  • Manufacturing
  • Software
  • Medical Device
  • Chemical
  • Information Technology
  • Medical
  • Industrial
  • Health Diagnostics
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FAQ

Frequently Asked Questions

Learn who this investor regularly partners with—both firms and angels—and explore their latest activity.

Who does Capricorn Partners frequently co-invest with?

Gimv
Europe, Antwerpen, Belgium, Antwerpen
Co-Investments: 7
Qbic Fund
North America, Wisconsin, United States, Belgium
Co-Investments: 4
Morningside Group
North America, Massachusetts, United States, Newton Center
Co-Investments: 4
Oxford Capital
Europe, Oxfordshire, United Kingdom, Oxford
Co-Investments: 5
Breakthrough Energy Ventures
Europe, Ile-de-France, France, Paris
Co-Investments: 4
Sofinnova Partners
Europe, Ile-de-France, France, Paris
Co-Investments: 7
QF
Europe, Vlaams-Brabant, Belgium, Leuven
Co-Investments: 15
S.R.I.W.
Europe, Liege, Belgium, Liège
Co-Investments: 5
PMV
Europe, Brussels Hoofdstedelijk Gewest, Belgium, Brussels
Co-Investments: 10
SFPI-FPIM
Europe, Brussels Hoofdstedelijk Gewest, Belgium, Brussels
Co-Investments: 5

Which angels does Capricorn Partners often collaborate with?

BL
North America, California, United States, San Francisco
Shared Deals: 1
JC
North America, New York, United States, New York
Shared Deals: 1
AV
Europe, Antwerpen, Belgium, Antwerp
Shared Deals: 1
AO
North America, California, United States, San Francisco
Shared Deals: 1
SW
North America, Connecticut, United States, Weston
Shared Deals: 1
JS
Europe, Ile-de-France, France, Paris
Shared Deals: 1
AD
Europe, Oost-Vlaanderen, Belgium, Ghent
Shared Deals: 1
ML
North America, California, United States, San Francisco
Shared Deals: 1
RL
North America, California, United States, Cupertino
Shared Deals: 1
JS
Europe, Antwerpen, Belgium, Antwerp
Shared Deals: 1

What are some of recent deals done by Capricorn Partners?

Gradyent

Utrecht, Utrecht, The Netherlands

Gradyent is an AI cloud platform that helps heating companies in optimizing their heating systems and reduce CO2 emissions.

Artificial Intelligence (AI)Software
Series BApr 2, 2025
Amount Raised: $30,520,605
InsectSense

Wageningen, Gelderland, The Netherlands

Insect Inspired Innovations

BiotechnologyFood and BeverageHealth DiagnosticsPlant-Based FoodsSensor
Pre SeedJan 15, 2025
Amount Raised: $916,436
Minze Health

Antwerp, Antwerpen, Belgium

Minze Health is a health tech start-up that builds digital health solutions for urology and pelvic health.

Health CareHealth DiagnosticsMedical DeviceMobile Apps
Series AOct 17, 2024
Amount Raised: $5,300,000
Econic Technologies

London, England, United Kingdom

Econic Technologies develops new catalysts and processes for the manufacture of polymers from CO2.

ChemicalManufacturingPlastics and Rubber ManufacturingWaste Management
Series UnknownOct 15, 2024
Thryve

Berlin, Berlin, Germany

Health services, insurers, and researchers use Thryve's wearable API to access data from 300+ wearables, medical devices, and other sources.

Developer APIsFitnessHealth CareHealth DiagnosticsSoftwareWearables
Series AAug 30, 2024
Amount Raised: $4,424,446
Confo Therapeutics

Brussels, Brussels Hoofdstedelijk Gewest, Belgium

Confo Therapeutics is a drug discovery company building internal drug discovery programs on GPCRs addressing unmet medical need.

BiotechnologyHealth CareMedicalTherapeutics
Series BJul 26, 2024
Amount Raised: $65,148,419
NEFFA

Amersfoort, Utrecht, The Netherlands

NEFFA specializes in manufacturing and distribution of fashion products.

Men'sTextilesWomen's
SeedJan 30, 2024
Electric Hydrogen

Natick, Massachusetts, United States

Electric Hydrogen develops electrolyzer technologies to enable abundant, low-cost, and clean hydrogen to replace fossil fuels.

Clean EnergyCleanTechEnergyIndustrial
Series COct 2, 2023
Amount Raised: $380,000,000
VoxelSensors

Brussels, Brussels Hoofdstedelijk Gewest, Belgium

VoxelSensors, Your World, Our Canvas

Semiconductor
SeedMay 17, 2023
Amount Raised: $5,418,997
Chainels

Rotterdam, Zuid-Holland, The Netherlands

Chainels is a tenant experience app for multi-tenant shopping, mixed-use, transport, office and residential destinations.

CollaborationEnterprise SoftwareInformation TechnologyMarketingMessagingProfessional NetworkingSaaSSmall and Medium Businesses
Series AJan 24, 2023
Amount Raised: $3,267,009