Belgian investor Pitchdrive has raised its third fund of €40M to support early-stage startups in Europe. Due to high interest from LPs, the VC exceeded its initial fund size by over 30%. It is exclusively accepting investments from entrepreneurs and family offices.
Initially planned as a €30 million fund, Pitchdrive completed its first closing at €34 million. Despite commitments being 30% higher, the fund will be capped at €40 million.
Fund I and II’s successful results (the latter run together with later-stage VC Smartfin) have translated into extreme interest in their third fund, which has been oversubscribed within 2 months.
Backs startups with entrepreneurial expertise
Startups have much higher success rates when they raise their early investments with experienced entrepreneurs, and move to traditional operator-led VC in later rounds. Pitchdrive uses their entrepreneurial expertise to provide pre-seed investments, highly personalised guidance support and network access to their portfolio. The fund size allows for possibilities of participation in new rounds, giving the startups an immediate edge.
The firm invests startups in pre-seed rounds across Europe and offers personalised and active support to their portfolio. It has invested in over 50 startups through two funds and is now starting to invest from its third fund.
With this approach has worked for Of their 50+ investments, about 70% have already raised new rounds within 2 years and first exits are in progress. Their European-first approach has led to an active portfolio in 11 countries, 66% of the startups being located outside of Belgium.
Who is behind Pitchdrive?
Pitchdrive was founded in 2020 by a syndicate of well-known Belgian angels, including Jonas Dhaenens (Team. Blue), Boris Bogaert, Wim Derkinderen and Koen Christiaens (Xpenditure/Rydoo), Lorenz Bogaert and Toon Coppens (Netlog/Twoo & StarApps) and Luc Verelst (DROIA invest). They founded it after realising the value of well-experienced entrepreneurs on the capable first-hand and the challenges in scalability and follow-on money.
Notable investments
The portfolio of investments includes Belgian companies such as Henchman, NineID, Otiv, Bizzy, Fixform, Introw, Oper Credits, Smooved, Brauzz, and Picky, as well as UK-based Hotel Manager, Happl, Greenspark, and Privasee, Dutch startup Luna, German foodtech Amigos, Keaz, and Turkish Salus Mental, among others.
Boris Bogaert (Managing Partner) stated: “The €40 million investment fund will support 30 European startups over the next two years. Alongside the fund, Pitchdrive has established a new mentor network of 10 successful European entrepreneurs. This powerhouse network will provide personalized guidance and diverse expertise to propel Pitchdrive’s growing portfolio”.
