ScaleFund, the Belgian venture capital fund, has launched its third fund, ScaleFund III, with an initial closing of €12 million and a target size of €30 million. The fund supports technology-driven companies in digital transformation, cleantech, and deeptech as they transition beyond the startup phase and prepare for sustainable growth.
Claire Munck, Founder and Managing Partner, stands at the heart of ScaleFund’s journey. Her vision and hands-on approach have shaped the fund’s distinctive identity. With nearly 25 years of experience in early-stage venture capital and startup ecosystems, Claire also serves as CEO of BeAngels, Belgium’s largest and most active angel investor group. Her leadership roles with EBAN (European Business Angels Network), GBAN (Global Business Angel Network), and GoBeyond underscore her deep roots in the European tech investment landscape.
“With over 20 years of experience in early-stage venture capital and startup ecosystems, I also serve as CEO of BeAngels. I have an intrapreneurial mindset and love scaling promising initiatives. Having served on the boards of numerous startups and scale-ups, I bring particular expertise in strategic growth, international fundraising, and governance,” Munck told TFN.
Claire’s commitment to diversity and value creation is reflected in the fund’s track record: At the time of investment, 40% of ScaleFund I & II’s portfolio was founded, co-founded, or led by women — a figure well above the European average for venture capital.
We spoke exclusively to Claire Munck, Managing Partner of ScaleFund, to learn more about the fund’s vision, team, and unique approach. Here’s what she shared.
Addressing the funding gap with active support
ScaleFund III addresses a critical market gap for companies that have moved beyond the initial startup phase but aren’t yet ready for large Series A rounds. While these companies often show strong customer traction, many struggle to scale sustainably. The fund will invest in 15 to 20 companies, focusing primarily on seed to Series A stages, while reserving capital for seed investments led by serial entrepreneurs and follow-on funding in existing portfolio companies.
ScaleFund’s investment approach centres on a hands-on, partnership-driven model. The fund provides capital, strategic guidance, operational support, and access to a robust network of over 550 investors, venture partners, and C-level executives, including close ties with BeAngels.
Munck told TFN, “Since launching Fund I in 2017, we’ve known that it takes more than money to help startups reach their next growth phase. Reality isn’t just one seed round, one VC round, and then exit. Several rounds are needed in the pre-scale-up phase, before Series A. There was, and still is, a market gap for rounds typically between €1m and €3m — too large for angels, yet too early for most VCs.”
She added, “We’re one of the few funds willing and able to take a lead investor position at this stage, with a key role in due diligence and deal structuring. We’re hands-on, always taking Board seats and building close, supportive relationships with founders from day one. We can help with everything from commercial to financial or governance expertise to prepare for the next step. No backseat, and no cameras-off calls.”
A ScaleFund team built for value creation
Claire works alongside a dedicated team, including Gauthier van der Elst, Partner, whose background in venture capital, mergers and acquisitions, and financial management brings invaluable expertise from investment through to exit. Gauthier’s career spans roles at CBC Banque & Assurance, PwC Luxembourg, and Solvay, where he contributed to post-acquisition integration efforts.
Both Principals, Thomas Pav and Paul Risopoulos, complete the team with their entrepreneurial and transactional expertise. Together, they provide hands-on support and strategic guidance, ensuring portfolio companies receive the attention and resources needed to thrive.
“With our two other team members, we have a mix of entrepreneurial and transactional expertise,” Munck says.
ScaleFund is committed to diversity and inclusion. The investment committee includes three women out of seven members, and 40% of the fund’s investments have been in companies led or co-led by women — a significant achievement in the European venture capital landscape.
Investment focus and market position
ScaleFund III focuses primarily on digital transformation, deeptech, and cleantech, with a geographic emphasis on the Benelux and France. The fund distinguishes itself through its ability to lead investment rounds, hands-on support, and the quality of its network.
“Digital transformation, deeptech, and cleantech, with a prime geographic focus on Benelux and France,” Munck shares. “We have received more than 250 applications in the last 3 months and are progressing well with some of them.”
ScaleFund typically leads rounds with investment tickets ranging from €100,000 to €1 million, aiming to provide an average of €500,000 as a first investment, with follow-on capacity for larger participation in later rounds.
ScaleFund III distinguishes itself through its leadership capacity in seed to Series A stages, hands-on support, and strong network. Its founders’ ambassadorship strengthens the fund’s reputation, as some of whom have invested in the fund, and a proven track record of investment and exit experience.
“As mentioned above: capacity to take the lead in the seed to Series A stage, hands-on support, quality of the network, access to 600+ individuals to accelerate commercial roll-out or identify the right board member, reputation in the market and especially ambassadorship from our founders (two of which have invested in the fund). Track record of the team, with investment to exit experience in previous funds,” Munck notes.
ScaleFund III: Building on a proven track record
ScaleFund III builds on the success of two previous funds: ScaleFund I (€2.5 million) and ScaleFund II (€10 million). These funds have invested in companies such as Wooclap (Belgium – edtech), Moonbird (Belgium – healtech), Resortecs (Belgium – circular textiles), Passbolt (Luxembourg – cybersecurity), and WeGrow (France – B2B software), demonstrating a broad geographical reach. Portfolio companies receive capital and strategic advice, access to a vast network, and tailored support throughout their growth journey.
Bart Steukers, CEO of Agoria: “With this investment, we are filling a key gap in the funding landscape and reinforcing our commitment to the Belgian technology ecosystem. The fund also aligns perfectly with our initiatives such as Scaleup Flanders and Scale Brussels.”
Wim Peeters, Investor in ScaleFund III and former VP of Business Development 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: “Too many strong startups 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.”
François Torche, former CEO and CPTO of CluePoints (acquired by EQT in 2024): “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.”
