News

Amidst a still shaky economic environment due to the pandemic, Belgian Growth Fund is proud to state that it is still on track! 2021 offered a lot of new opportunities leading to new investments, interesting evolutions and first exit traction in our portfolio.

During 2021, BGF continued to develop a balanced portfolio, which is diversified over stages, sectors and with a strong Belgian angle. Our portfolio now counts seven funds resulting in €145 mln. (or 46%) of commitments. BGF still monitors a lot of activity and is fed by a continuously strong deal flow. A strong inflow of new opportunities in combination with growing investment rounds demonstrate that the need for scale-up capital is more relevant than ever. BGF is ideally positioned to accommodate this market need and will keep on investing in promising late stage or growth & buy-out propositions during 2022.

Belgian angle

BGF has an impact on the growth trajectory of many companies, such as management software provider Sigma Conso, and MobileXpense, which develops expenses management software. Via Smartfin Capital, an investment was made in video-technology specialist Theo Technologies and in the market research technology & service provider Eyesee. Via Sofindev V, investments were made in IT service provider Christiaens, broadcasting management software developer MediaGenix, timber specialist Vanrobaeys and fire protection specialist Altebra. By year end 2021 Sofindev V announced the investment in Groep Claes, a leading player in the supply of tools for the food sector that has international expansion plans. So far, the BGF funds invested already €126 mln or 35% of their capital in 9 Belgian growth companies.

Promising results

The BGF portfolio has a strong exposure towards tech & life sciences (e.g. Fortino Capital Growth Fund I, Smartfin Capital II, Gilde Healthcare V and Forbion Growth Opportunities Fund I), sectors that matter and that benefit from current economic tailwinds. This drips down into the portfolio which results in upticks and first exits. BGF is pleased to indirectly support all the underlying portfolio companies and hopes to embrace new successful exits during 2022!