Antwerp-based venture capital firm Pitchdrive has successfully raised €40 million for its third fund, Pitchdrive Fund III, aimed at supporting early-stage startups across Europe. This fund was oversubscribed by 30%, exceeding its initial target due to high interest from limited partners (LPs) consisting of entrepreneurs and family offices.
With the closure of this fund, Pitchdrive plans to invest in 30 European startups over the next two years, focusing on innovative technology and scalable solutions. The fund’s success builds on the strong performance of its previous funds, particularly the second fund, which was managed alongside later-stage VC Smartfin and attracted significant interest.
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Leveraging a Network of Seasoned Entrepreneurs
Pitchdrive has established a new mentor network of 10 successful European entrepreneurs to provide personalized guidance and diverse expertise to its growing portfolio. This network is part of Pitchdrive’s strategy to empower its portfolio companies with not just capital but also valuable insights and connections that can accelerate their growth.
Investment Philosophy and Impact
The VC’s investment approach emphasizes the importance of experienced entrepreneurs in funding rounds, providing startups with not only financial capital but also strategic mentoring and networking opportunities. This approach has proven effective, with about 70% of Pitchdrive’s invested startups securing additional funding within two years, and some are beginning to exit or go public.
The firm primarily invests in pre-seed rounds across Europe and offers a hands-on, personalized support system to its portfolio, which now spans over 50 companies across 11 countries, with 66% located outside Belgium.
Background and Vision
Founded in 2020 by a group of renowned Belgian angels including Jonas Dhaenens from Team.Blue, Boris Bogaert, Wim Derkinderen, and Koen Christiaens from Xpenditure/Rydoo, Lorenz Bogaert and Toon Coppens from Netlog/Twoo & StarApps, and Luc Verelst from DROIA invest, Pitchdrive aims to utilize its founders’ firsthand experience in early-stage challenges and growth to support new ventures effectively.
With this new funding, the VC firm is poised to continue its mission of finding and fostering the next wave of tech champions in Europe, driving innovation and growth in the startup ecosystem.
