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PMV (ParticipatieMaatschappij Vlaanderen)

Flemish government investment arm with a EUR 1.9B portfolio, backing tech and biotech companies with tickets up to EUR 20M.

PMV, or ParticipatieMaatschappij Vlaanderen, is the investment vehicle of the Flemish government. It deploys capital across the full lifecycle of Flemish companies, from early venture to growth equity, with a particular concentration in technology and biotech.

PMV can invest up to EUR 20M per company and often co-invests alongside private VCs, providing a stabilizing anchor for larger rounds. Portfolio includes Augustine Therapeutics and Flamingo Therapeutics in the life sciences cluster.

As a government-backed vehicle, PMV also plays a policy role, supporting ecosystem infrastructure and de-risking sectors where private capital is scarce.

Portfolio

Stated facts & numbers

  • Smallest typical KBC Innovation Banking construction: ~€500k need split as ~€200k investors, ~€150k KBC loan, ~€150k PMV innovative co-financing; first-time software clients get max ~€500k from KBC. (1:00:44, Ben's Mentors 2026-03-25)
  • Initial financing: €50,000 bank loan for the coffee truck (a 1974 Citroën HY), plus ~€100,000 needed per shop via bank and PMV Startlening+. (0:35:22, Ben's Mentors 2025-03-19)
  • Current financing round: €3.3M total — equity crowdfunding via Crowdcube, a WinWinner crowdlending campaign that raised nearly €1M, a ~€1M KBC bank loan and a ~€1M PMV subordinated loan — to open 16 new shops in 8-10 months. (1:08:31, Ben's Mentors 2025-03-19)
  • Planet B raised roughly €800k via business angels, the bank and PMV in a co-financing dossier, mostly as loans with Tibbe still personally guaranteeing. (0:44:35, Ben's Mentors 2024-05-15)
  • PEAK Coaching borrowed half a million euros from the bank and PMV to fund the application. (0:30:45, BlackBird Business Events 2025-08-05)
  • Financing combined proceeds from selling shares in another company, bank loans and PMV involvement. (0:30:42, BlackBird Business Events 2025-06-19)
  • The financing search happened around mid-2023, shortly after Covid; two major banks refused a horeca share transfer within minutes, and Belfius plus a PMV guarantee made the deal possible. (0:23:31, BlackBird Business Events 2025-04-15)
  • Startup funding consisted of own savings, a €25k contest prize (which also included a retailer commitment to sell Ritchie), and a PMV starter loan — no external equity investors. (0:18:31, BlackBird Business Events 2025-02-27)

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