Overview
Smartfin is a Belgian Venture Capital firm investing in tech and deep tech companies across Europe. Founded in 2015, the firm is led by managing partner Jurgen Ingels, a serial entrepreneur known for co-founding Clear2Pay.
The firm focuses on late-seed to Series B investments in European tech. Portfolio highlights include TechWolf (Series B lead) and Showpad.
Portfolio
- TechWolf - Skills AI, Series B lead investor
- Showpad - Sales enablement platform
Media & appearances
- The HarbourYouTubeJAN HOLLEZ - From Startup to Unicorn: The Deliverect Story with Jan HollezJürgen Ingels' fund; Ingels invested early in Deliverect out of trust in the founders and is now exploring a space/defense fund with Hollez.
- De CFO PodcastYouTubeDe CFO Podcast goes live: de CFO als motor van groeiJürgen Ingels' venture capital fund investing in European technology companies.
- De CFO PodcastYouTube"Een land heeft second generation entrepreneurs nodig” - Jürgen Ingels - De CFO PodcastIngels' investment fund that works on a budget-based fee of 0.6-0.7% instead of the classic 2%, invests broadly in technology and is exploring a space-and-defense vehicle under its umbrella.
- Ben's MentorsYouTubeJürgen Ingels: Succes Als Ondernemer Is Niet Wat Je Denkt!Ingels' tech investment fund started in 2014, now with five funds, ~13 people, 80% of investments in Benelux, positioned between VC and private equity.
- De CFO PodcastYouTubeHoe brengt Jürgen Ingels via SUPERNOVA de techwereld naar België | De CFO Podcast #56Ingels' VC fund investing in B2B tech, ~80% of investments in the Benelux, historically with a 15% carry (below the European norm of 20-30%).
- SuperNovaYouTubeSuperHero Conversations EP2 | Jürgen Ingels - Founder SuperNova & SmartfinOne of the biggest VC funds in Belgium; just closed a new fund raise that Ingels admits was much harder than previous capital increases.
- BlackBird Business EventsYouTubeBlackBird Podcast aflevering 59: Jürgen IngelsIngels' private equity/VC fund co-founded with Bart, now on its fifth fund with €750M raised, investing in European B2B tech (70% Benelux).
- SuperNovaYouTubeSuperNova Conversations: Jürgen Ingels, Boris Bogaert & Hendrik KeerisJürgen Ingels' private equity/VC fund, now looking to invest in lean, high-margin small-team software companies.
- The HarbourYouTubeJORIS VAN DER GUCHT (Silverfin) over hoe hij 'de mannen van Showpad' stalkte en het persberichtJürgen Ingels was pre-Smartfin or just starting it when he invested in Silverfin's seed round alongside the Showpad founders.
- The HarbourYouTubeMAURA NACHTERGAELE (Payflip) over aan de baxter liggen bij Imec en leven als FransiscanenVenture capital fund that led Payflip's round with €750K; Thomas Depuydt reached out proactively before Payflip needed money, and Harry Haeck sits on the board.
Stated facts & numbers
- Smartfin was started in 2014 and now runs five funds; the capital funds are each ~€250M and the firm has 13 people, with 80% of investments in Benelux.Ben's Mentors 2026-01-210:14:48
- Smartfin Ventures targets companies with €500K-1M revenue to grow to €10-15M; the capital funds take companies from €5-6M to €50-100M revenue.Ben's Mentors 2026-01-211:06:12
- Smartfin is considering launching a space & defense (dual-use) fund this year.Ben's Mentors 2026-01-211:02:06
- SmartFin has raised €750 million across funds, invests in B2B tech in Europe (~70% Benelux), is on its fifth fund and 10 years in operation.BlackBird Business Events 2024-10-240:35:56
- Jürgen Ingels sold Clear2Pay in 2014 and then set up venture capital fund Smartfin Capital.De CFO Podcast 2026-03-300:03:38
- Smartfin operates on a fee of 0.6-0.7% of committed capital instead of the classic 2% PE fund fee.De CFO Podcast 2026-02-020:11:13
- Smartfin's carry follows an 80/20 rule: 80% of profits above returned capital go to investors, 20% to the fund team.De CFO Podcast 2026-02-020:11:44
- Smartfin is exploring a dedicated space-and-defense fund under its umbrella with a separate team.De CFO Podcast 2026-02-020:16:16
Key people
Investments
Showpad
Showpad is a Ghent-founded sales enablement platform that helps B2B sales teams find, share, and track content throughout the buyer journey.
TechWolf
TechWolf is a Ghent-based AI platform that maps workforce skills using job data and HR systems, enabling large enterprises to make talent decisions based on real competency intelligence.
Silverfin
Silverfin is a Ghent-founded cloud accounting platform for accountancy firms, co-founded by Joris Van Der Gucht and Tim Vandecasteele, and acquired by Visma.
Deliverect
Deliverect is a Ghent-based Food Tech platform valued at $1.4B that integrates restaurant POS systems with online delivery channels like Uber Eats, Deliveroo, and DoorDash.
BrightAnalytics
BrightAnalytics is a Hooglede-based financial and operational reporting platform, helping Belgian SMEs and mid-market companies replace spreadsheet-based management reporting with structured analytics dashboards.
EyeSee Research
EyeSee is a tech-enabled consumer research partner, providing highly predictive insights for shopper, advertising, innovation, and e-commerce optimization. Equipped with cross-category knowledge, our team is 150+ multidisciplinary experts strong and driven by passion to understand and help businesses grow. Join the ranks of top-tier CPG companies, healthcare innovators, and media trailblazers who trust EyeSee's proven formula to navigate today's complex market dynamics with confidence. Three pi
Willow
Willow connects upscale restaurants with management talent to enhance guest experiences.
Hex-Rays
Belgian Cybersecurity company behind IDA Pro, the industry-standard interactive disassembler and reverse engineering tool.
CrazyGames
CrazyGames is a Leuven-based browser gaming platform with 35 million monthly active users and 300 million monthly gameplays, bootstrapped for a decade before raising its first VC round from Smartfin in 2023.
NGDATA
NGDATA is a Ghent-based customer data and AI personalization platform used primarily by large banks, telecoms, and utilities to improve customer engagement at scale.
AI-Blox
AI-Blox is a Zaventem-based hardware Company Building modular edge AI computing platforms for industrial applications, with backing from Smartfin and imec.istart.
Timefold
Timefold is a Ghent-based AI startup that builds planning and scheduling optimization software for logistics, workforce, and field service operations.
Sequesto
Sequesto provides an agentic operating system designed for commercial teams.
Luzmo
Luzmo is an embedded analytics platform, purpose-built for SaaS companies. We bring complex data to life with beautiful, easy-to-use dashboards, embedded seamlessly in any SaaS or web platform. With Luzmo, product teams can add impactful insights to their SaaS product in days, not months. And take their product users from data to decisions, damn fast. Offer new insights to your users and let them take action immediately, right within your own application!
Unifiedpost Group
Unifiedpost Group is a Brussels-based document processing and digital payments platform, listed on Euronext since 2020 with EUR 188M+ in funding and 500K+ customers across 26 countries.
Payflip
Payflip is a Belgian HR-tech startup offering flexible employee benefits and meal vouchers, backed by Smartfin and positioned as Belgium's 4th meal voucher provider.
The Glue
The Glue is a platform enabling companies to create social media and cause marketing programs that drive business results through consumer giving to nonprofit projects.
Timeseer.AI
Timeseer.AI is a Belgian startup that builds AI-powered tools for detecting and resolving data quality issues in time-series data, targeting industrial and engineering use cases.
In the news
- Waarom LinkedIn steeds persoonlijker wordt nu AI het platform overspoeltSelfies, die lang ongepast werden gevonden op een professioneel netwerk, duiken steeds vaker op LinkedIn op. De makers zien ze als een manier om zich te onderscheiden in een feed vol door artificiële intelligentie gegenereerde teksten. Achter die trend schuilt een bredere vraag voor bedrijven, recruiters en media: hoe bewijs je dat er een echte persoon achter content zit wanneer machines tegen lag
- Delvaux haalt nieuwe CEO bij Cartier om internationale groei te stimulerenSinds de overname door luxegroep Richemont in 2021 had het Belgische luxemerk Delvaux al een licht Zwitsers accent. Vanaf 1 december wordt de mix nog internationaler met de komst van Yanina Novitskaya als CEO van het Brusselse bedrijf. Haar opdracht is de aantrekkingskracht van de producten en de internationale groei van het merk te stimuleren. L’article Delvaux haalt nieuwe CEO bij Cartier om int
- Building ecosystems is rewarding & fun, but connecting them even more so. Yesterday Aalst Tech received the Entrepreneurial Culture Award from HITT.2050, an initiative of Voka Oost-Vlaanderen. An appreciated recognition from an organization that itself played such an important role in getting Wintercircus Ghent off the ground. Thanks Geert & Hilde and the Voka crowd! Meanwhile, at the same time (I had to run 😅), Aalst Tech was bringing another set of communities together: hosting an AI event with a fantastic panel of
- Belgisch-Amerikaanse fysicus Francis Halzen wint Nobelprijs voor NatuurkundeDe Belgisch-Amerikaanse fysicus Francis Halzen, 82 jaar en geboren in Tienen, is de enige laureaat van de Nobelprijs voor Natuurkunde 2026. Hij wordt bekroond voor IceCube, een neutrinodetector onder het ijs van de Zuidpool, waarvan de bouw 279,5 miljoen dollar kostte. De Koninklijke Zweedse Academie van Wetenschappen kent hem de volledige prijs toe. L’article Belgisch-Amerikaanse fysicus Francis
- New investment for smartfin in cyber. Smartfin pompt 15 miljoen euro in cybertechstart-up van 29-jarige Nederlandse ex-hacker
- Smartfin stapt in Nederlandse cybersecurityspecialist HadrianDe Nederlandse scale-up Hadrian, die cyberaanvallen simuleert, haalt 40 miljoen dollar op. Het techfonds Smartfin van ondernemer Jürgen Ingels trekt de ronde met zijn Amerikaanse sectorgenoot Forgepoint Capital International. The post Smartfin stapt in Nederlandse cybersecurityspecialist Hadrian appeared first on Trends.be.
- Smartfin pompt 15 miljoen euro in cybertechstart-up van 29-jarige Nederlandse ex-hackerSmartfin, het investeringsfonds rond Jurgen Ingels, investeert 15 miljoen euro in Hadrian als deel van een kapitaalronde. De Amsterdamse scale-up, die AI inzet om de cyberveiligheid van bedrijven te verhogen, is zes jaar geleden opgericht door de voormalige succesvolle ethische hacker Rogier Fischer.
- AI will not replace the auditor's judgement. It will free it for what really matters. That was the spirit on stage at the Dag van het Revisoraat 2026 - Journée du Révisorat 2026, where our CEO Natalia Khamraeva and our lead investor Jürgen Ingels (Smartfin) discussed how AI is changing the work of the financial auditor. Over 300 professionals, sharp questions and real curiosity. It confirmed why we build Auditstage. Many thanks to Instituut van de Bedrijfsrevisoren - Institut des Réviseurs d'Entreprises, Inge Vanbeveren, Alexia
Alumni 1 went on to found or lead
Bert BaeckPartner @ Smartfin Capital→CEO at Timeseer.AI
Backers
Jurgen IngelsJurgen Ingels is Managing Partner at Smartfin, one of Belgium's leading tech-focused Venture Capital funds, and a well-known entrepreneur and investor in the Belgian ecosystem.
- PKristof Vande Capelle
Kristof Vande Capelle is CFO at Gimv.
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