Seeder Fund Research
Investment Thesis
Seeder Fund is a Brussels-based venture capital firm dedicated to accelerating the first financing rounds of promising digital entrepreneurs in Belgium and neighbouring countries. Founded in 2012 and rebuilt around its current strategy in 2016, the fund positions itself as a fast, founder-friendly first check for early digital startups, offering not just capital but individualised support and access to a large network of co-investors, entrepreneurs, and subject-matter experts. The team, which combines over 40 years of cumulated VC experience with the founders of more than 10 companies, aims to help entrepreneurs build solid foundations before their ambitious growth journeys begin.
Sector Focus
Seeder Fund is sector-agnostic within "digital" broadly defined, with a portfolio spanning enterprise SaaS and workflow software (Chift, Contractify, Komon, MySkillCamp, Uman), fintech and payments-adjacent tools (Monetor, Cake, Keyrock), cybersecurity (XFA, Ceeyu), logistics and last-mile delivery (Shippr, Urbantz, Hytchers), insurtech (WeGroup), proptech (WeInvest), and AI-enabled marketing and sales tooling (Visiblie, Adomate, Hello Customer, StriveCloud). The common thread is technical, digitally native founding teams building for European and global markets.
Stage Focus
Seeder Fund invests in two structured phases. At pre-seed, it leads rounds with an investment capacity of €100K-€250K, focused on validating product-market fit. At seed, it co-leads (or follows for larger rounds) with tickets up to €500K to help startups confirm growth potential and boost KPIs. The objective is always to double down in subsequent rounds once a company proves its potential and enters its scaling phase, with a maximum of €1M-€1.5M invested per startup across the relationship.
Check Size
Typical initial check: €100K-€500K, structured as either equity or convertible loans for the first investment, with equity ownership the ultimate target. Maximum cumulative investment per portfolio company, including follow-ons, is €1M-€1.5M.
Lead Tendency
Seeder Fund leads at pre-seed and co-leads or follows at seed, positioning itself as a financial structuring partner across multiple rounds rather than a passive check-writer.
Recent Activity
Seeder Fund II, a roughly €30M vehicle launched in June 2022 to back up to 50 additional digital startups over five years, remains the active investing vehicle. Recent participations include Visiblie (€500K convertible loan for AI search visibility, July 2026), Borro (€1.3M round to expand its reusable-cup deposit system across Europe, May 2026), Adomate (€1.4M seed for AI-powered ad creation, June 2026), and XFA (€1.5M seed for workplace cybersecurity, December 2025). The fund is actively deploying.
Portfolio Highlights
Notable portfolio companies include Keyrock (crypto market-making infrastructure, widely reported as the fund's standout outcome), Contractify, Ceeyu, and Cake (all exited), and a long list of active Belgian digital startups spanning logistics (Shippr, Urbantz), HR/L&D (MySkillCamp), and cybersecurity (XFA, Ceeyu).
Team
- David Van Tieghem, Partner — Founder of Opendeal (sold to eBay), co-founder of the Sherpa 1 & 2 funds, former head of a Business Angels network.
- Eric Vandoorne, Partner — Founder of six companies across industrial construction, procurement, consultancy and investment; former director of public and private companies across energy, healthcare, environment, agriculture, real estate, finance and government.
- Pierre-François Hellebuyck, Partner — With Seeder Fund since 2017; previously part of the founding team of a digital energy startup; MS in Business Engineering, Solvay Brussels School of Economics and Management.
- Isabelle Tennstedt, Investment Manager — Joined June 2022; previously Investment Manager at PMV for early-stage companies, with prior roles at ING, BNP Paribas Fortis, and Bain & Company; MSc in Engineering Physics (Ghent University) and CFA charterholder.
Decision Process
A small partnership of four investment professionals; the firm markets itself on a "fast & transparent decision-making process" as a differentiator versus larger, committee-driven funds.
Founder Preferences
Seeder Fund looks for technical, digitally native founders building scalable European digital businesses, and explicitly welcomes unsolicited pitches through a dedicated "Send your pitch" intake page rather than requiring a warm introduction.
Geographic Focus
Primarily Belgium and neighbouring countries, with selective consideration of opportunities elsewhere in Europe when introduced by a trusted co-investor.
ESG
Seeder Fund has adopted a formal ESG policy and makes sustainability-related disclosures under EU Regulation 2019/2088 (SFDR), reflecting an explicit commitment to responsible investing across its portfolio.