Kpler tops Tech.eu’s ranking of Belgium’s most heavily funded tech companies in the first half of 2026, with a reported $1 billion strategic growth-equity investment. Aikido Security ranks second at $60 million, followed by Magnax at €35.5 million. Tech.eu says Belgian tech companies raised €1.09 billion in total during the period, with Kpler accounting for about 79% of that figure. The ranking mixes dollars and euros, so its reported amounts should not be added as if they were all in one currency.
Which Belgian tech companies raised the most in H1 2026?
The table follows Tech.eu’s ranking, published on 1 October 2026. Its amounts are the figures reported for the companies, not a common-currency comparison. Tech.eu’s company descriptions are condensed below.
| Rank | Company | H1 2026 amount reported by Tech.eu | What it does |
|---|---|---|---|
| 1 | Kpler | $1 billion | Trade data, analytics and intelligence covering commodities, maritime activity and related supply chains. |
| 2 | Aikido Security | $60 million | Application-security software for finding, prioritising and fixing vulnerabilities in code, cloud and runtime environments. |
| 3 | Magnax | €35.5 million | Develops yokeless axial-flux electric motors for industrial and electrification applications. |
| 4 | D-CRBN | €17.5 million | Uses electrified plasma to convert captured carbon dioxide into carbon monoxide and syngas for industrial feedstocks. |
| 5 | Rainbow Crops | €15.7 million | Crop technology intended to accelerate development of resilient, high-performing varieties; the amount spans two rounds. |
| 6 | Tekst.com | €11.5 million | AI-enabled enterprise workflow automation that connects to existing inbox, ERP, CRM and document systems. |
| 7 | Timefold | $13 million | Planning and scheduling optimisation tools, including routing and workforce scheduling. |
| 8 | Qover | $12 million | A platform for launching and managing embedded digital insurance programmes. |
| 9 | Harmoney | €10 million | Compliance and counterparty-risk software for financial and other regulated businesses. |
| 10 | neuroClues | €10 million | A portable eye-movement recording and analysis platform for neurological assessment. Tech.eu describes it as a CE-marked Class IIa medical device. |
| 11 | WARREN | €10 million | A workplace pensions and financial guidance platform. |
Why do the euro amounts differ across sources?
Tech.eu reports the ranking’s deal amounts in their reported currencies. Its Funding Explorer provides rounded euro-normalised figures instead. For the same H1 dataset, it lists Kpler at €861 million, Aikido Security at €51 million, Magnax at €36 million, D-CRBN at €18 million, Tekst.com at €12 million, Timefold at €11 million, and Qover, Harmoney and WARREN at €10 million each. It lists neuroClues at €10.0 million.
The Funding Explorer says its deal amounts are normalised to euros using European Central Bank rates and cited to source. Conversion and rounding account for some differences from Tech.eu’s displayed figures; the figures also remain source-specific records, rather than a single independently reconciled ledger. Do not add the dollar and euro figures in the ranking together.
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Rainbow Crops includes a grant in the Explorer entries
Tech.eu reports €15.7 million for Rainbow Crops across two rounds. The Funding Explorer separately lists a €9.7 million June seed round and a €6 million March grant. The two entries total the ranking’s reported amount, but the March entry is a grant, not another equity round.
How much did Belgian tech raise, and why does Kpler dominate the total?
Tech.eu reported that Belgian tech companies raised €1.09 billion in H1 2026. It attributes €859.2 million of that total to Kpler—about 79%. Kpler’s transaction is therefore an outlier that substantially shapes the headline total, rather than a typical funding round in the ranking.
Rank #2
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In an announcement dated 3 June 2026 and datelined Brussels, Kpler’s investor Sixth Street described its investment as a minority strategic growth-equity investment of over $1 billion. The announcement said Kpler management remained majority owners, Insight Partners remained a shareholder and rolled part of its original investment, and Five Arrows exited. Tech.eu gives the transaction as $1 billion, or €859.2 million; the Funding Explorer lists €861 million. These are different source expressions or euro normalisations of the same standout transaction, not separate Kpler deals.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why do Belgian funding reports give different totals?
Tech.eu’s ranking and Funding Explorer are not the only accounts of Belgian tech financing in this period. Syndicate One’s 10 July 2026 analysis, based on State of Belgian Tech research produced with Agoria and Scaleup Flanders, reports €497.1 million across 74 disclosed rounds, up 40% year over year. It names Keyrock (€100 million), Aikido Security (€52.7 million) and Eyeo (€40 million) as its three largest rounds. In that dataset, the top five rounds made up 53% of capital and the top twenty made up 83%.
Rank #3
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Tech.eu’s Funding Explorer, with data dated 24 September 2026, reports 36 companies and 37 rounds, while Tech.eu’s article gives the H1 funding total as €1.09 billion. The available methodology descriptions do not establish exactly why coverage differs, including why Kpler is prominent in Tech.eu’s account but not among Syndicate One’s leading rounds. Treat each total and ranking as belonging to its named dataset; the figures cannot be merged into one definitive total from these sources.
Additional context from Syndicate One’s dataset
Within its own analysis, Syndicate One reports an average round size of €6.7 million and a median of €1.6 million. It attributes 60.6% of capital by region to Flanders, reports €135.3 million for fintech, and says more than half of deals had an AI component. These measures describe the Syndicate One, Agoria and Scaleup Flanders dataset, not Tech.eu’s ranking.
Quick Recap
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Rank #4
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What the ranking does—and does not—show
- Funding value is highly concentrated. Kpler’s transaction makes up about 79% of the total reported by Tech.eu, so the headline figure does not represent a typical company’s financing.
- The companies span many sectors. The list ranges from trade analytics and cybersecurity to electric motors, carbon conversion, crop technology, enterprise software, insurance, compliance, neurological assessment and pensions.
- Deal size is not a measure of product quality. The cited accounts describe financing and company activities; they do not establish company valuation, investor returns, future performance or whether a product is right for an individual customer.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
