Where is PMV's headquarters located?

PMV's headquarters is located in Brussels (Belgium).

How many companies has PMV invested in?

PMV has invested in 127 companies, including argenx & Sequana Medical.

Which companies has PMV invested in lately?

Logibot & Borro are the latest investments by PMV.

What sectors does PMV focus on for investments?

Top sectors in PMV's portfolio are Enterprise Applications (56 investments) and Life Sciences (33 investments).

How many exits has PMV been involved in?

PMV's portfolio has seen 10 IPOs and 29 acquisitions.

PMV - 2026 Investor Profile, Portfolio & Investment Trends

PMV, established in 2001, is a private debt fund primarily based in Brussels, Belgium. It specializes in financing Seed round of companies based in Belgium. Its portfolio includes 127 firms, spanning the Enterprise Applications, Life Sciences sectors.

As of Oct 2026, PMV has witnessed 39 portfolio exits so far. Its most notable investments include companies like argenx, Sequana Medical and Key Technology.

Its latest investment was a $1.61M Seed round in Logibot on Sep 17, 2026, which also saw participation from Beam and Rdy.vc.

Key Metrics

Founded Year

2001

Location

Brussels, Belgium

Portfolio Companies

argenx, Sequana Medical & 125 more

Sectors of Investment

Enterprise Applications, Life Sciences & 28 more

Stages of Investment

Seed, Series A & 5 more

Locations of Investment

Belgium, United States & 4 more

View PMV's full profile

PMV has a portfolio of 127 companies. Their most notable investments are in Guud and Ceeyu.Their portfolio spans across Belgium, United States, Netherlands and 3 more locations. They have invested in Enterprise Applications, Life Sciences, High Tech and 27 other sectors, across stages such as Seed, Series A and 5 more. Here is the list of top investments by PMV:

1. argenx

Developer of antibody-based drugs to treat autoimmune diseases and cancer. The pipeline includes Oncology-ARGX-110, ARGX-111, ARGX-115, Autoimmunity ARGX-113, and ARGX-110. The proprietary technologies to identify the variable region from the llama's and introduces mutations in the constant region of the antibody for enhanced circulation in the system (NHance) and clearance post-therapy. The company has also developed a non-fucosylated antibody, which enhances antibody-dependent cytotoxicity.

Key facts about argenx

Founded Year: 2008
Location: Ghent (Belgium)
Annual Revenue: €1B+ as on Dec 31, 2024
Stage: Public
Total Funding till date: $61.9M
Employee Count: 2,315 as on Aug 31, 2026
Investors: Venrock, BB Biotech and 21 Others
Latest Funding Round: Post IPO, Mar 24, 2022, $*****
Highlight: Public

2. Sequana Medical

Developer of implantable battery-powered pump for removal of ascites. It has developed a pump technology which can have application across multiple disease areas. The first product alfapump is an implantable pump system that collects ascites as they form and moves them into the bladder. The pump can be charged wirelessly through the skin. Future applications include chronic pleural effusion and fluid overload due to congestive heart failure or renal disease.

Key facts about Sequana Medical

Founded Year: 2006
Location: Zurich (Switzerland)
Stage: Public
Total Funding till date: $35.5M
Employee Count: 38 as on Sep 30, 2026
Investors: Life Sciences Partners, EQT and 12 Others
Latest Funding Round: Post IPO, Mar 18, 2025, $*****
Highlight: Public

3. Key Technology

Manufacturer of food processing equipment and sorting machines. It designs and produces conveying, processing, and sorting solutions for various food industries. The company offers integrated solutions and turnkey systems, combining multiple pieces of equipment for optimal performance and cost-effectiveness. These systems are designed to improve profitability by maximizing production and reducing labor costs. Services include lifecycle support and parts. The equipment is used across a wide range of food processing applications.

Key facts about Key Technology

Founded Year: 1948
Location: Walla Walla (United States)
Annual Revenue: $100M - $500M as on Sep 30, 2017
Stage: Acquired
Employee Count: 506 as on Sep 30, 2026
Investors: PMV, LRM and 1 Other
Latest Funding Round: Grant (prize money), Jul 05, 2012, $*****
Highlight: Acquired

4. Kebony

Key facts about Kebony

Founded Year: 1997
Location: Oslo (Norway)
Annual Revenue: $10M - $50M as on Dec 31, 2019
Stage: Series C
Total Funding till date: $87.3M
Employee Count: 107 as on Sep 30, 2026
Investors: Arts Alliance Ventures, Lightrock and 9 Others
Latest Funding Round: Series C, Oct 28, 2021, $*****

5. Celyad Oncology

Celyad is a provider of regenerative therapies for the treatment of cancer and cardiovascular diseases. The company's cardiopoiesis platform is designed to drive the differentiation of multipotent stem cells into new cardiac progenitor cells which the company is using to develop products for heart failure indications. It is developing CYAD-01, a CAR T cells therapy using NK cells receptor and off-the-shelf CAR T-cell products for the treatment of cancer such as Acute Myeloid Leukemia (AML) or Multiple Myeloma (MM). It also has heart access technology that comprises the number of instruments such as heart access sheath, mitral valve neo-chordae, closure device which allow for quick and easy trans-thoracic access to the heart.

Key facts about Celyad Oncology

Founded Year: 2007
Location: Mont Saint Guibert (Belgium)
Annual Revenue: €0 - €1M as on Dec 31, 2024
Stage: Public
Total Funding till date: $9.55M
Employee Count: 18 as on Sep 30, 2026
Investors: Fortress, Ridgeback Capital Management and 7 Others
Latest Funding Round: Post IPO, Dec 03, 2021, $*****
Highlight: Public

View the full list of portfolio companies

PMV has invested in 128 companies over the last 20 years, with an average of 7 new investments annually in the last 10 years. In 2025, it made 14 investments, while as of Sep 2026, it has made 4 investments in this year. Its most recent first time investment was in Logibot and most recent follow-on round was in Azumuta.

Here are PMV's Year-on-Year Investment Trends:

Year	No. of Investments
Year	1^st Round	Follow-on	Total
2026 (YTD)	4	0	4
2025	11	3	14
2024	6	6	12
2023	5	2	7
2022	8	3	11
2021	10	2	12
2020	7	5	12
2019	4	1	5
2018	7	3	10
2017	8	3	11

View all investments by PMV

PMV has made 47 investments in Seed stage with an average round size of $2.96M, 34 investments in Series A stage with an average round size of $14.7M and 13 investments in Series B stage with an average round size of $8.35M.

Here are PMV's investments by stage:

Stage of entry	No. of Investments
Seed	47
Series A	34
Series B	13
Series C	7
Conventional Debt	4
Others	2

Note: We have considered here, only first round of investments

View all investments by PMV

PMV has a diverse portfolio, with companies operating in the Enterprise Applications, High Tech, Life Sciences, Vertical SaaS and HealthTech. Notably, it has invested in 109 Enterprise (B2B) companies, 109 Tech companies, 69 Software companies and at least 41 companies focusing on Saas.

Here are PMV's investments by sector:

Sector	No. of Investments
Enterprise Applications	51
High Tech	28
Life Sciences	28
Vertical SaaS	15
HealthTech	12
Others	116

Note: We have considered here, only first round of investments

View all investments by PMV

PMV has made most investments in Belgium (96), followed by United States where it has made 5 investments.

Here are PMV's investments by geography:

Country	No. of Investments
Belgium	96
United States	5
Netherlands	2
Canada	1
Norway	1

Note: We have considered here, only first round of investments

View all investments by PMV

PMV has made 4 investments in 2026 so far. Logibot and Borro are the latest among them.

Here are the most recent investments by PMV:

Filter this list

Date	Company	Location	Round Details	Round Amount	Co-Investors
Sep 17, 2026	Logibot	Belgium	Seed	2088	Beam [+2]
May 29, 2026	Borro	Belgium	Series A	8184	Seeder Fund [+2]
Mar 05, 2026	Vectrix	Belgium	Seed	7683	Seeder Fund [+1]
Mar 04, 2026	Verticalcompute	Belgium	Seed	2850	Quantonation [+11]
Dec 12, 2025	XFA	Belgium	Seed	8999	Scale Fund [+2]

See more recent investments made by PMV

10 of PMV's portfolio companies have become public. FRX Innovations got listed on the Toronto Stock Exchange - Venture Exchange (TSX-V), in May 2022 and Unifiedpost Group got listed on the Euronext Exchange (Euronext) at marketcap of $715M.

Here are PMV's portfolio companies that went public:

Filter this list

Company	IPO Date	First Invested on	First Round of Investment	Round Size
FRX Innovations	May 27, 2022	-	-	3348
Unifiedpost Group	Sep 22, 2020	Apr 27, 2018	Series C	7580
Sequana Medical	Feb 11, 2019	-	-	8118
Avantium	Mar 15, 2017	Apr 19, 2016	Series D	2126
Biocartis	Apr 27, 2015	Nov 17, 2011	Series C	1229

View more details about public companies in PMV's portfolio

29 companies from PMV's portfolio have been acquired. The most recent acquisition was eTheRNA in Aug 2026 by Valerio Therapeutics for $*****.

Here are PMV's portfolio companies that got acquired most recently:

Filter this list

Company	Acquisition Date	First Invested on	First Round of Investment	Round Size
eTheRNA	Aug 24, 2026	Mar 14, 2016	Series A	6278
Monarch Tractor	Apr 19, 2026	Jul 22, 2024	Series C	4110
Waylay	Aug 26, 2025	Jan 23, 2017	Series A	6522
Itineris	Jun 26, 2025	Nov 08, 2013	Series B	5479
hsbcad	Dec 18, 2024	-	-	5946

View all acquired companies in PMV's portfolio

Over the past 20 years, 393 investors have co-invested in PMV's portfolio companies. This includes funds and angels.

Invested before PMV: imec.istart, Europa and 111 others have invested in rounds before PMV. There are 14 companies where imec.istart has invested before PMV and 5 companies where Europa has invested before PMV.
Top Co-investors of PMV: 157 investors entered a company along with PMV. These include investors like KU Leuven (10 companies).
Invested after PMV: A total of 123 investors have invested in PMV's portfolio after their investments. Top Investors include Europa (12 companies) and VLAIO (8 companies).