About Belcube
Belcube is a venture capital firm founded in 2013. It is primarily based out of Brussels, Belgium. As of 2016, Belcube has invested in 35 companies. It primarily invests in Seed round in Belgium based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to FinTech and Retail. Most recently it participated in the $***** Seed round of Drawbotics Overall, Belcube portfolio has seen 2 unicorns, 1 IPO and 11 acquisitions including key companies like Emburse, HoneyBook and BillionToOne. A lot of funds co-invest with Belcube, with names like Callatay & Wouters sharing a substantial percentage of its portfolio. Belcube has team of 3 people including 3 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed & Series A
Portfolio IPOs
Portfolio Soonicorns
Belcube's List of Top Investments
Belcube has a portfolio of 35 companies, including 2 unicorns. Their most notable investments are in Lydia and Qover.Their portfolio spans across United States, Belgium, Israel and 3 more locations. They have invested in Enterprise Applications, FinTech, Retail and 15 other sectors, across stages such as Seed, Series A stages. Here is the list of top investments by Belcube:
1. Emburse
Provider of software for managing corporate travel and expense reporting. This platform automates accounts payable processes, invoice processing, and reimbursement workflows. It integrates travel booking, payment management, and spend analytics to assist finance departments with policy compliance and financial control. The system captures and categorizes transaction data to facilitate real-time visibility into organizational spending.
Key facts about Emburse
- Founded Year: 2002
- Location: San Francisco (United States)
- Stage: Acquired
- Total Funding till date: $7.5M
- Employee Count: 932 as on Jul 31, 2026
- Investors: Salesforce Ventures, Sherpalo Ventures and 27 Others
- Latest Funding Round: Series A, Dec 17, 2018, $*****
- Highlight: Acquired
2. HoneyBook
Provider of business management software for small independent service providers. This platform offers a suite of tools for client relationship management, project tracking, and financial operations. It enables users to create proposals, manage contracts, send invoices, and process payments through an integrated interface. Automated workflows and scheduling features assist in organizing tasks and client communications throughout the lifecycle of a project. The software includes tools for lead capture, task management, and documentation to support the administrative needs of various professional industries.
Key facts about HoneyBook
- Founded Year: 2013
- Location: San Francisco (United States)
- Valuation: $*****
- Stage: Series E
- Total Funding till date: $479M
- Employee Count: 325 as on Jul 31, 2026
- Investors: Section Partners, Akkadian Ventures and 44 Others
- Latest Funding Round: Series E, Nov 03, 2021, $*****
- Highlight: Editors' Pick
3. Madison Reed
Internet-first brand of hair coloring products. It provides home hair color kits, free of ammonia and other harmful chemicals, delivers and helps users maintain their hair without going to the salon. It also sells products through an online subscription model. Its customers take pictures of themselves and send them to stylists which help find the colors that match best. Services also include consultation, demonstration, color application, and a blowout from a professional, licensed stylist.
Key facts about Madison Reed
- Founded Year: 2013
- Location: San Francisco (United States)
- Stage: Series D
- Total Funding till date: $250M
- Employee Count: 484 as on Jul 31, 2026
- Investors: Western Technology Investment, Goldman Sachs and 34 Others
- Latest Funding Round: Conventional Debt, Mar 06, 2026, $*****
- Highlight: Editors' Pick
4. BillionToOne
Provider of cell-free cancer liquid biopsy test. The company provides a molecular counter platform to count the DNA molecules from blood samples. It provides genetic tests for cystic fibrosis, spinal muscular atrophy, sickle cell disease, etc.
Key facts about BillionToOne
- Founded Year: 2015
- Location: San Francisco (United States)
- Stage: Public
- Total Funding till date: $389M
- Employee Count: 840 as on Jul 31, 2026
- Investors: Adams Street Partners, Baillie Gifford and 31 Others
- Latest Funding Round: Series D, Jun 21, 2024, $*****
- Highlight: Public
Apartment List, flagship product of Internet-startup group Vertical Brands, is a leading mobile-first apartment rental marketplace with tools to streamline the apartment search, application and payment processes in the United States. It consolidates apartment-listings which are searchable on an intuitive map-based interface. The company also launched an app for apartment searchers to find roommates. It also acquired RentAdvisor to add reviews to its listings.
Key facts about Apartment List
- Founded Year: 2008
- Location: San Francisco (United States)
- Valuation: $*****
- Stage: Series D
- Total Funding till date: $163M
- Employee Count: 516 as on Jul 31, 2026
- Investors: Western Technology Investment, Glynn Capital and 21 Others
- Latest Funding Round: Series D, Jan 27, 2021, $*****
- Highlight: Editors' Pick
Belcube's Investments by Stage
Belcube has made 5 investments in Seed stage with an average round size of $1.14M and 2 investments in Series A stage with an average round size of $3.03M.Stage of entry | No. of Investments |
|---|---|
Seed | 5 |
Series A | 2 |
Note: We have considered here, only first round of investments
Belcube's Investments by Sector
Belcube has a diverse portfolio, with companies operating in the FinTech, Enterprise Applications, InsurTech, Auto Tech and Consumer. Notably, it has invested in 30 Tech companies, 25 Enterprise (B2B) companies, 18 Software companies and at least 17 companies focusing on Consumer (B2C).Sector | No. of Investments |
|---|---|
FinTech | 5 |
Enterprise Applications | 3 |
InsurTech | 2 |
Auto Tech | 1 |
Consumer | 1 |
Others | 2 |
Note: We have considered here, only first round of investments
Belcube's Investments by Geography
Belcube has made most investments in Belgium (5), followed by France where it has made 1 investment.Country | No. of Investments |
|---|---|
Belgium | 5 |
France | 1 |
United States | 1 |
Note: We have considered here, only first round of investments
Belcube's recent investments
Belcube has not made any investment in 2026 so far.Here are the most recent investments by Belcube:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
2016 | Belgium | Seed | 6497 | [+2] | |
Apr 21, 2016 | Belgium | Seed | 2162 | - | |
Apr 2016 | Belgium | Seed | 3297 | ||
Sep 22, 2015 | Belgium | Series A | 6549 | - | |
2015 | United States | Seed | 3061 | - |
Unicorns in Belcube's Portfolio
Belcube has 2 unicorns in its portfolio - Lydia and HoneyBook. The most recent unicorn in their portfolio is Lydia. It became a unicorn in 2021, 7 years after Belcube first invested in it.Here is a list of unicorns in Belcube's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
51 | App-based mobile payment platform for consumers | 2013 | Paris | Series C | dsojppc | ||
74 | Provider of business management software for small independent service providers | 2013 | San Francisco | Series E | ismdjqn |
IPOs and Publicly Listed companies in Belcube's Portfolio
1 of Belcube's portfolio company became public - BillionToOne. It got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ), in Nov 2025 at marketcap of $2.41BHere are Belcube's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Nov 06, 2025 | - | - | 5413 |
Acquired companies in Belcube's Portfolio
11 companies from Belcube's portfolio have been acquired. The most recent acquisition was SoPRISM in Dec 2022 by Audiense for $*****.Here are Belcube's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Dec 07, 2022 | - | - | 6962 | |
May 04, 2022 | Apr 21, 2016 | Seed | 9108 | |
Aug 10, 2021 | - | - | 9178 | |
Jun 24, 2021 | - | - | 2610 | |
Oct 12, 2020 | - | - | 1203 |
Team profile of Belcube
Belcube has a team of 3 members including 3 Partners located in Belgium. Belcube's team does not sit on the board of any company as of now.Here is a list of all team members in Belcube:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Brussels | - | ||
Partner | Brussels | - | ||
Partner | Brussels | - | - |
Co-investors of Belcube
Over the past 13 years, 23 investors have co-invested in Belcube's portfolio companies. This includes funds and angels.
- Top Co-investors of Belcube: 5 investors entered a company along with Belcube. These include investors like Callatay & Wouters (1 company).
- Invested after Belcube: A total of 18 investors have invested in Belcube's portfolio after their investments. Top Investors include Anthemis Group (1 company), Alven (1 company) and Portage (1 company).
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