About Capricorn Partners
Capricorn Partners is a venture capital firm founded in 1993. It is primarily based out of Leuven, Belgium. As of May 2026, Capricorn Partners is an active investor, having invested in 146 companies, with 13 new investments in the last 12 months. It primarily invests in Series A round in Belgium based startups. Its investments are spread across a wide range of sectors from High Tech to Enterprise Applications and Life Sciences. Most recently it participated in the $***** Series B round of Trillium Renewable Chemicals Overall, Capricorn Partners portfolio has seen 1 unicorn, 52 IPOs and 28 acquisitions including key companies like SAP, Waste Management and Wolters Kluwer. A lot of funds co-invest with Capricorn Partners, with names like PMV sharing a substantial percentage of its portfolio. Capricorn Partners has team of 28 people including 14 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Rounds of Entry
Series A, Seed & 5 more
Portfolio Unicorns
Portfolio Soonicorns
Deals in last 12 months
Capricorn Partners' List of Top Investments
Capricorn Partners has a portfolio of 146 companies, one of which is a Unicorn. Their most notable investments are in EasyPost and iSTAR Medical.Their portfolio spans across Belgium, Germany, Netherlands and 17 more locations. They have invested in High Tech, Enterprise Applications, Life Sciences and 32 other sectors, across stages such as Series A, Seed and 5 more. Here is the list of top investments by Capricorn Partners:1. SAP
Provider of business applications, technology, and cloud enterprise resource planning. It offers a suite of solutions for financial, spend, and supply chain management. The company provides human capital and customer experience management tools. It delivers a business technology platform and transformation management software. The company offers sustainability and business network solutions.
Key facts about SAP
- Founded Year: 1972
- Location: Germany
- Annual Revenue: €36.8B as on Dec 31, 2025
- Stage: Public
- Employee Count: 141,955 as on May 31, 2026
- Investors: Elliott Management, Herald Investment Management and 9 Others
- Latest Funding Round: Grant (prize money), Nov 01, 2022, $*****
- Highlight: Public
In 2022, the company recorded annual revenues of $19.69B and a net profit of $2.23B.
Key facts about Waste Management
- Founded Year: 1968
- Location: Houston (United States)
- Annual Revenue: $25.2B as on Dec 31, 2025
- Stage: Public
- Employee Count: 28,180 as on May 31, 2026
- Investors: Capricorn Partners, First Analysis and 6 Others
- Latest Funding Round: Conventional Debt, Dec 20, 2018, $*****
- Highlight: Public
Provider of software, information, and service solutions for professional industries. The offerings include solutions for healthcare, tax, accounting, finance, compliance, and legal sectors. The company delivers tools and integrated cloud solutions. These solutions enable professionals to adapt to changes and advance in their respective fields.
Key facts about Wolters Kluwer
- Founded Year: 1836
- Location: Alphen Aan Den Rijn (Netherlands)
- Annual Revenue: €4.61B as on Dec 31, 2019
- Stage: Public
- Employee Count: 22,094 as on Apr 30, 2026
- Investors: Aimforthemoon and Capricorn Partners
- Latest Funding Round: Unattributed, Apr 06, 2023, $*****
- Highlight: Public
4. Signify
Provider of lighting products, systems, and services for professional and consumer use. The company offers luminaires, lamps, electronics, retrofit kits, and controls. These products enhance public spaces, workplaces, and homes. The company also provides lighting services, educational resources, and support.
Key facts about Signify
- Founded Year: 1891
- Location: Eindhoven (Netherlands)
- Annual Revenue: €6.7B as on Dec 31, 2024
- Stage: Public
- Employee Count: 12,029 as on May 31, 2026
- Investors: Analah Ventures, Triodos Investment Management and 4 Others
- Latest Funding Round: Grant (prize money), Mar 01, 2023, $*****
- Highlight: Public
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: 61 as on May 31, 2026
- Investors: Life Sciences Partners, Daniel Gutenberg and 11 Others
- Latest Funding Round: Post IPO, Mar 18, 2025, $*****
- Highlight: Public
Capricorn Partners' Year-on-Year Investment Trends
Capricorn Partners has invested in 147 companies over the last 26 years, with an average of 6 new investments annually in the last 10 years. In 2025, it made 9 investments, while as of May 2026, it has made 9 investments in this year. Its most recent first time investment was in ROCSYS and most recent follow-on round was in Trillium Renewable Chemicals.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 8 | 1 | 9 |
2025 | 8 | 1 | 9 |
2024 | 7 | 4 | 11 |
2023 | 2 | 1 | 3 |
2022 | 11 | 1 | 12 |
2021 | 4 | 3 | 7 |
2020 | 5 | 3 | 8 |
2019 | 2 | 5 | 7 |
2018 | 4 | 2 | 6 |
2017 | 4 | 3 | 7 |
Capricorn Partners' Investments by Stage
Capricorn Partners has made 37 investments in Series A stage with an average round size of $6.76M, 19 investments in Seed stage with an average round size of $4.26M and 12 investments in Series B stage with an average round size of $30.8M.Stage of entry | No. of Investments |
|---|---|
Series A | 37 |
Seed | 19 |
Series B | 12 |
Post IPO | 10 |
Series C | 5 |
Others | 2 |
Note: We have considered here, only first round of investments
Capricorn Partners' Investments by Sector
Capricorn Partners has a diverse portfolio, with companies operating in the High Tech, Enterprise Applications, Life Sciences, HealthTech and Sustainability Tech. Notably, it has invested in 98 Enterprise (B2B) companies, 79 Tech companies, 36 Software companies and at least 27 companies focusing on Tech hardware.Sector | No. of Investments |
|---|---|
High Tech | 25 |
Enterprise Applications | 24 |
Life Sciences | 17 |
HealthTech | 16 |
Sustainability Tech | 12 |
Others | 109 |
Note: We have considered here, only first round of investments
Capricorn Partners' Investments by Geography
Capricorn Partners has made most investments in Belgium (30), followed by Netherlands where it has made 13 investments.Country | No. of Investments |
|---|---|
Belgium | 30 |
Netherlands | 13 |
Germany | 11 |
United States | 9 |
France | 5 |
Others | 16 |
Note: We have considered here, only first round of investments
Capricorn Partners' recent investments
Capricorn Partners has made 9 investments in 2026 so far. Trillium Renewable Chemicals and ROCSYS are the latest among them.Here are the most recent investments by Capricorn Partners:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
May 05, 2026 | United States | Series B | 4044 | ||
Apr 30, 2026 | Netherlands | Series A | 2245 | [+3] | |
Apr 24, 2026 | - | Seed | 7337 | [+3] | |
Apr 07, 2026 | Germany | Series A | 1116 | ||
Feb 26, 2026 | Germany | Seed | 4954 | [+5] |
Unicorns in Capricorn Partners' Portfolio
Capricorn Partners has 1 unicorn in its portfolio - Electric Hydrogen. The most recent unicorn in their portfolio is Electric Hydrogen which became a unicorn in 2023, 1 years after Capricorn Partners first invested in it.Here is a list of unicorns in Capricorn Partners' portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
64 | Manufacturer of advanced electrolyzer systems for clean hydrogen production solutions | 2020 | San Carlos | Series C | cmjzvlo |
IPOs and Publicly Listed companies in Capricorn Partners' Portfolio
52 of Capricorn Partners' portfolio companies have become public. Xanadu got listed on the Toronto Stock Exchange (TSX), in Mar 2026 at marketcap of $433M and DEME got listed on the Euronext Exchange (Euronext) at marketcap of $2.52B.Here are Capricorn Partners' portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Mar 26, 2026 | Nov 09, 2022 | Series C | 5409 | |
Jun 30, 2022 | - | - | 3654 | |
May 27, 2022 | - | - | 1859 | |
Jun 24, 2019 | 2025 | Post IPO | 8126 | |
Feb 11, 2019 | Apr 28, 2014 | Series C | 2784 |
Acquired companies in Capricorn Partners' Portfolio
28 companies from Capricorn Partners' portfolio have been acquired. The most recent acquisition was icometrix in Sep 2025 by GE Healthcare for $*****.Here are Capricorn Partners' portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Sep 12, 2025 | Jan 12, 2016 | Seed | 8484 | |
Jun 05, 2025 | - | - | 5283 | |
Jul 18, 2024 | Jan 19, 2015 | Series A | 8921 | |
Jan 16, 2024 | - | - | 5076 | |
Jul 17, 2023 | - | - | 3638 |
Team profile of Capricorn Partners
Capricorn Partners has a team of 28 members including 14 Partners and 7 Principals located in Belgium, South Africa and 3 more locations. Capricorn Partners' team sits on the board of 1 company.Here is a list of top team members in Capricorn Partners:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Leuven | - | ||
Partner | Utrecht | - | ||
Partner | Germany | - | ||
Partner | Rotterdam | - | ||
Partner | Leuven | - | ||
Partner | Leuven | - | ||
Partner | Leuven | - | ||
Partner | Brussels | - | ||
Partner | Brussels | - | ||
Partner | Ghent | - | ||
Partner | New York City | - | - |
Co-investors of Capricorn Partners
Over the past 26 years, 418 investors have co-invested in Capricorn Partners's portfolio companies. This includes funds and angels.
- Invested before Capricorn Partners: Europa, imec.istart and 125 others have invested in rounds before Capricorn Partners. There are 11 companies where Europa has invested before Capricorn Partners and 5 companies where imec.istart has invested before Capricorn Partners.
- Top Co-investors of Capricorn Partners: 162 investors entered a company along with Capricorn Partners. These include investors like PMV (6 companies).
- Invested after Capricorn Partners: A total of 129 investors have invested in Capricorn Partners's portfolio after their investments. Top Investors include Europa (11 companies), Quest for Growth (5 companies) and PMV (4 companies).
Recent News related to Capricorn Partners
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New Nordic Compass Initiative Brings Together Major Nordic Companies to Accelerate GrowthEuropaWire•May 12, 2026•SEB, Graduate Ventures, ROCSYS, FORWARD.one and 2 others
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Trillium raises $13 million to Launch World’s First Demonstration Plant for Bio-based AcrylonitrileCapricorn Partners•May 05, 2026•Trillium Renewable Chemicals, Capricorn Partners, Hshyosungadvancedmaterials, DOE and 1 other
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Rocsys Raises $13M Series A Extension and Unveils World's First Multi-bay Hands-Free Charging SolutionStartup Rise EU•Apr 30, 2026•ROCSYS, Capricorn Partners, Graduate Ventures, FORWARD.one and 2 others
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Foamlab raises €3 million to replace fossil-based plastics with bacterial cellulose foam materialsStartup Rise EU•Apr 24, 2026•DOEN Ventures, Valuefactory, Icos Capital, SHIFT Invest and 2 others
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Conxai Raises $5.8M in Series A FundingFinSMEs•Apr 14, 2026•Noa, Zacua Ventures, PI LABS, CONXAI and 4 others
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Conxai secures €5M for construction agentic AI as investors look to modernise old industryTech Funding News•Apr 07, 2026•CONXAI, Capricorn Partners,
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Oska Health Raises €11M To Grow Its AI-powered Chronic Care PlatformStartup Rise EU•Feb 26, 2026•Oska Health, Capricorn Partners, CSS, Aurum Impact Invest and 5 others
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MedTech Startup Xyall Raises €7.6M To Expand Automated Tissue Dissection Solutions GloballyStartup Rise EU•Feb 16, 2026•Xyall, Capricorn Partners
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Redwood Materials nabs $425 million for battery recycling and energy storage.The Verge•Jan 28, 2026•Google, Redwood Materials, NVentures, Capricorn and 8 others
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