Grants for Scale-ups Raising Series A in Belgium

Raising Series A in Belgium is expensive and time-consuming. Founders typically focus all their energy on investor meetings, pitch decks, and term sheet negotiations — and forget that grants can play a strategic role in the funding mix. This is a missed opportunity, because grants at this stage serve a dual purpose: they provide non-dilutive capital and they signal to investors that the company has been validated by an independent public body.

For investors, a company that has already secured VLAIO or Innoviris funding demonstrates two things: the innovation claim has been externally assessed, and the team is capable of building structured project proposals. Both of these reduce perceived risk and can strengthen your negotiating position during Series A discussions.

The amounts available are not trivial. Between regional grants, federal tax incentives, and EU programs, a Belgian scale-up can realistically access 200,000 to 2,500,000 euros in non-dilutive funding alongside equity. The key is knowing which programs are available at your stage and how to combine them without breaching state aid rules. Explore the full landscape on our scale-up grants page.

The European Innovation Council (EIC) Accelerator is the single largest grant opportunity available to Belgian scale-ups. It offers up to 2.5 million euros in grant funding and up to 15 million euros in equity investment — directly from the European Commission. The program targets companies with breakthrough innovations that have demonstrated market traction and need capital to scale across Europe.

Belgian startups have historically performed well in EIC selections, particularly in biotech, deep tech, and climate tech sectors. The application process involves three stages: a short application (online form), a full proposal (detailed business plan and innovation narrative), and a face-to-face interview with a jury in Brussels.

The grant component of the EIC Accelerator covers innovation activities — prototyping, clinical trials, pilot production, certification. The equity component is managed by the EIC Fund and targets commercialisation and scaling. You can apply for grant only, equity only, or blended finance depending on your needs.

Preparing a competitive EIC application takes 3 to 6 months. The success rate hovers around 5 to 8 percent for the full program, so the quality bar is high. Consider engaging a specialized consultant and start the process early — well before your Series A close. Check your fit through our innovation grants overview.

Beyond the EIC, each Belgian region offers grant programs that work well alongside equity financing. In Flanders, the KMO-groeisubsidie (SME Growth Subsidy) provides up to 50,000 euros for strategic growth projects including internationalisation, digital transformation, and innovation management. The VLAIO R&D subsidy can cover 25 to 60 percent of research and development costs for larger projects.

In Brussels, Innoviris offers the Co-create program for collaborative innovation projects and R&D grants that can cover up to 65 percent of eligible costs for industrial research. Hub.Brussels provides expansion premiums for investment projects and internationalisation support for companies looking to scale internationally.

Wallonia channels support through SPW programs including innovation vouchers, R&D subsidies, and growth-oriented financing through Sowalfin and Wallonie Entreprendre. The invest ecosystem in Wallonia is particularly active, with several regional investment companies providing equity and quasi-equity alongside grant programs.

The critical point for scale-ups is that most of these grants must be applied for before costs are incurred. If you are planning to hire a development team, invest in infrastructure, or expand internationally, submit your grant applications before committing the spending. Retroactive applications are almost never accepted.

When combining grants with VC funding, you need to understand de minimis rules. Under EU state aid regulations, most Belgian regional grants fall under the de minimis threshold of 300,000 euros over three fiscal years. This means your total grant support (excluding tax incentives and certain R&D subsidies) cannot exceed this amount within a rolling three-year window.

Importantly, grants and equity are different instruments. VC investment is not state aid and does not count toward the de minimis ceiling. The issue arises only when you combine multiple public grants — for example, a VLAIO growth subsidy plus an Innoviris innovation voucher plus a Hub.Brussels expansion premium. Each of these counts toward your 300,000 euro cap.

Some programs fall outside de minimis entirely. R&D subsidies from VLAIO and Innoviris often operate under the General Block Exemption Regulation (GBER), which has much higher ceilings. EU programs like the EIC Accelerator have their own state aid framework. This means you can potentially access significantly more than 300,000 euros if your projects qualify under different aid regimes.

The practical advice: keep a running log of all public support received, including tax incentives. Before applying for any new grant, verify your remaining de minimis headroom. Ask Lucas to help you understand which programs count toward de minimis and which do not.

Timing is everything when combining grants with equity fundraising. The ideal approach is to secure grant commitments before or during your Series A process — not after. Confirmed grants reduce the amount of equity you need to raise, which means less dilution, and they demonstrate external validation to investors.

Start your grant applications 4 to 6 months before you plan to close your Series A round. Most Belgian regional grants have processing times of 8 to 12 weeks, and EU programs can take 6 months or more. Factor these timelines into your fundraising roadmap so grant approvals land when you need them.

Communicate your grant strategy to potential investors during due diligence. Sophisticated investors understand the Belgian grant landscape and view confirmed public co-funding as a positive signal. Some Belgian VCs actively encourage portfolio companies to apply for grants as a way to extend runway and accelerate milestones without additional equity dilution.

One practical tip: do not let grant applications delay your fundraise. If you need to choose between waiting for a grant decision and closing your round, close the round. Grants are valuable but secondary to keeping the company funded and operational. You can always apply for additional grants after the round closes — just make sure to apply before incurring the costs you want covered.