Belgium-based venture capital firm Pitchdrive has closed its fourth investment fund at €60 million, despite receiving significantly higher interest from investors.
The firm attracted more than €85 million in commitments, making the fund heavily oversubscribed. However, Pitchdrive chose to cap the fund at €60 million and reduced investor allocations to maintain its investment strategy. The fund is backed entirely by entrepreneurs and family offices.
Pitchdrive plans to invest in 25 to 30 startups over the next two years. Investment sizes will range from €250,000 to €3 million, with a strong focus on companies building businesses for the new technology landscape.
According to co-founder and general partner Boris Bogaert, the decision to keep the fund size limited was intentional. He said the firm wanted to remain focused on high-conviction investments rather than increasing the fund simply because demand was strong.
Founded in 2020, Pitchdrive was launched by entrepreneurs Wim Derkinderen, Boris Bogaert, Koen Christiaens, Lorenz Bogaert, Toon Coppens, and Luc Verelst. Jonas Dhaenens, founder of team.blue, serves as chairman of the firm.
Pitchdrive began with a €3 million micro-fund before raising a €30 million fund and later a €40 million fund. The latest €60 million vehicle reflects the firm's view that early-stage startups now require more capital than in previous years.
The firm is looking for founders who can adapt quickly to changing markets and build companies with a clear purpose. Areas of interest include vertical software, developer tools, consumer technology, commerce platforms, robotics, mobility, and software-driven hardware businesses.
At the same time, Pitchdrive announced its first investment in the United States. The firm participated in the $10 million seed funding round of New York-based compliance technology startup ZeroDrift. Other investors in the round included Andreessen Horowitz’s Speedrun program, Reign Ventures, and several additional backers.
Since launching in 2020, Pitchdrive has invested in 70 startups across Europe. Around 70 percent of its portfolio companies have secured follow-on funding within two years. One of its notable exits was Henchman, which was acquired by LexisNexis.
The firm reviews more than 500 startup pitches every month but maintains a selective investment approach. Average investment sizes have increased to between €750,000 and €1 million as startup funding requirements continue to grow.
With Fund IV now closed, Pitchdrive aims to continue supporting early-stage founders while maintaining the hands-on approach that has defined the firm since its launch.
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