FNX Ventures

About

FNX Ventures is a Belgian venture capital fund of €20M, launched in February 2024 by its two shareholders: Wallonie Entreprendre, the public financing tool of the Walloon Region, and the Herstal Group, parent company of the arms manufacturer FN Herstal and Browning. It invests at least €200,000 in pre-seed, up to €500,000 at the go-to-market stage, and up to €2M per company with follow-on investments, for a total of about twenty startups. Its thesis focuses on dual-use technologies, both civil and military: cybersecurity, new materials, electronics, infrastructure protection, in the Benelux, France, and Germany. In its portfolio, FNX Ventures is involved in the seed round of Seaber, a Lorient-based manufacturer of autonomous underwater drones for oceanography and mine countermeasures, in October 2025, alongside Sodero Gestion and Défense Angels. For a French founder in defense or security, it is a seed fund backed by a European defense industry player.

Key facts

Type: Corporate VC
Stages: Pre-Seed, Seed
Headquarters: Belgium
Founded: 2024

Funds by stage

Other funds investing at the same stages, list by list.