Investor Profile: BIO (Belgian DFI) — Thesis, Cheque Size & How to Apply

BIO funding is not venture capital as founders usually understand it — and that is precisely why it is worth knowing about. BIO, the Belgian Investment Company for Developing Countries, is Belgium's development finance institution: a Brussels-based investor founded in 2001 that finances small and medium-sized enterprises, financial institutions and infrastructure projects in developing countries. In 2025 it approved €235 million in new financing across 30 projects — a 25% increase on the previous year and its highest level of net approvals since 2019.

Thesis

BIO's mission is to support a strong private sector in developing and emerging economies so they can gain access to growth and sustainable development, in line with the Sustainable Development Goals. It invests directly in private-sector projects and through intermediaries, with three objectives: optimising development impact, supporting sustainable projects, and additionality — stepping in where commercial finance will not.

Sectors & stages

BIO finances SMEs across agribusiness, renewable energy, financial services and infrastructure, using loans, equity and fund investments rather than classic VC rounds. Its geographical scope covers Least Developed Countries, low-income and lower-middle-income countries on the OECD's DAC list, with the ability to invest in upper-middle-income countries too — and particular attention to the partner countries of the Belgian Development Cooperation.

Fund size & cheque size

The headline figures are the €235 million approved across 30 projects in 2025. BIO's published investment strategy caps the maximum ticket at €20 million per project for excellent credit risks — a figure from its 2019–2023 strategy document, so treat it as indicative of scale rather than a live commitment. Per-deal financing sizes are not published.

Notable portfolio

BIO measures itself in impact rather than unicorns: its portfolio companies supported approximately 388,000 direct jobs and an estimated 10 million indirect jobs by the end of 2024. Gender equality is a hard target — 57% of BIO's investments in 2024–25 contributed to gender equality, significantly exceeding its 40% target. The portfolio spans SME lenders, agribusinesses and renewable-energy projects across Africa, Asia and Latin America.

Partners / team

BIO is headquartered at Boulevard Bischoffsheimlaan 15, 1000 Brussels, Belgium, and operates with a compact specialist team of investment officers organised by sector expertise.

Programs & perks

Alongside its investment activity, BIO runs a Business Development Support Fund offering feasibility-study grants, technical assistance and co-financing for innovative SME projects — for example, feasibility work for small solar projects or support to institutionalise agribusiness operators.

How to apply for funding from BIO

Founders and companies in eligible developing countries apply through the "Apply for Investment" section on bio-invest.be, which carries a detailed description of the investment process and all documents required to apply for funding or grants. Check first that your country and sector fit the geographical scope and development-impact criteria — and be prepared for a thorough, confidential due-diligence process rather than a fast VC-style term sheet.