ScaleFund

Founder and Managing Partner Claire Munck leads the investment process. Munck is also the CEO of BeAngels, Belgium's largest angel network, and co-founded Business Angels Europe. She is supported by Partner Gauthier van der Elst and Principals Thomas Pav and Paul Risopoulos. The compact team structure means investment decisions are concentrated among the named partners.

ScaleFund’s sourcing advantage derives from Claire Munck’s concurrent leadership of BeAngels, the primary Belgian angel network with over 500 members. That role funnels early-stage opportunities into ScaleFund’s pipeline before they reach broader institutional visibility. The firm also maintains a venture-partner roster of European operators and serial founders who provide referrals across digital, deeptech, and cleantech sectors.

ScaleFund writes initial tickets between €100,000 and €1 million, leading rounds from seed through Series A. The firm enters when a product is live, early traction is measurable, and a path to Series A is visible. It focuses on startups driving digital transformation, deeptech, and cleantech.

ScaleFund positions itself as a lead investor structuring rounds, but its small ticket size and the nature of seed-stage financing imply frequent co-investment alongside other angels and micro-VCs. The firm does not publish a formal co-investment policy, though its venture-partner bench and BeAngels affiliation give it access to a wide syndicate of co-investors.

The portfolio includes three cybersecurity positions: Passbolt, an open-source password-management platform for teams and enterprises; XFA, a privacy-first device-security tool discovering unmanaged work devices without invasive MDM; and Wodan AI, a zero-trust platform running encrypted ML and LLM inference using homomorphic encryption.

ScaleFund is a separate venture capital manager, but its founder and managing partner Claire Munck simultaneously serves as CEO of BeAngels, Belgium’s largest angel investment network. Munck also co-founded Business Angels Europe and the Global Business Angel Network. The relationship is operational: BeAngels provides a deal-sourcing pipeline and a community of co-investors and venture partners for ScaleFund, though the two entities are legally distinct.

ScaleFund operates three fund vintages — ScaleFund I, II, and the currently active ScaleFund III — indicating the firm is a serial fund manager rather than a one-time vehicle. The website lists portfolio companies associated with specific fund labels, confirming earlier vintages invested in companies like Wooclap (ScaleFund I) and Passbolt (ScaleFund II).