What Freshmen Fund does

Freshmen Fund is a Belgian venture capital firm headquartered in Antwerp, founded in 2017 by Hendrik Winkelmans — who previously built bike retail chain fiets!/Bike Republic to 32 stores, 200 employees, and approximately EUR 50m turnover before exiting to Colruyt in 2016 — and Steven Spittaels, a former McKinsey Senior Partner who led the firm's EMEA digital marketing and AI practice advising Tencent, Google, and eBay. The firm positions itself as 'entrepreneurs for entrepreneurs,' operating from a 3-person core team (Hendrik Winkelmans, Steven Spittaels, and Investment Associate Martina Iannuzzi) supported by a 15+ advisor network drawn from McKinsey, Google, eBay, Tencent, Eneco, Korn Ferry, Levi's, Santander, and Belgian retail executives including Wouter Torfs and Bart Claes of JBC. Anchor LP is Dutch investment company Partners in Equity.

The firm invests minority equity stakes (typically 20-40%) in B2C consumer ventures across three thesis verticals: Urban Mobility, Consumer AI, and Niche Brands. Ticket sizes range from EUR 100-300k at late seed to EUR 500k-5m at scale. The active portfolio of 14 companies spans AI-powered platforms (Runeasi for AI running analysis; SoSha for AI social media content), cycling and micromobility technology (Classified Cycling's patented Powershift hub-gear system, Ahooga's patented folding e-bike frames, Ellio speed pedelecs, Sentinel bike IoT), sustainable and inclusive fashion (HNST circular denim, Loci ocean-plastic sneakers in 200+ countries, Fox Factor plus-size denim, CRLN BSMNS children's fashion, GOFLUO reflective accessories, Erstwhile sportswear), and food/lifestyle (Wurst, acquired in 2018). One exit has been disclosed: 3D Aim Trainer, sold in 2022 to a stock-quoted gaming hardware business.

Freshmen monetizes through venture capital returns on equity and provides hands-on operational support to portfolio founders on product, people, financing, and board decisions, monetizing expertise through equity ownership rather than management fees. Distribution is driven by warm introductions through the McKinsey alumni network and advisor relationships. The firm maintains an institutional quality of deal flow comparable to larger players — Loci's USD 4.5m seed round was co-led with Leonardo DiCaprio, and Classified Cycling has been backed by Olympic and World Champion cyclists alongside institutional investors Active Partners and Bridford Investments.

Name

Freshmen Fund

Legal name

Freshmen Fund

Website

https://freshmenfund.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Short description

Freshmen Fund is an Antwerp-based venture capital firm founded in 2017 by former McKinsey partners, investing EUR 100k-5m tickets in B2C consumer ventures across Urban Mobility, Consumer AI, and Niche Brands with hands-on operational support.

Ownership category

akta.pro rank

Product category

Venture Capital and Private Equity

NAICS

Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Early-Stage Venture Capital (Series A/B) (FSANAAAB)

Keywords

• Venture capital funding
• Seed stage investments
• Consumer brand investing
• Startup advisory services
• Portfolio company mentorship

Headquarters

HQ city

Antwerp

HQ country

Belgium

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Venture Capital Returns: Freshmen Fund generates returns through equity investments in early and growth-stage B2C companies. They invest capital alongside entrepreneurial teams, typically taking minority stakes of 20-40%, providing not only capital but also operational expertise, network access, and hands-on support to build valuable companies. Returns are realized through exits (e.g., 3D Aim Trainer exited to a stock-quoted gaming hardware business in 2022 with strong returns).
2. Portfolio Company Mentorship and Advisory: Freshmen provides hands-on partnership to portfolio companies in areas including product and people decisions, financing rounds, and board building. They monetize this expertise through equity ownership rather than direct fees.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels5 records

Core offering

Freshmen Fund is a European boutique venture capital firm that invests equity capital (EUR 100-300k at late seed, EUR 500k-5m at scale) into early-stage B2C start-ups in Urban Mobility, Consumer AI, and Niche Brands. Beyond capital, the firm delivers hands-on operational partnership covering go-to-market strategy, branding, product and people decisions, financing rounds, and board building, supported by a curated 15+ advisor network and a peer ecosystem of portfolio companies.

Product overview

Freshmen Fund is a venture capital firm that invests in B2C ventures across Urban Mobility, Consumer AI, and Niche Brands. Rather than operating a single unified product or platform, Freshmen Fund functions as an investment vehicle providing capital (late seed EUR 100-300k; scale investments EUR 500k to 5m), mentorship, and network access to portfolio companies. The portfolio includes 14 companies spanning: AI-powered platforms (Runeasi - AI running analysis with wearable sensors; SoSha - AI social media content generation); micro-mobility brands (Classified Cycling - bike shifting technology, Ahooga - e-folding bikes, Ellio - speed pedelecs, Sentinel - bike IoT); fashion/lifestyle brands (GOFLUO - reflective accessories, HNST - circular denim, LøCI - vegan sneakers, Fox Factor - inclusive denim, CRLN BSMNS - kids fashion, Erstwhile - streetwear); and food/lifestyle (Würst - haute dogs). Freshmen Fund does not operate its own product platform; its portfolio companies develop and sell their respective products and services independently.

Differentiator

Problem solved

Functional benefit

Products and services

• Late Seed Investment Tickets Equity investment tickets of EUR 100-300k deployed at the late seed stage into B2C start-ups in Urban Mobility, Consumer AI, and Niche Brands, typically followed by participation in subsequent financing rounds.
• Scale Investment Tickets Follow-on and scale-stage equity tickets of EUR 500k to EUR 5m for portfolio companies with proven traction, used to support international expansion, supply chain upgrades, and team scaling.
• Operator Mentoring and Board Support Hands-on partnership to portfolio companies across product decisions, people and recruiting strategy, financing rounds, and board building, monetized through equity ownership rather than direct fees.
• Portfolio Peer Ecosystem Quarterly peer exchange gatherings for the portfolio on specific scaling topics such as digital marketing, team management, and operational challenges.
• Network and Market Access Introductions Curated introductions from Freshmen's network of 15+ advisors and alumni spanning Google, Tencent, eBay, Levi's, Santander, Korn Ferry, McKinsey, and leading European consumer brands, including support for distribution channels, talent, and strategic partnerships.

Quantifiable outcome

• 3D Aim Trainer exited to a stock-quoted gaming hardware business in 2022 with strong returns
• +3 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability6 records

Feature2 records

Partnerships

19 partnerships are on record, tiered key and minor.

• Anne ChapellekeyStrategic or Co-development PartnerFormer CEO of Ann Demeulemeester, Anne Chapelle joined the board of HNST (Freshmen portfolio company), bringing fashion experience and industry connections to the boardroom.
• Bernd VindevogelminorOthersAdvisor to Freshmen Fund providing expertise in brand-building and consumer goods.
• Christophe Degrez (Eneco)minorOthersAdvisor to Freshmen Fund; CEO of Eneco Belgium, providing energy and sustainability sector expertise.
• Ahmed Hilami (Flyer.be)minorOthersFounder of Flyer.be online printing service, providing digital marketing and e-commerce expertise to portfolio companies.
• Asaf Somekh (Iguazio)minorOthersAdvisor to Freshmen Fund; CEO of Iguazio, providing technology and AI expertise.
• Matt Ariker (Teradata)minorOthersAdvisor to Freshmen Fund; former Teradata executive providing data and analytics expertise.
• Martin Ondas (BizMachine)minorOthersAdvisor to Freshmen Fund with expertise in business development and scaling.
• Wouter Jager (Jager Group)minorOthersAdvisor to Freshmen Fund contributing business strategy expertise.
• Diedrik Tas (McKinsey)minorOthersAdvisor to Freshmen Fund; McKinsey alumnus providing strategy and consulting expertise.
• Henrique De Castro (Santander)minorOthersAdvisor to Freshmen Fund; senior executive with background at Santander and other financial institutions.
• Jean-Bernard MoensminorOthersAdvisor to Freshmen Fund providing expertise in media and communications.
• Christophe VandoorneminorOthersAdvisor to Freshmen Fund with expertise in fashion and retail sectors.
• Stefan Otte (Levi's)minorOthersAdvisor to Freshmen Fund; executive at Levi's providing fashion and denim industry expertise, particularly relevant to HNST portfolio company.
• PR NewswirekeyGTM or Marketing PartnerPR Newswire partnered with SoSha (Freshmen portfolio company, formerly Speechifai) to launch SocialBoost, a product enabling PR professionals to share multiple pre-written social media posts across X, Facebook, Instagram, LinkedIn, and WhatsApp.
• TomorrowlandkeyStrategic or Co-development PartnerUrban Fibres (a spin-off of HNST, Freshmen portfolio company) entered a partnership with Tomorrowland festival to provide circular clothing for festival staff, demonstrating the scalability of HNST's sustainable fashion technology.
• Saks Fifth AvenuekeyChannel Partner/ Reseller/ DistributorSaks Fifth Avenue is a key retail partner for HNST's expansion into the USA market as part of the brand's rebranding and international growth strategy.
• American RagskeyChannel Partner/ Reseller/ DistributorAmerican Rags is a key distribution partner for HNST in the USA market, alongside Saks Fifth Avenue and other tier 1 international distributors.
• AS AdventurekeyChannel Partner/ Reseller/ DistributorAS Adventure is a key retail partner for Erstwhile (Freshmen portfolio company), selling the Belgian streetwear brand for sports lovers through its premium boutique network across Europe.
• SelfridgeskeyChannel Partner/ Reseller/ DistributorSelfridges department store is a key retail partner for CRLN BSMNS (Freshmen portfolio company), selling the edgy fashion brand for kids through its luxury retail locations.

Scale indicators7 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Felix Capital: London-based early-stage VC investing at the intersection of technology and creativity in consumer (e.g., Charlotte Tilbury, Farfetch). Closest direct peer to Freshmen given its thesis on consumer brands with creative/lifestyle DNA and ticket sizes in the EUR 0.5-5m range.
• LocalGlobe: London-based seed-stage investor focused on UK and European founders including consumer and hardware. Comparable given early ticket sizes, operator support, and European consumer deal flow.
• Active Partners: Sports, health, and lifestyle-focused investor (co-invested with Freshmen in Classified Cycling). Directly comparable given lifestyle/consumer brand focus and growth-stage ticket sizes overlapping with Freshmen's EUR 500k-5m scale range.
• ProFounders Capital: UK-based early-stage fund backing mission-driven consumer and technology businesses with operating-partner support. Directly comparable to Freshmen's operator-led, consumer-brand-focused, hands-on model.
• Connect Ventures: European pre-seed/seed VC backing consumer and SMB software founders. Comparable given early ticket sizes (EUR 100-500k range) and consumer orientation, though with a stronger software tilt.

Broad incumbents

• Atomico: European VC founded by Skype's Niklas Zennström, focused on ambitious tech founders including consumer. Comparable given European geographic focus and willingness to back consumer-oriented founders from early stages.
• Speedinvest: Austrian/European multi-stage VC with sector-focused funds including consumer & marketplaces. Comparable as a boutique-style European early-stage investor backing consumer brands and marketplaces across verticals.
• Index Ventures: Pan-European venture firm with deep consumer/tech focus (invested in Deliveroo, Farfetch, Wise). Comparable as a later-stage B2C investor; Freshmen often plugs into the same deal pipeline at the early stage.

Emerging players

• Forerunner Ventures: US consumer-focused early-stage VC behind brands like Glossier and Bonobos. Comparable thesis (partnering with consumer founders to build category-defining brands), though geographically distant from Freshmen's European base.
• Smarter Ventures: Belgian/European early-stage technology VC that led the EUR 1m Runeasi round alongside Freshmen. Comparable as a Belgian-anchored early-stage investor with overlapping portfolio and similar ticket sizes.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/freshmenfund

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments6 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Freshmen Fund