What Noshaq does

Noshaq is a Liège-based private investment fund structured as a Belgian Société Anonyme, founded in 1985 as Meusinvest to drive industrial reconversion of the Liège region following the steel crisis and rebranded to Noshaq in 2016. The firm provides financing solutions and ecosystem development services to SMEs headquartered in the province of Liège, deploying an average of €120 million annually across a portfolio of 478 companies spanning seven priority sectors: Life Sciences, Digital/Numeric, Industry 4.0, Real Estate & Conversion, Agri-food, Cultural & Creative Industries, and Energy & Sustainable Development.

Noshaq's core offering consists of three integrated service lines: funding solutions (minority equity capital, convertible and secured/unsecured bonds, and equipment/real estate leasing), strategic project structuring (purpose-built infrastructure including the 30,000m² LégiaPark life sciences center and 8,000m² La Grand Poste creative hub), and portfolio management with active board participation. The fund holds minority stakes with predetermined buy-back terms, enabling portfolio companies to reclaim equity over time. Its revenue model combines investment returns from equity appreciation, recurring interest income from loan products, leasing income from financial contracts, and management fees on ecosystem projects.

The go-to-market approach is relationship-driven and ecosystem-mediated, with deal flow sourced through direct outreach by a 60-person investment team and a referral network spanning academic institutions (University of Liège, GIGA biomedical institute with 600+ scientists), support organizations (Eklo, B2H, Interface-Gesval), and co-investors (BNP Paribas, Bpifrance, Crédit Mutuel Innovation, Innovacom, FUND+). Distribution is constrained geographically to Liège-province-headquartered companies, but portfolio companies like LIFEPOWR and Mycophyto expand internationally. Noshaq operates through wholly-owned subsidiaries including LeanSquare (digital/startup fund, €13M+ deployed across 65+ startups since 2014), Noshaq Immo (real estate), Noshaq Spin-Offs (university spin-out fund), and Noshaq Venture (early-stage VC). The firm completed a historic €133 million fundraising in 2021 to execute its 2021-2026 strategic plan.

Name

Noshaq

Legal name

NOSHAQ S.A.

Website

https://noshaq.be

Company type

Private

Founded year

1985

Operating status

Operating

Headcount range

11–50 employees

Short description

Noshaq is a Liège-based private investment fund (founded 1985, rebranded 2016) that provides minority equity, loans, and leasing to 478 SMEs across 7 priority sectors in Belgium's Liège province, supported by €133M raised in 2021 and €120M average annual deployment.

Ownership category

akta.pro rank

Headquarters

HQ city

Liège

HQ country

Belgium

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Equity Investment Returns: Noshaq acquires minority stakes in companies and generates returns through capital appreciation and eventual exit when shareholders buy back shares at predetermined prices.
2. Loan Interest Income: Noshaq provides various loan products including convertible bonds, secured and unsecured bonds, generating interest income.
3. Leasing and Financial Lease Contracts: Equipment and real estate leasing arrangements providing recurring lease income.
4. Strategic Project Development: Development and management of strategic infrastructure projects (LégiaPark, La Grand Poste) that support portfolio companies and generate returns.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels9 records

Core offering

Noshaq is a Liège-based investment fund that provides financing solutions and strategic support to small and medium enterprises in the province of Liège, Belgium. Its core offering consists of capital injection through minority equity stakes, loans (convertible and non-convertible bonds with or without security), equipment and real estate leasing, and the structuring of strategic ecosystem projects such as LégiaPark and La Grand Poste. The fund manages a portfolio of 478 companies across 7 priority sectors, deploying an average of €120 million annually.

Product overview

Noshaq is a Liège-based investment fund offering a unified portfolio of financing and support services for businesses. The core offering consists of funding solutions (capital injection, loans, leasing), strategic project structuring, and portfolio management across 7 priority sectors. The fund has developed an internal product called Qairn, a free electronic business card application for smartphones, entirely developed by Noshaq's internal teams. The portfolio spans 478 companies including life sciences, digital/IT, Industry 4.0, real estate, agro-food, cultural industries, and energy sectors.

Differentiator

Problem solved

Functional benefit

Products and services

• Funding Solutions Complementary financing solutions for SMEs including capital injection through minority stake acquisition, loans (convertible and non-convertible bonds with or without security), and equipment/real estate leasing contracts. Investment terms are customized and negotiated directly with the Noshaq team, targeting companies headquartered in Liège province.
• Structuring Strategic Projects Strategic project development supporting SMEs and the Liège economy through infrastructure initiatives such as LégiaPark (30,000m² life sciences business centre), La Grand Poste (creative district hub), and partnerships with GIGA research institute, WSL engineering support, and Pôle Image de Liège audiovisual federation.
• Investment Portfolio Management Active management of a portfolio of 478 companies across 7 strategic sectors: Life Sciences, Digital/Numerical, Industry 4.0, Real Estate & Conversion, Agri-food, Cultural Industries, and Energy & Sustainable Development. Includes board representation, strategic guidance, and exit management via share buybacks at predetermined prices.
• Qairn Electronic Business Cards Qairn is a free smartphone application developed internally by Noshaq that allows users to create customizable electronic business cards with just two clicks.

Quantifiable outcome

• 4,000+ direct jobs created in Life Sciences sector
• +4 more outcomes

Named customers3 records

Segments9 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

18 partnerships are on record, tiered core and minor.

• B2H (Bridge to Health)coreStrategic or Co-development Partner · 1 January 2021B2H is a key strategic partner in the Life Sciences ecosystem. The partnership provides comprehensive support for biotech and healthcare companies including financing, sector expertise, and acceleration services. Noshaq and B2H work together to position Liège internationally in the life sciences sector.
• Eklo (formerly Cide-Socran)coreStrategic or Co-development PartnerEklo provides startup support and acceleration services. As Noshaq's 'accompagnement' (support) branch launched in 2009, Eklo helps identify and develop promising projects for potential Noshaq investment.
• GIGA (Université de Liège)coreStrategic or Co-development PartnerThe GIGA is an interdisciplinary biomedical research institute with 600+ scientists at the University of Liège. The partnership provides access to cutting-edge research, talent pipeline, and spin-off opportunities for Noshaq's life sciences portfolio.
• WSL (Walloon Space for Leadership)coreStrategic or Co-development PartnerWSL supports Walloon engineering projects by providing expertise and infrastructure. The partnership enables Noshaq to identify and support techno-entrepreneurs in the industry sector throughout their company lifecycle.
• Interface-GesvalminorImplementation/ SI/ Consulting PartnerTechnology transfer interface between academic research and commercial applications, helping to identify and prepare promising research projects for investment consideration.
• LégiaParkcoreStrategic or Co-development PartnerA 30,000m² business centre dedicated to life sciences companies, located opposite Mont-Légia hospital. LégiaPark offers turnkey premises (offices, labs, clean rooms, logistics areas) developed by Noshaq to support the biotech/biopharma ecosystem.
• La Grand PostecoreStrategic or Co-development PartnerAn 8,000m² creative hub in Liège's Grand Leopold district housing entrepreneurs in digital, media, and entertainment. Features co-working, food market, craft brewery, startup programs, and journalism media campus. Serves as the totem of the creative district.
• LeanSquarecoreStrategic or Co-development PartnerNoshaq's specialized investment fund focused on digital, creative, and life sciences startups. LeanSquare has invested €13M+ across 65+ startups since 2014, operating programs including Wallifornia Musictech and SportsTech Belgium.
• Pôle Image de LiègeminorStrategic or Co-development PartnerFederation of audiovisual service providers covering cinema, broadcast, and corporate markets. Noshaq supports the industry through adapted infrastructure and financial incentives, including Tax Shelter provisions.
• ECLOminorStrategic or Co-development PartnerProducer of substrates and mushrooms. Portfolio company representing Noshaq's involvement in sustainable agriculture and food innovation sector.
• TOOPI OrganicsminorStrategic or Co-development PartnerCompany producing agricultural fertilizers from human urine valorization. Represents Noshaq's commitment to circular economy and sustainable agriculture innovation.
• LISAQUAminorStrategic or Co-development PartnerIndoor shrimp farming company with heat recovery capabilities. Portfolio company in sustainable food production sector.
• AlgamaminorStrategic or Co-development PartnerFrench algaebiorefinery company producing egg substitutes and other food ingredients from microalgae. Noshaq participated in their 2022 financing round and facilitates industrial partnerships (e.g., with Castle Ingredients in Belgium).
• Castle IngredientsminorStrategic or Co-development PartnerBelgian partner in Eupen specialized in industrial processes and plant-based ingredients. Noshaq facilitated the partnership between Castle Ingredients and Algama for scaling algae ingredient production.
• AllegrominorStrategic or Co-development PartnerBelgian biotech company at LégiaPark developing injectable hydrogel implants for osteoarthritis treatment. Noshaq is an investor and provides ecosystem support through the life sciences network.
• Advanced CoatingminorStrategic or Co-development PartnerLiège-based company specializing in plasma and supersonic coating of metals, alloys, ceramics, and carbides on mechanical parts. Represents Noshaq's Industry 4.0 expertise and international industrial connections.
• NSI IT Software & ServicescoreStrategic or Co-development PartnerLiège-based IT services company with ~1,900 employees across Belgium, France, Canada, and Luxembourg. Expected 2025 revenue of €270M. Supported by Noshaq and Cegeka as shareholders.
• OdoominorStrategic or Co-development PartnerOpen-source ERP/CRM software company headquartered in Belgium. Represents the success story of the Walloon tech ecosystem that Noshaq helps cultivate.

Scale indicators7 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• SRIW (Société Régionale d'Investissement de Wallonie): Walloon regional investment fund providing equity and loan financing to SMEs in Wallonia. Highly comparable in mission, regional mandate, financing instruments, and sectoral development focus — operates as Noshaq's primary public-sector counterpart in the broader Wallonia region.
• Sambrinvest: Regional investment fund focused on Charleroi/Sambre area SMEs with similar equity/loan products and active board participation model. Closest analogue to Noshaq in terms of regional mandate and SME-focused development investing.
• LRM (Limburgse Reconversie Maatschappij): Flemish regional investment fund supporting SMEs in Limburg with equity, loans, and infrastructure. Strong analogue as a Belgian regional development investor with an industrial reconversion heritage, similar product suite, and ecosystem-building approach.
• Capricorn Partners: Belgian independent venture capital and growth equity firm with multi-sector tech and life sciences focus. Comparable as a Belgian institutional investor backing innovation-driven SMEs, particularly in the same life sciences and digital verticals.
• Nivelinvest: Walloon venture capital fund focused on spin-offs and early-stage innovation. Comparable as a Walloon-based PE/VC with similar university spin-off pipeline exposure (particularly from ULiège ecosystem) and minority equity participation model.
• PMV (Participatiemaatschappij Vlaanderen): Flemish regional investment company providing equity, loans, and infrastructure support to Flemish SMEs. Highly comparable as a Belgian regional development investor with ecosystem-building mandate, equivalent products, and similar sectoral specialization.

Broad incumbents

• Gimv: Belgium's leading listed private equity and venture capital firm, operating across multiple regions and sectors. Comparable as a Belgian institutional investor in growth-stage SMEs, though broader in geographic scope and substantially larger in scale.
• Sofina: Belgian investment holding company with diversified PE/VC and growth equity exposure. Comparable as a Belgian institutional investor with similar portfolio diversification and long-duration capital, though operating nationally and globally rather than regionally.
• Bpifrance: French public investment bank providing financing across the full SME lifecycle. Comparable as a frequent co-investor in Noshaq's portfolio (Standing Ovation, Mycophyto), though operating at vastly greater scale and across France rather than regionally.
• SFPI-FPIM (Société Fédérale de Participations et d'Investissement): Belgian federal holding company managing state shareholdings and strategic investments. Comparable as a Belgian public investor with cross-sector investment exposure, though at federal level rather than provincial.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/Noshaq_be
• Facebookfacebook.com/noshaqbe
• LinkedInlinkedin.com/company/noshaq-be
• Instagraminstagram.com/noshaq_be

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

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

M&A

Investments15 records

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

Frequently asked questions about Noshaq