Best Gaming Companies in Belgium
The 56 best Gaming companies in Belgium in 2026, ranked by funding and momentum. Funding, investors, founders, valuation, tech stack and live signals. Top: Happy Volcano.
Belgium's Gaming sector is smaller than you might expect from a country with genuine studio talent: 56 companies tracked, total disclosed funding of just $5M, zero unicorns. Happy Volcano leads the pack at $2M raised, followed by Cyborn and 3D Aim Trainer at $1M each, with most studios sitting well below that threshold. The global gaming market hit roughly $202.7B in 2022 and is forecast to reach $117.2B by 2028 at a 9.24% CAGR, driven by AR/VR adoption and pandemic-era behavioral shifts that proved stickier than anyone predicted. That gap between global scale and Belgian funding totals is striking, and it's the first thing I'd flag to anyone treating this directory as a fundraising benchmark.
What keeps the sector moving locally is install momentum, not capital. Median install growth sits at roughly +11% YoY across 23 tracked gaming apps, which tells you user appetite is real even where disclosed funding is thin. Regulatory pressure on loot boxes adds friction for studios building monetization around those mechanics, and it's worth watching how that shapes product decisions here. Most active backers, including Start it @KBC, imec.istart, and Media Invest Vlaanderen, skew toward early-stage support rather than growth rounds. So if you're mapping Belgium's gaming ecosystem, layoff pressure hitting studios in more active markets is a useful contrast: Belgium's studios are lean by necessity, not just by choice.
- ResearchAndMarkets.com
- Statista
Our analysis of 180 Gaming companies
$26.0b in tracked funding; 90% of the stack-profiled cohort runs cloud-native; funding activity peaked in 2024.
Ranked: Best Gaming companies in Belgium
| # | Company | Disclosed funding | Last round | Stage | Founder | Founded | Tech stack | Recent signals |
|---|---|---|---|---|---|---|---|---|
| 1 | Happy Volcano Video game developer focusing on casual games | $2M | 64 mo ago | Seed | Jeroen Janssen CEO / Founder | 2017 | DrupalPHPjQuery+4 | 3 launchs · 1 award |
| 2 | 3D Aim Trainer Provider of shooting aim training platform | $1M | 65 mo ago | Acquired | Miquel Matthys CEO | Co-founder | 2019 | Node.jsVuetifyVue.js+12 | — |
| 3 | Cyborn Producer of games, 3D animated feature films, and services | $1M | 40 mo ago | Early Stage | Ives Agemans Founder | 1998 | VarnishApache HTTP ServerOne.com+3 | — |
| 4 | Fishing Cactus Indie game development studio based out of Belgium | $324K | 50 mo ago | Funding Raised | Bruno Urbain Owner & CEO | 2008 | DebianYouTubeApache HTTP Server+9 | — |
| 5 | LuGus Studios Developer of mobile games | $253K | 92 mo ago | Funding Raised | — | 2011 | DrupalPHPYouTube+7 | — |
| 6 | eXiin Game development studio offering PC and mobile games | $163K | 51 mo ago | Public | Sebastien touze Co-Founder | 2015 | WordPressMySQLPHP+17 | — |
| 7 | MoonMonster Studios Developer of PC & console-based VR games | $160K | 40 mo ago | Funding Raised | — | 2019 | — | — |
| 8 | Graphine Developer of graphics middleware for video games and 3D visualization | $61K | 145 mo ago | Acquired | — | 2013 | — | — |
Top 11 Gaming companies in Belgium
#1
Funding Raised · Leuven, Flemish Region · founded 2017 · 9 employees$40Kraised▾
Say It Labs is a PC & console game developer. It specializes in developing games for speech therapy. The game developed by the company includes Fluency Friends. The game enables users to practice their speech and achieve goals in the game.
- Sep 2024Grant (prize money)$40K
#2
Early Stage · Antwerp, Flanders · founded 1998 · 16 employees$1.1Mraised▾
Producer of games, 3D animated feature films, and services
#3
Seed · Leuven, Flemish Region · founded 2017 · 9 employees$2Mraised▾
Video game developer focusing on casual games. The games developed by the company include 'The Almost Gone' - a music game, 'You Suck at Parking' - an arcade parking game, and more. The games are available on Steam and mobile platforms. It monetizes through paid games.
- Feb 2021Seed$2M
#4
Acquired · Dendermonde, Flemish Region · founded 2019 · 7 employees$1.2Mraised▾
Provider of shooting aim training platform. It connects desktop or game settings and enables players to practice the aim for games such as CS GO, Fortnite, Call of Duty, and more. It allows users to track stats for r6, Valorant, Krunker, Apex Legends and other games. It enables users to filter training levels based on the skill practice.
- Feb 2021Seed$1.2M
- Jul 2019Seed—
#5
Funding Raised · Mons, Wallonia · founded 2008 · 17 employees$323.6Kraised▾
Fishing Cactus is an indie game development studio based out of Belgium. It develops games for PC, Nintendo Switch, Xbox One, and PlayStation devices. It has developed a game "Epistory - Typing Chronicles" which is a 3D action-genre based typing game. The game has won multiple awards such as "Creative Play Awards Paris 2015" and "Innovation Award Belgian Game Award 2016".
- May 2022Grant (prize money)$70.9K
- Feb 2019Grant (prize money)$157K
- Mar 2018Grant (prize money)$95.6K
#6
Funding Raised · Kortrijk, Flanders · founded 2019 · 1 employees$160Kraised▾
Developer of PC & console-based VR games. The company's first game is "Space Control" a VR-based cartoon show game. The game is available on the PC platform.
- Mar 2023Grant (prize money)$160K
#7
Seed · Leuven, Flemish Region · founded 2021 · 7 employees$57.9Kraised▾
Operator of a data intelligence platform intended to help professional football clubs to win their next game with a data-driven game plan. The company gives football teams actionable insights out of football data to increase performance and stimulate player development and allows them to analyze the progress of their team and players by leveraging events and tracking data, enabling sports teams to quantify their football philosophy and take control into their own hands.
#8
Public · Brussels, Brussels · founded 2015 · 3 employees$162.9Kraised▾
Game development studio offering PC and mobile games. The studio develops casual games and has a portfolio of 3 games including After Loop, Ary and the Secret of Seasons, and Rote. The games are available on iOS, Android, windows store, and Windows phones.
- Apr 2022Grant (prize money)$162.9K
#9
Funding Raised · Genk, Flanders · founded 2011 · 6 employees$253.1Kraised▾
Lugus Studios is a game development studio specializing in mobile games. The company develops mobile games for multiple platforms including the Android, iOS, and the Windows platforms. The company develops its own games and also offers professional game development services to third party clients. The product portfolio mainly comprises casual games incorporating educational content spanning across genres. Some leading clients include Pelckmans, Ku Lueven, Tinker Touch and Shopping1 among others.
- Nov 2018Grant (prize money)$253.1K
#10
Seed · Niel, Flanders · founded 2017 · 13 employees$58.8Kraised▾
A gaming studio and B2B digital services provider. The company is building games and XR applications using the metaverse, gamification, and gaming technology. The company's games include Antigraviator and Rise of Humanity.
- Sep 2017Seed$58.8K
#11
Acquired · Ghent, Flanders · founded 2013 · 14 employees$60.7Kraised▾
Developer of graphics middleware for video games and 3D visualization. It provides texture streaming and texture compression middleware for the games and visualization industries. It offers a product for eliminating texture-related memory and loading time issues to get ultra-high quality graphics in real-time on mainstream hardware and build interactive cinematic experiences for desktop or virtual reality using ultra-high-quality 3D scans or hand-painted assets.
- 2014Seed$60.7K
Funding & investor landscape
Notable founders
Market landscape — 10 sub-themes by coverage
Share of Gaming coverage by sub-theme.
Regulatory-risk over time rising
Funding & growth over time
funding rising · growth rising
How research on Gaming Technology is moving in Belgium
A read on the academic research around Gaming Technology — which themes are gaining ground, the institutions and researchers driving them, and how the tone is shifting. Based on 27 Belgium-affiliated papers.
- Hasselt University7
- KU Leuven5
- Université Libre de Bruxelles3
- Ghent University Hospital3
- Vrije Universiteit Brussel2
- Rendering (computer graphics)13
- Computer graphics (images)8
- Computer vision5
- Real-time rendering4
- Precomputation2
- Rendering (computer graphics)3
- Computer graphics (images)2
- Real-time rendering2
- Game engine2
- Virtual reality1
- Rendering (computer graphics)3
- Visualization1
- USable1
- Animation1
- Context (archaeology)1
Where gaming tech is researched across Belgium
Location clusters by institution affiliation — each city's volume, stance tone, and a quick read on its hot topic, what's advancing, the opening opportunity, and the main concern.
Common questions
Riya reads income statements for fun. She covers the real money in a sector — revenue, growth, who actually earns — and never met a vague claim she didn't want a number for.