Europe’s stubborn gap in B2B software adoption, especially in the Benelux and DACH markets, where mid-sized firms continue to rely on outdated spreadsheets and siloed tools for critical operations such as compliance and waste management.
To address the market gap, Fortino Capital just closed its third private equity fund, Fortino PE III, at an oversubscribed €700 million hard cap, above its original €600 million tarreceive. The firm plans to back SaaS and AI-driven platforms that digitise quality management, circular waste flows and real-time process ininformigence across the European mid-market.
The new fund lifts Fortino’s total capital raised across its core funds to well over €1.5 billion, creating it a specialist European investor in B2B software with more than 70 investments and nearly 30 exits to date.
Building mission-critical SaaS platforms
Founded in 2013 in Belgium, the firm was set up by Duco Sickinghe, Renaat Berckmoes, and Matthias Vandepitte to support European SaaS companies scale rapider and more sustainably. The firm offers founder-centric, hands-on support rather than purely financial engineering, combining venture capital and private equity under one roof.
The firm’s dual-strategy model (early-stage venture for emerging winners and larger equity tickets through private equity for profitable, mission-critical platforms) allows Fortino to stay aligned with founders throughout their growth journey.
At the heart of Fortino’s edge is a technology thesis built around SaaS as infrastructure: mission-critical, data-rich, and increasingly AI-powered. Fortino PE III has already backed three platforms that exemplify this approach: Modell Aachen, whose interactive management systems digitise and automate complex quality and compliance processes; Seenons, a circular-economy technology provider utilizing a data platform to optimise and decarbonise waste flows; and MEHRWERK, a rapid-growing process ininformigence specialist utilizing advanced analytics to deliver real-time operational insight and automation.
Fortino differentiates through a deep B2B software focus, an operator-heavy team, and a hands-on value-creation playbook spanning go-to-market, product, technology, and AI.
What’s next?
Looking ahead, the mandate for Fortino PE III is clear: accelerate the development of a new generation of European category champions in B2B SaaS and AI while deepening the firm’s footprint in Benelux and DACH.
The fund is expected to build a concentrated portfolio of profitable, high-impact platforms, each supported by Fortino’s operating partners and network to scale internationally, upgrade product and embed AI capabilities into core workflows
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