Annual Report 2025: Invest-NL mobilises € 4.13 billion for the economy of tomorrow

Putting capital into motion

In 2025, Invest-NL committed € 400 million to investments, a 69% increase compared to 2024 and  the highest investment volume since its establishment. This brought the total investments to over € 1.5 billion.  

Invest-NL is committed to putting capital into motion for solutions that advance the Netherlands and strengthen our future earning capacity. It does so by addressing specific financing bottlenecks, developing new financial instruments, and investing itself. The investments and development activities of Invest-NL focus on areas such as deep tech, energy, circular solutions, agrifood, and medical technology.  

Thus, Invest-NL supports companies and projects that contribute to the major transitions of this time and to the strengthening of the Dutch innovation ecosystem. 

Investing with a long-term perspective

The consolidated net result for 2025 was € -38.4 million. This result mainly reflects negative revaluations within the investment portfolio. It mirrors the high-risk profile of investing in young, innovative companies and technologies that are still in development.  

Due to increased diversification in the portfolio and a greater chance of positive revaluations of portfolio companies, Invest-NL expects an upward trend in results in 2026. 

Impact visible in innovation and employment

The companies in which Invest-NL invests spent € 334 million on R&D in 2025. As a result, Invest-NL’s consolidated investment portfolio is now the fourth-largest R&D investor in the Netherlands, after ASML, Philips, and Booking. Additionally, there were 14,250 FTEs employed at portfolio companies. In this way, Invest-NL not only contributes to financing innovative companies but also to knowledge development, employment, and economic resilience. 

At the same time, the annual report shows that the way impact is measured needs further development. Since Invest-NL invests in young companies and new technologies, a significant part of the expected impact lies in the future and is surrounded by uncertainty. Therefore, Invest-NL now makes a clearer distinction between realized and expected impact and is working on further development of our impact and ESG methodology. 

Broader offer

The year 2025 was also characterized by the new strategy for 2026-2028. Invest-NL broadens its thematic focus and enhances its financing offerings. More attention is given to project finance, structured finance, blended finance, and mobilizing European and institutional capital. Invest-NL is also preparing for the announced integration with Invest International.

With this annual report, Invest-NL underlines its role: investing where the market still lags, making financing available for what is socially necessary, and working together with partners to build a sustainable, innovative, and resilient Netherlands. 

About Invest-NL

Invest-NL is the National Promotional Institution of the Netherlands. We enable financing for enterprises, projects, and funds that contribute to a sustainable, innovative, and resilient Netherlands. We do this by resolving financing bottlenecks, mobilising capital, and investing ourselves where the market is still unresponsive or insufficiently active. In this way, we bring entrepreneurs, financiers, and governments together and make more solutions fundable: from start- and scale-ups to funds, established companies, and projects. We build on strong expertise in several themes, while remaining flexible to respond to new challenges that require additional investment capacity.