Deep Tech · VC Firm

FORWARD.one

Industrial-tech VC with the strongest Dutch quantum hardware footprint. Day-one backer of QuantWare (CLA at pre-seed 2021, seed lead 2023, backed every round through the record EUR 152M Series B in May 2026 alongside Intel Capital and In-Q-Tel) and of QuiX Quantum (photonic, pre-seed 2020, EUR 15M Series A 2025). Robin van Boxsel (GP, quantum & compute) and Beau-Anne Chilla (QuantWare supervisory board) carry the quantum book.

Active Amstelveen, NetherlandsFounded 2017

Investment thesis

Amstelveen-based industrial tech VC ('performance-engineered VC', rebranded Apr 2026), founded 2017; Fund II EUR 145M (2021), Fund III in market targeting EUR 200M (hard cap EUR 250M). Verticals: robotics, semicon, quantum, dual-use, energy.

Commercialization-first quantum thesis: backs Dutch quantum hardware that sells before the hype peaks. Day-one backer of QuantWare (CLA at pre-seed 2021, led the EUR 6M seed 2023, backed every round through the EUR 152M Series B in May 2026, the largest private round for a dedicated quantum processor company).

Day-one backer of QuiX Quantum (pre-seed 2020 with Oost NL): photonic universal quantum computers, EUR 14M DLR contract, EUR 15M Series A (Jul 2025) co-led by Invest-NL and EIC Fund with FORWARD.one continuing.

Published a dedicated quantum investor briefing (Apr 2026): no single-modality bet, backs the Dutch 'horizontal stack' (processors, photonics) with up to EUR 25M follow-on per quantum company.

Anti-thesis

The patterns that trigger a fast no with this fund.

  1. Not a quantum specialist: quantum is one of five industrial-tech verticals; both quantum positions are Dutch hardware plays, no software bet
  2. Initial cheques EUR 1-3M (max 4M) are calibrated for capital-efficient Dutch hardware, not for capital-hungry full-stack quantum programs; the firm itself notes scaling 'will require growth capital measured in billions'
  3. Hands-on model is built around Benelux/DACH proximity and board involvement; remote founders outside their hub network get less of the value-add
  4. Explicitly anti-hype: they back revenue-first component suppliers (QuantWare sold to 50+ customers before Series B); pre-revenue moonshot roadmaps clash with their 'performance, not the plan' filter
  5. Fund III still in market (no final close announced as of Jun 2026); new commitments may be paced until the close, and quantum follow-on is capped around EUR 25M per company

Notable quantum portfolio

Full portfolio
QuantWareQuiX Quantum

Frequent co-investors