GENERAL INQUIRIES
info@forward.oneMARKETING INQUIRIES
media@forward.oneINVESTOR RELATIONS
ir@forward.oneAt FORWARD.one, we invest where commercialization pressure creates winners early. Quantum in the Netherlands fits that profile precisely. We back quantum because parts of it are already working at industrial standards, with global customers.
Quantum computing is moving out of the lab and into its industrial phase. Commercial systems are already being shipped globally, supply chains are forming, and benchmarking across platforms is becoming more standardized. The question becomes: where will execution concentrate first?
Though the Netherlands has been operating more quietly and with far less capital than its global peers, they have still managed to position itself at the commercial center of that transition. That dynamic is shifting, with private investment in the Dutch quantum ecosystem growing from €10 million in 2019 to €160 million in 2025. Dutch startups, including our portfolio companies, have been building the infrastructure other innovations depend on, from processors (QuantWare) and control systems (Qblox) to cryogenic cabling (Delft Circuits) and testing equipment (OrangeQS).
In this investor brief, we take you through 4 things international investors need to understand about quantum investing in the Netherlands, before the window closes.
Most countries pursue quantum supremacy by backing one dominant architecture: superconducting, photonic, or ion-based. The Dutch ecosystem took a different route. It built horizontal infrastructure across the quantum computing stack.
For example, the Delft ecosystem provides all components to build a world-class quantum computer. Processors which are made by Quantware, controls made by Qblox, cryogenic cabling (Delft Circuits), testing and diagnostics (OrangeQS), and emerging interface technologies (QphoX).
This architectural diversity also shapes how investors approach the sector.
Many investors choose a single modality and invest along its full stack, while others avoid hardware entirely to focus on software. At FORWARD.one, we do not believe a single modality will win the race. Instead, we expect that different applications and sectors will favor different technological approaches.
This diversity of technological approaches reflects the reality that quantum computing is still evolving across the stack. While some market leaders have emerged, the technological landscape is far from settled, and smaller, more specialized companies can still become category-defining players.
Investor takeaway: The Netherlands offers horizontal platform exposure. We can compare this to early semiconductor equipment plays: indispensable, upstream, and margin-defensive.
QuantWare reached global customers with tens of millions in capital, while U.S. peers raised billions before shipping their product. That contrast is not accidental.
Capital efficiency makes quantum companies double down on the winning roadmap instead of pursuing multiple roadmaps simultaneously to increase the chance of winning.
This discipline matters as quantum enters a phase where industrial buyers set the pace.
“Quantum requires smart and patient capital deployed at scale. The companies that succeed will be those that combine strong technology with the ability to scale globally.”
- Pablo Matarredona Valor, Analyst at FORWARD.one
At FORWARD.one, we structure our capital allocation to match the development and commercialization cycles of deep-tech companies. We commit sizable tickets at pre-seed and seed stages to support further technological development and early market validation, and follow on with up to €25 million per company as traction builds.
This commercialization-first approach has shaped the trajectory of companies like QuantWare and QuiX Quantum. Both entered the market earlier than typical quantum startups: QuantWare by supplying processors to research and university customers globally, and QuiX by targeting specialized industrial demand, including a €14M contract with the German Aerospace Center (DLR). This early discipline builds stronger companies, but scaling from 1 to 100 still requires significant capital.
The Dutch quantum advantage is anchored in Delft, one of the most concentrated quantum ecosystems globally, where leading research, startups, and suppliers are co-located, and reinforced by a broader national network.
In the Netherlands, the quantum sector has grown strongly in recent years. Private investments increased from €10 million in 2019 to €160 million in 2025, and the number of quantum startups rose to 29. These companies now provide 735 jobs, the majority of which are in Delft.
This has produced an unusually mature ecosystem for such a young industry, with repeat founders, supplier depth characterized by stronger relationships, and shared standards.
Investor Takeaway: Invest where there are ecosystems. Talent is the most scarce asset.
“Talent density beats capital density every time. The Dutch quantum ecosystem is compounding fast, with early results now showing up in global full-scale systems.”
- Julia Kuijs, Associate at FORWARD.one
Capital efficiency defines the early stages. Scaling defines the winners. What builds strong companies early is not what determines leadership at an industrial scale.
As the FD article makes clear, the Netherlands has solved the early phases:
What comes next is industrial scale. Public funding is increasing and so are private investments. This signals urgency.
Quantum hardware is entering a phase where manufacturing capacity, supply chains, and go-to-market execution determine winners. Achieving this requires extremely advanced systems across the entire stack, from hardware foundations to higher layers of the software ecosystem. Scaling those systems will require growth capital measured in billions.
Investor takeaway: This is the moment where foreign co-investors can still access category-defining positions before consolidation. The window is closing fast.
“The science risk is largely behind us. The question now is who has the conviction to scale when the fundamentals are already proven.”
- Robin van Boxsel, Partner at FORWARD.one
At FORWARD.one, we invest where commercialization pressure creates winners early. Quantum in the Netherlands fits that profile precisely.
“Quantum computing will unlock entirely new computing capabilities for humanity. The question for investors is not if it will happen, but who will scale it first.”
- Pablo Matarredona Valor, Analyst at FORWARD.one
Europe’s quantum race is often framed as a spending contest, who commits the most public capital and who announces the largest flagship system. That framing misses that value will migrate upstream because Quantum is transitioning from research into deployment. For example: into chips, subsystems, manufacturing tools, and integration layers. This is where the Netherlands is structurally overrepresented.
The Dutch model mirrors Europe’s most successful deep-tech precedent: semiconductors (ASML). Quantum is following the same logic, and Dutch companies are already embedded across global supply chains.
The next decade will reward those who industrialize Quantum best.
We are proud to back 2 major players in Quantum Computing from the Netherlands:
Quix
QuantWare
Companies in Quantum know where to find us. We make winners out of the brave.
.png)
.png)
