BeCode & SFPIM ›

Fact panel

The what: BeCode, a C-type company

Problem addressed

BeCode was founded in 2016 by Karen Boers, Laurent Hublet, and Rodolphe Verhaegen to address a critical societal problem: the high number of young people and adults, particularly from vulnerable backgrounds, who are not in employment, education, or training (NEETs). In Belgium and across Europe, NEET rates remain stubbornly high, especially among disadvantaged groups who often face important barriers such as limited access to quality education, financial hardship, and discrimination in the labor market. At the same time, the tech sector is experiencing an urgent shortage of skilled digital talent, creating a clear mismatch between available jobs and the people who could fill them if given the right opportunities.

Solution provided by BeCode

BeCode is a social impact-driven coding school that offers free, inclusive digital skills training to individuals traditionally excluded from the labor market. Committed to driving inclusion, BeCode focuses on training underrepresented groups such as women, non-OECD-born individuals, long-term job seekers, NEETs, and people with disabilities, aiming for 90% representation among its learners. By adopting the active pedagogy of French coding school Simplon, BeCode provides practical, hands-on bootcamps and short-term sprints without requiring prior degrees, equipping participants with in-demand tech skills and boosting their employability. By connecting participants with employment opportunities, BeCode not only improves individual livelihoods but also helps address the broader talent gap in the tech sector.

Since its launch, BeCode has trained over 3,400 learners, achieving strong outcomes in completion, employment, and personal development. Through its accessible approach, low drop-out rates, and emphasis on sustainable career paths, BeCode actively contributes to building a more equitable and resilient workforce.

The how: SFPIM, a public investor

General presentation of SFPIM

The Federal Holding and Investment Company (Société Fédérale de Participations et d’Investissement - SFPIM) is a public limited company of public interest, wholly owned by the Belgian State. Committed to fostering a sustainable economy, SFPIM prioritizes companies that address societal challenges through innovative solutions, particularly those contributing to at least one of the 17 UN Sustainable Development Goals (SDGs). Since 2020, impact investing has been a central pillar of SFPIM’s 2020-2025 strategy, allocating a portion of its portfolio to businesses that generate measurable environmental and social benefits.

Intentionality and impact measurement and management

As part of its impact investing strategy, SFPIM invested in BeCode in 2021 to promote inclusion and lifelong learning. The investment’s objectives were defined in collaboration with other investors and translated into four Key Performance Indicators (KPIs):

• Number of learners per year
• Drop-out rate
• Representation of vulnerable groups (women, migrants, young people): 90% target
• Employment or further education rate post-training

These KPIs were closely monitored by the board, with the applied interest rate linked to BeCode’s performance against these benchmarks.

Additionality

SFPIM’s additionality in BeCode was primarily its role as lead investor, enabling other investors to participate in the initiative. It acquired one-third of BeCode’s shares and later provided a convertible loan at a reduced interest rate, further strengthening the financial foundation of the organization.

From a financial perspective, SFPIM played a crucial role in enabling BeCode’s scaling efforts by providing patient capital at a time when traditional investors were unlikely to engage with a mission-first, revenue-challenged model. SFPIM’s investment helped close a critical funding gap, de-risked the opportunity for other impact-oriented co-investors, and gave BeCode the financial runway needed to expand its model across Belgium.

On the non-financial side, SFPIM brought credibility and institutional trust to the table, helping to attract a coalition of like-minded funders (via investing or philanthropy) among which Impact Capital, Phitrust, the King Baudouin Foundation, ING, and to contract one of the only Social Impact Bond in Belgium. Beyond its signaling power, SFPIM supported BeCode by encouraging robust governance, sustainability planning, and accountability in its impact objectives. This included support for data-informed decision-making, and partnerships with public and private actors. SFPIM’s involvement allowed BeCode not only to grow in scale but to do so while strengthening its mission, impact measurement capabilities, and long-term viability.

More information

• BeCode
• SFPIM