What we do
Theodorus invest in early stage projects based on proprietary disruptive technologies.
Mostly dedicated to seed and early stage funding, Theodorus invests in Biotech, MedTech, Digital and Engineering applications. Theodorus has a priority access to ULB R&D outcome and spin-offs, but can also invest in projects outside ULB. The investment size varies from 250k€ (first investment) to 2M€ per company.
Theodorus brings ULB and non-ULB projects numerous key assets helping outstanding researchers and entrepreneurs to create disruptive and innovative companies:
- An independant vision oriented towards business and value creation
- A venture capital professional management team acting as lead investors
- A strong network of independant and international experts, advisors, c-level advisor, etc.
With more than 34M € under management, Theodorus funds give the means to implement ambitious R&D programs oriented towards company creation.
As of end 2017, Theodorus invested in 31 companies, including 26 ULB spin-offs. These profitable investments lead to the creation of more than 500 jobs.
ULB, our partner
Theodorus is the spin-off fund of Université Libre de Bruxelles.
Founded in 1834, Université Libre de Bruxelles is a highly innovative private research university in Brussels Belgium, and one of the biggest.
With 26.000 students, 3.550 scientists, 20 spin-off projects per year, 5 Nobel Prizes and 1 Fields Medal, ULB is a partner of choice in terms of innovation.
The first Theodorus fund was created in 2003 as a result of ULB willingness to dedicate specific resources (funding and human resources) to its spin-offs. Theodorus funds II & III were created in 2006 and 2013 with a priority access to ULB R&D outcomes and spin-offs.
For more than 15 years, Theodorus, ULB researchers, incubators and and TTO (Technology Transfer Office) have worked side by side to develop and valorize at best their R&D projects.
Theodorus nurtures a passion for innovation with a strong focus on financial performance.
Theodorus' excellent financial performance is explained by our unique DNA and strong competitive advantages:
- Ability to invest at seed stage in some of the most promising Belgian projects.
- Focus on projects with a high growth potential, rapid international expansion and oriented towards mid-term exit.
- Important strike force with more than 34M € under management.
- Strong network of co-investors: Theodorus has an average financial leverage of 18, each € invested leading to 18€ total investment.
- Strong support of public authorities towards fundamental research and innovation.
- Decision-making organs fully independent from academic authorities which ensures decisions are only based upon their high potential.
Investment criteria & process
Theodorus invests in most promising technological projects in order to maximize the value creation.
Each Theodorus investment respond to specific criteria :
- A professional and effective management team, back-up by high-level scientists and researchers
- A proprietary and disruptive technology coming from ULB R&D outcome, or from outside ULB
- At early investment stage (usually seed)
- With an ambitious vision oriented towards international expansion
- With high level funding requirements, Theodorus being able to invest till 2 M€ alongside other investors.
Theodorus investment process is composed of 5 major steps :
- If needed, reinforcment of the project during its maturation phase in collaboration with incubators, our experts and/or universities (team, business model, ...)
- Qualification of the project by the Theodorus Management Team
- Presentation of the project at Theodorus Investment Committee and first "go/no go" decision
- Deal structuration with complementary funds (dilutive and non-dilutive)
- Closing and investment.
Theodorus agile process allows rapid decision making, depending on the maturity of the project.
With 3 funds closed over the past 15 years, Theodorus is one
of the major and most experienced spin-off funds in Belgium.
The ULB Evergreen Fund
Theodorus I is the evergreen fund of the Université Libre de Bruxelles. Committed to transferring its proprietary technologies onto commercial applications, the ULB incorporated its first spin-off in 1993.
In 2003, in order to dedicate specific funds and talents to its spin-offs, the ULB created Theodorus, its first investment vehicle managed by professional fund managers. Theodorus was named after the University founder, Théodore Verhaegen.
In 15 years of existence, Theodorus I has realized 24 investments, either in successful ULB spin-offs (12), incubators or affiliated venture capital funds.
5.4 M€ closed fund
Incorporated in 2006, Theodorus II invests in Life Sciences and Engineering spin-offs from ULB, either in seed or early stages.
With a 14 years term and 5.4 M€ funding, Theodorus II is a reliable long term partner for entrepreneurs and co-investors.
Theodorus II has realized 9 investments : 35% in Biotech, 35% in Medtech and 30% in Engineering spin-offs. As of end 2017, 6 are fully exited including 1 IPO and 3 industrial buy-outs.
Theodorus II shareholders include Belgian institutional actors, public and private investment funds."
20.25 M€ closed fund
Incorporated in 2012, Theodorus III invests in Life Sciences and Engineering spin-offs and startups, either in seed or early stages, mostly coming from ULB. Theodorus III also invests up to 15% of its funding outside ULB scope.
With a 12 years term and 20.25 M€ funding, Theodorus III is a reliable long term partner for entrepreneurs and co-investors.
With an initial investment size as low as 250 k€, Theodorus III invests up to 2 M€ per company and expects to realize 18 investments, in Biotech, Medtech and High-tech applications. As of end 2017, 2 investments are fully exited including 1 major industrial buy-out.
Theodorus III shareholders include Belgian institutional actors, public and private investment funds.
Starting from 2018, Theodorus IV intends to play an ambitious role in the Belgian Startup Economy.
With a first closing expected in Q3 2018, the vision of Theodorus IV is to:
- further develop Belgian economy,
- by strengthening its support towards its invested companies with increased funding, and
- further develop its international network to accelerate their growth and improve their exit potential.
With a priority access to ULB spin-offs, Theodorus invests in early stage biotech, medtech, digital and high-tech companies. Acting as lead investor at seed stage, Theodorus IV goal is to invest a maximum of 2.5M € per company.
Theodorus IV is open to Belgian but also to international investors with a strong interest in Life Science and Engineering applications. The minimum investment size is 500 k€ per Limited Partner.
Feel free to contact us for any additional information.