Investment policy Theodorus II and III

Investment policy Theodorus II

Theodorus only invests in ULB spin-offs in seed and start-up phase with a maximum amount of € 550K per spin-off. The independent Investment Committee, in which both representatives of the investors and independents are seated, takes both investment and divestment decisions.

The management of Theodorus only presents a project to the Investment Committee if it would itself give a positive investment advice.

Investment decisions usually take two Investment Committees:

  • a first for the evaluation of the potential of the project and a go/no go on a more detailed due diligence,
  • a second for a go/no go on the investment proposal.

The decision cycle takes approximately three to six months from the moment a complete investment proposal is presented to the Investment Committee.

Representatives of the investors:

Anne Prignon: Sambrinvest
Goedele Ertveldt: Belfius
Barbara Roose: SRIB
Damien Lamy: 2 private investors

Independent members:

Patrick Demoucelle: former partner Bain & Company, strategy consulting
Frédéric Van Gansberghe: CEO Galactic, industrial biotech start-up in full expansion
Claude Jottrand: financial consultant specialised in SMEs
Jean-François Vryens: Partner Indufin, venture capital
Johan Brants: Partner Brants& Patents, intellectual property

Barbara Roose
SRIB, Senior Investment Manager 

« The Regional Investment Company of Brussels supports the economic valuation of university research results via spin-off creation. As currently, most of the Theodorus spin-offs are active in the biotechnology or medical sector, the fund develops a rather long term
relationship with the company. An average exit period covers between five and ten years. Today, some participations are rather successful. »

Investment policy Theodorus III

Theodorus invests in ULB spin-offs and in innovating companies with a research link to the ULB or with activities close to the ULB competence centers. The fund invests in seed and start-up phase with a maximum amount of € 1.9Mn per participation. The independent Investment Committee, in which both representatives of the investors and independents are seated, takes both
investment and divestment decisions.

The management of Theodorus only presents a project to the Investment Committee if it would itself give a positive investment advice.

Investment decisions usually take two Investment Committees:

  • a first for the evaluation of the potential of the project and a go/no go on a more detailed due diligence,
  • a second for a go/no go on the investment proposal.

The decision cycle takes approximately three to six months from the moment a complete investment proposal is presented to the Investment Committee.

Representatives of the investors:

Thibaut Busschaert: AXA Belgium
François Fontaine: Société Fédérale de Participations et d’Investissement (SFPI - FPIM)
Raf Moons : Fortis PrivateEquity
Anne Prignon: Sambrinvest


Independent members:

Johan Brants: Partner Brants& Patents, intellectual property
Emmanuel Caeymaex : Vice President UCB
Claude Jottrand: financial consultant specialised in SMEs


Anne Prignon
Sambrinvest, CEO

« The mission of Sambrinvest is to support the economic development and employment in the Walloon region, a.o. by financing start-ups and spin-offs. As the ULB is present in Gosselies, Sambrinvest is its natural local partner. Sambrinvest not only invests, it also
supports its participations in administration, financial management, …Theodorus is the ideal partner for any investor, private or public, looking for highly innovative opportunities. »

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