What we do

Theodorus invests 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 2.5M€ 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 70M € under management, Theodorus funds give the means to implement ambitious R&D programs oriented towards company creation.

As of end 2019, Theodorus invested in 40 companies. These profitable investments led to the creation of more than 600 jobs.

With 4 funds closed over the past 17 years, Theodorus is one
of the major and most experienced spin-off funds in Belgium.

Theodorus IV
42M€ fund

Launched in October 2018, Theodorus IV is dedicated to spin-offs (whether or not from ULB). It focuses on financing seed and early-stage life sciences and high tech companies.

Theodorus IV expands its activities in North America by welcoming Quebec investors. In the next five years, Theodorus IV will invest between 500K€ and 2,5M€ in some twenty companies in Belgium and Canada. 


Theodorus III 
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.

Theodorus II
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."

Theodorus I
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.





ULB, our partner

Our historical partner : 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, 6 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. Since then, every Theodorus Investment Funds created have had the same priority access to ULB R&D outcomes and 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 17 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.

Our international ambitions

Theodorus expands its activities in North America by opening an office in Montreal.

This initiative was founded on the fact that in Quebec there is a massive amount of investment going into research but very little into spin offs. To fill this financial gap Theodorus IV is committed to helping the Quebec research ecosystem by partnering with local universities, research centres and research commercialisation firms as well as research consortiums and incubators. 

On one hand, this partnership will enable Belgian spin-offs to expand more rapidly in North America and to export there. On the other hand, Quebec based companies can access the Belgain and European markets.

At the beginning of the year 2020, Theodorus IV had announced its second closure after welcoming a number of new investors from the North American continent, bringing the size of the fund to €38M. One of them was the Fonds de solidarité FTQ, which represents over 700,000 Quebec shareholders/investors. Theodorus IV has also structured partnerships with all the companies in charge of promoting research in Quebec (Univalor, Aligo and Sovar) as well as with research consortia (MEDTEQ, CQDM, IriCor and CRIAQ) and a first incubator (Agile MV). They are joined today by a Quebec-based seed fund managed by Teralys Capital, the largest innovation- focused investor in Canada with over $2B in assets under management.

Theodorus IV is a fund that invests in early stage biotech, digital and high-tech companies. In the next five years the fund plans to invest between 500K€ and 2,5M€ in around twenty Belgian and Canadian companies.


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:

  1. Ability to invest at seed stage in some of the most promising projects.
  2. Focus on projects with a high growth potential, rapid international expansion and oriented towards mid-term exit.
  3. Important strike force with more than 70M € under management.
  4. Strong network of co-investors: Theodorus has an average financial leverage of 12, each € invested leading to 12€ total investment.
  5. Strong support of public authorities towards fundamental research and innovation.
  6. 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, backed-up by high-level scientists and researchers
  • A proprietary and disruptive technologies coming from partner institutions
  • 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 2,5 M€ alongside other investors.


Theodorus investment process is composed of 5 major steps :

  1. If needed, reinforcment of the project during its maturation phase in collaboration with incubators, our experts and/or universities (team, business model, ...)
  2. Qualification of the project by the Theodorus Management Team
  3. Presentation of the project at Theodorus Investment Committee and first "go/no go" decision
  4. Deal structuration with complementary funds (dilutive and non-dilutive)
  5. Closing and investment.

Theodorus agile process allows rapid decision making, depending on the maturity of the project.

We are Theodorus,