The state-backed Luxembourg Future Fund has put $5.4m into VIVES Inter-University Fund, bringing the multi-university venture fund’s new total to $80.5m.
VIVES Inter-University Fund (VIVES IUF), a Belgium-based multi-university venture fund initiated by UCLouvain, today added €5m ($5.4m) to its coffers thanks to a commitment from the Luxembourg Future Fund 2 (LFF2).
Luxembourg Future Fund 2 is backed by the government of Luxembourg, via the public investment bank Société Nationale de Crédit et d’Investissement, and the EU-owned European Investment Fund. The fund aims to support a sustainable and diversified economy for the grand duchy.
Luxembourg Future Fund 2’s commitment comes as VIVES Inter-University Fund discusses a partnership with Technoport to gain access to the Luxembourg-based incubator’s deal flow.
VIVES Inter-University Fund was launched in July 2020 by UCLouvain, with partners KU Leuven (in Belgium), the Université Paris Cité in France, Wageningen University and Research in the Netherlands, and the University of Luxembourg. The fund invests in spinouts and startups, committing up to €7m per portfolio company.
The fund invests from pre-seed to series B rounds, focusing on healthcare, agtech and engineering.
The university venture fund now has €75m under management, having previously secured €70m from limited partners including Sopartec, the tech transfer office of UCLouvain, and IMBC Spinnova, the venture fund of the University of Mons in Belgium, as well as the European Investment Fund.
HR, payroll and employee medical services provider Securex and insurance firms Lalux and Axa have also backed the fund, as have Belfin, BNPP Fortis Private Equity, ING Belgique, Investsud, Namur Invest, Nivelinvest, finance&invest.brussels, Sambrinvest, SFPI-FPIM, two unnamed family offices and VIVES’s management team.
The fund had originally targeted a €50m close. Philippe Durieux, chief executive of VIVES, says: “We are thrilled to have surpassed our financial goals for this fund, which demonstrates the trust investors place in our capability to develop successful spinoffs and startups across our inter-regional ecosystem.
“LFF 2’s investment in VIVES IUF shows our ambition to become a key investor in the European innovation ecosystem and to address the numerous challenges in the fields of health, agriculture, industry and technology transfer.”
Thierry Heles
Thierry Heles is editor-at-large of Global University Venturing and Global Corporate Venturing, and host of the Beyond the Breakthrough podcast.
