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imec.istart goes evergreen

Flemish Government and private partners convert imec.istart’s pre-seed fund into evergreen fund

In 2017, the imec.istart Fund was established thanks to the Flemish Government, imec, ING, BNP Paribas Fortis, Telenet and Cronos Groep. With a starting capital of 12.5 million EUR, the fund could guarantee pre-seed funding for our selected startups until 2022.     

The Flemish Government and our strong private partners have now agreed to convert imec.istart Fund into an ‘evergreen’ fund, allowing us to support new startups in the long term. An extra 14.4 million EUR will consequently be injected into the fund.  

The initial pre-seed funding by imec.istart has an important leverage effect on attracting follow-up funding. Today, our startups have attracted more than 256 million EUR follow-up funding. This means that every euro invested by the imec.istart Fund generates 24 EUR funding through other sources. The initial investment and thorough support enable young startups to grow from a solid base. By giving the imec.istart Fund the evergreen status, the capital that returns form exits can be reinvested in the new generation of startups. 

Sven De Cleyn, manager of the imec.istart program and fund, explains the importance of the long term vision: “The results of our program prove that a long term investment in promising young technology startups pays off. Even in these difficult times, our startups continue to deliver satisfying results. Not a single portfolio company was urged to stop its activities due to the COVID-19 crisis, and a fair number still succeeds to grow and attract new resources by risk capital investors and banks. We are very pleased that the Flemish Government, as well as our private partners, underline the ambition to continue our way of working. By converting the imec.istart Fund into an evergreen fund, we can continue to help  new startups in becoming healthy, ambitious scale-ups.”