The BI³ Fund contributed substantially to a capital increase of Elsyca in 2003.

The Brussels I³ Fund NV is a recent venture-supporting initiative that resulted from the VUB (Vrije Universteit Brussel)’s ambition to extend and expand its industrial policy. As a convergence point of three driving forces: Imagination, Innovation and Incubation, the BI³ Fund seeks to provide and create an inspiring environment for an innovating policy towards valorization-minded research and entrepreneurship.

The BI³ Fund’s main objective is to provide capital – in the form of seed capital, financial and business-related know how – to VUB spin-off companies, both within Belgium and abroad. Ventures that are focused on scientific research, technological development and commercialization of their research results are typically companies of interest for BI³, on condition that the transfer of the university’s academic knowledge and technological developments between the VUB and these companies is guaranteed. The Brussels I³ Fund not only provides the significant amount of capital to VUB spin-off companies during their startup phase, moreover, as a closed fund, it is financially capable to take part in a first follow-up financing as well. This objective was implemented in a risk capital fund of 6 million euro, which can be increased to 12 million euro.

The VUB provided a financial input of 250 000 euro, and established a partnership with KBC Investco and Fortis Private Equity, which both invested 2 million euro and with Ethias, Mercator Insurance and the Regional Investment Company Brussels (GIMB, via Brustart).