Capricorn Partners

Capricorn Partners is an independent asset manager based in Belgium, established in 1993. The firm specializes in managing venture capital funds that focus on investing in innovative European companies leveraging technology as a competitive advantage. Its investment team consists of experienced managers with extensive expertise in technology and a broad range of industrial experience. Capricorn Partners aims to foster the growth of technology-based companies across Europe, enhancing their potential through strategic investments.

Jan Avonts

Investment Manager

Daniela Arruda Costa

Investment Associate

Olaf Cörper

Partner

Antoine D’Hollander

Investment Associate

Paul van Eynde

Senior Investment Manager

Katrin Geyskens

Partner

Yvette Go

Investment Director

Ludwig Goris

Senior Investment Manager

Steven Lambert

Senior Investment Manager

Maarten Lambert

Senior Associate

Marc Lambrechts

Investment Director

Steven Levecke

Senior Investment Manager

Jos B. Peeters

Managing Partner

Wouter Van de Putte

Investment Associate

Katya Smirnyagina

Executive Director CHF

Ekaterina Smirnyagina

Partner

Claude J. Stoufs

Partner

Yves Vaneerdewegh

Partner

Els Vanheusden

Senior Investment Manager

Past deals in Belgium

StoryChief

Venture Round in 2022
StoryChief.io is a content marketing software designed for startups, SEO marketers, and editorial teams seeking to streamline their content creation and distribution processes. The platform enables users to publish stories across multiple channels, including WordPress, Medium, newsletters, and various social media platforms, all from a single interface. Its universal editor allows for the easy creation of visually appealing articles tailored for different publishing formats. Additionally, StoryChief offers features such as SEO suggestions, performance tracking, and lead capture integration with CRM systems, helping users measure their impact and return on investment effectively. By centralizing content management, StoryChief enhances the reach and efficiency of content marketing efforts.

Sensolus

Venture Round in 2020
Sensolus NV designs and develops global positioning system (GPS) trackers that allows to track non-powered assets. It offers turnkey solutions for wireless and low-power context-aware sensing. The company also provides a web based platform, Internet of things (IoT) cloud platform, and application that helps to provide real time information about assets. It serves manufacturing, waste management, cargo transport, transport and logistics, and automotive industry. The company was founded in 2013 and is based in Ghent, Belgium.

Virovet

Series B in 2020
ViroVet NV develops virus control solutions for the livestock industry. It offers antiviral drugs for the control and treatment of respiratory diseases of cattle and swine. The company also offers modified live virus vaccines for endemic and epizootic viral livestock diseases. ViroVet NV was founded in 2015 and is based in Leuven, Belgium.

iSTAR Medical

Series C in 2019
iSTAR Medical SA is a Belgian company specializing in the development of innovative ophthalmic implants aimed at treating glaucoma. Founded in 2010 as a spinout of Healionics Corporation, the company has established a strong presence in the market with its flagship product, the STARflo glaucoma implant. This non-degradable, micro-porous drainage system reduces intraocular pressure in patients with open-angle glaucoma by enhancing the eye's natural uveoscleral outflow. iSTAR Medical also offers additional products, including STARflo PLUS and STARflo MINI, which provide surgical therapies for glaucoma. The implants are designed to integrate with surrounding tissue, exhibiting anti-fibrotic and anti-inflammatory properties, thereby minimizing complications and the need for medication. The company operates from its eco-friendly R&D and manufacturing facility in Belgium and distributes its products across various international markets, including Australia, China, France, Hungary, Italy, Poland, and Turkey. iSTAR Medical has received multiple quality certifications, including ISO 13485 and ISO 9001, and achieved CE Mark approval for its devices.

Arkite NV

Venture Round in 2019
Arkite NV manufactures automation products, Human Interface Mate, which assists the manufacturing operator by warning as soon as a wrong operation is in progress and navigates towards standardized work. The company was founded in 2015 and is based in Genk, Belgium.

icometrix

Series A in 2019
Icometrix develops automated magnetic resonance imaging (MRI) biomarkers. The company offers icobrain ms that track disease progression in individual multiple sclerosis patients; cobrain dm that quantifies brain structures in individual dementia patients; and icobrain tbi, which tracks axonal injuries in individual head trauma patients. It also provides services in the areas of CT and advanced MRI. The company is based in Leuven, Belgium.

Confo Therapeutics

Series A in 2019
Confo Therapeutics is a drug discovery company based in Brussels, Belgium, founded in 2015. The company specializes in developing internal drug discovery programs focused on G-protein coupled receptors (GPCRs) to address unmet medical needs. Utilizing its proprietary CONFO® technology, Confo Therapeutics stabilizes inherently unstable functional conformations of GPCRs, providing a robust starting point for drug discovery. This approach reveals previously inaccessible structural features of these receptors, facilitating the identification of novel agonists that enhance therapeutic interventions.

Miaa Guard

Venture Round in 2019
miaa Guard CVBA develops a platform that implements access control solutions to monetise digital business with microservice APIs. The platform offers API and introduces a access model to respond to identities of consumers and professionals within an enterprise's context, access rights and policies for an enterprise's digital assets, and authorisations granted by users to other users. It provides services, including security and access governance; integration and data architecture; and configuration and customisation. miaa Guard CVBA was formerly known as VintiQ and changed its name to miaa Guard CVBA in 2014. The company was founded in 2009 and is based in Leuven, Belgium.

LindaCare

Series B in 2018
LindaCare Ltd. is based in Leuven, Belgium, and specializes in developing a tele-monitoring dashboard for data from various cardiac implantable device vendors. The platform integrates seamlessly with electronic patient records, enhancing workflow automation and efficiency while offering customizable alerts across different vendors to minimize medical errors. LindaCare aims to reduce the cost and improve the quality of care in chronic disease management by providing healthcare professionals and hospitals with a unified, vendor-independent software solution. This approach simplifies patient tele-monitoring, ultimately enhancing patient safety and the overall quality of care.

NGDATA

Series C in 2017
NGDATA develops data management systems. The company offers Lily, a big data management system that extracts business insights in real-time and benefits from enriched data in real-time. It serves retail and e-commerce; news, publishing, and media; finance, credit, and insurance; and telecom domains. The company is based in Ghent, Belgium with an additional office in Singapore; and Paris, France.

Arkite NV

Venture Round in 2017
Arkite NV manufactures automation products, Human Interface Mate, which assists the manufacturing operator by warning as soon as a wrong operation is in progress and navigates towards standardized work. The company was founded in 2015 and is based in Genk, Belgium.

Sensolus

Seed Round in 2017
Sensolus NV designs and develops global positioning system (GPS) trackers that allows to track non-powered assets. It offers turnkey solutions for wireless and low-power context-aware sensing. The company also provides a web based platform, Internet of things (IoT) cloud platform, and application that helps to provide real time information about assets. It serves manufacturing, waste management, cargo transport, transport and logistics, and automotive industry. The company was founded in 2013 and is based in Ghent, Belgium.

Virovet

Series A in 2017
ViroVet NV develops virus control solutions for the livestock industry. It offers antiviral drugs for the control and treatment of respiratory diseases of cattle and swine. The company also offers modified live virus vaccines for endemic and epizootic viral livestock diseases. ViroVet NV was founded in 2015 and is based in Leuven, Belgium.

FEops

Series B in 2017
FEops is a recognized pioneer in the field of physics-based simulations for minimally invasive cardiovascular devices and procedures. They apply this technology from bench to bed, by offering advice to medical device companies as well as to medical specialists and physicians. Their computer simulations have proven to provide medical device developers and manufacturers with unique insights, thereby speeding up R&D processes and supporting device safety. Physicians, for their part, benefit from new patient-specific insights that help them work more efficiently while, most importantly, improving patient safety.

NGDATA

Series B in 2017
NGDATA develops data management systems. The company offers Lily, a big data management system that extracts business insights in real-time and benefits from enriched data in real-time. It serves retail and e-commerce; news, publishing, and media; finance, credit, and insurance; and telecom domains. The company is based in Ghent, Belgium with an additional office in Singapore; and Paris, France.

Indigo Diabetes

Series A in 2016
Indigo Diabetes nv is a medical device company based in Ghent, Belgium, founded in 2016 by Danaë Delbeke and her team. The company specializes in developing an innovative invisible glucose monitor that utilizes advanced photonics technology to measure and manage blood glucose levels without the need for finger pricks. This high-tech sensor is designed to be inserted under the skin, allowing for continuous monitoring of blood sugar levels. Indigo Diabetes aims to enhance the user experience for individuals living with diabetes by providing a more accurate and convenient method for glucose monitoring, thereby transforming diabetes management.

FRX Innovations

Series D in 2016
FRX Innovations Inc. is a manufacturer of environmentally sustainable flame retardant solutions, specializing in polyphosphonates under the brand name Nofia. The company produces a range of non-halogen, transparent, high melt flowing fire-resistant plastics that cater to various industries, including electronics, automotive, electric vehicles, medical devices, textiles, building and construction, and mass transit. FRX Innovations employs sustainable green chemistry principles in its production processes, utilizing solvent-free methods and generating no waste byproducts. Headquartered in Chelmsford, Massachusetts, with a manufacturing facility located in Antwerp, Belgium, the company distributes its products internationally through a network of distributors. Established in 2006, FRX Innovations operates as a subsidiary of Triton Systems, Inc.

Diagenode

Venture Round in 2016
Diagenode is an international life sciences company that develops and commercializes innovative instruments and reagents systems for life science research and molecular diagnostics. Founded in 2003 in Liege (Belgium), Diagenode is a global company, with headquarters in Liege, Belgium and Sparta, NJ, USA. Diagenode also has a local sales office in the United Kingdom to better serve this specific country. Diagenode's customers include leading epigenetics researchers, academic institutions, high-profile genome centers and core labs, life sciences tools companies, molecular diagnostics players, and pharmaceutical and biotechnology companies. Epigenetics Division

iSTAR Medical

Series B in 2016
iSTAR Medical SA is a Belgian company specializing in the development of innovative ophthalmic implants aimed at treating glaucoma. Founded in 2010 as a spinout of Healionics Corporation, the company has established a strong presence in the market with its flagship product, the STARflo glaucoma implant. This non-degradable, micro-porous drainage system reduces intraocular pressure in patients with open-angle glaucoma by enhancing the eye's natural uveoscleral outflow. iSTAR Medical also offers additional products, including STARflo PLUS and STARflo MINI, which provide surgical therapies for glaucoma. The implants are designed to integrate with surrounding tissue, exhibiting anti-fibrotic and anti-inflammatory properties, thereby minimizing complications and the need for medication. The company operates from its eco-friendly R&D and manufacturing facility in Belgium and distributes its products across various international markets, including Australia, China, France, Hungary, Italy, Poland, and Turkey. iSTAR Medical has received multiple quality certifications, including ISO 13485 and ISO 9001, and achieved CE Mark approval for its devices.

LindaCare

Series A in 2015
LindaCare Ltd. is based in Leuven, Belgium, and specializes in developing a tele-monitoring dashboard for data from various cardiac implantable device vendors. The platform integrates seamlessly with electronic patient records, enhancing workflow automation and efficiency while offering customizable alerts across different vendors to minimize medical errors. LindaCare aims to reduce the cost and improve the quality of care in chronic disease management by providing healthcare professionals and hospitals with a unified, vendor-independent software solution. This approach simplifies patient tele-monitoring, ultimately enhancing patient safety and the overall quality of care.

NGDATA

Series B in 2015
NGDATA develops data management systems. The company offers Lily, a big data management system that extracts business insights in real-time and benefits from enriched data in real-time. It serves retail and e-commerce; news, publishing, and media; finance, credit, and insurance; and telecom domains. The company is based in Ghent, Belgium with an additional office in Singapore; and Paris, France.

Ogeda

Series B in 2015
Ogeda SA, a clinical-stage drug discovery company, invents and develops small molecule drugs targeting G-Protein Coupled Receptors. It offers fezolinetant (ESN364), a Phase II clinical development product for the treatment of women’s health disorders; NK3 antagonists for the treatment of hormone-dependent pathologies in women's health; and products for endocrine, CNS/inflammatory disorders. Ogeda SA was formerly known as Euroscreen SA and changed its name to Ogeda SA in October 2016. The company was founded in 1994 and is based in Gosselies, Belgium. It has a meeting facility in Brussels, Belgium; and an additional office in Paris, France. Ogeda SA operates as a subsidiary of Astellas Pharma Inc.

NovoPolymers

Venture Round in 2015
NovoPolymers NV develops encapsulant solutions for the photovoltaic market. It offers thermoplastic encapsulant sheets for crystalline silicon based photovoltaic modules; and hydrocarbon thermoplastic elastomer materials. The company was founded in 2008 and is based in Puurs, Belgium.

FEops

Series A in 2015
FEops is a recognized pioneer in the field of physics-based simulations for minimally invasive cardiovascular devices and procedures. They apply this technology from bench to bed, by offering advice to medical device companies as well as to medical specialists and physicians. Their computer simulations have proven to provide medical device developers and manufacturers with unique insights, thereby speeding up R&D processes and supporting device safety. Physicians, for their part, benefit from new patient-specific insights that help them work more efficiently while, most importantly, improving patient safety.

FRX Innovations

Series C in 2014
FRX Innovations Inc. is a manufacturer of environmentally sustainable flame retardant solutions, specializing in polyphosphonates under the brand name Nofia. The company produces a range of non-halogen, transparent, high melt flowing fire-resistant plastics that cater to various industries, including electronics, automotive, electric vehicles, medical devices, textiles, building and construction, and mass transit. FRX Innovations employs sustainable green chemistry principles in its production processes, utilizing solvent-free methods and generating no waste byproducts. Headquartered in Chelmsford, Massachusetts, with a manufacturing facility located in Antwerp, Belgium, the company distributes its products internationally through a network of distributors. Established in 2006, FRX Innovations operates as a subsidiary of Triton Systems, Inc.

iSTAR Medical

Series A in 2013
iSTAR Medical SA is a Belgian company specializing in the development of innovative ophthalmic implants aimed at treating glaucoma. Founded in 2010 as a spinout of Healionics Corporation, the company has established a strong presence in the market with its flagship product, the STARflo glaucoma implant. This non-degradable, micro-porous drainage system reduces intraocular pressure in patients with open-angle glaucoma by enhancing the eye's natural uveoscleral outflow. iSTAR Medical also offers additional products, including STARflo PLUS and STARflo MINI, which provide surgical therapies for glaucoma. The implants are designed to integrate with surrounding tissue, exhibiting anti-fibrotic and anti-inflammatory properties, thereby minimizing complications and the need for medication. The company operates from its eco-friendly R&D and manufacturing facility in Belgium and distributes its products across various international markets, including Australia, China, France, Hungary, Italy, Poland, and Turkey. iSTAR Medical has received multiple quality certifications, including ISO 13485 and ISO 9001, and achieved CE Mark approval for its devices.

Trod Medical

Series B in 2013
Trod Medical S.A. is a medical equipment and surgical device manufacturer founded in 2006, with headquarters in Leuven, Belgium, and a presence in the Tampa Bay area, USA. The company specializes in developing innovative ablation technologies, particularly focusing on radiofrequency (RF) ablation devices. Trod Medical's flagship product, the EncageTM, is a disruptive percutaneous RF device that enables precise tissue ablation, significantly reducing collateral damage—a critical concern in treatments for conditions such as prostate cancer. With prostate cancer being one of the most prevalent cancers, affecting approximately 240,000 new patients annually in the United States, Trod Medical's technology addresses the limitations of conventional treatments that often lead to severe side effects, including erectile dysfunction and urinary incontinence. The company aims to enhance patient outcomes through its advanced medical devices designed for the focal ablation of soft tissues.

NGDATA

Series A in 2013
NGDATA develops data management systems. The company offers Lily, a big data management system that extracts business insights in real-time and benefits from enriched data in real-time. It serves retail and e-commerce; news, publishing, and media; finance, credit, and insurance; and telecom domains. The company is based in Ghent, Belgium with an additional office in Singapore; and Paris, France.

Trinean

Venture Round in 2012
Trinean is a Belgium based technology provider, bringing micro-volume molecular spectroscopy to the next level by combining best in class analytical software with a highly standardized read-out platform. Founded in 2006 as a spin-out of the Ghent University, Belgium and Imec Leuven, Belgium, the company commercializes UV/VIS spectrometers for biomolecule quantification. The DropSense™16 and DropSense™96, analyzing up to 16 and 96 samples resp., use microfluidic chips for standardized sample analysis (DropPlates™ and Slides). The Trinean platform is complemented with a software toolbox for improved data interpretation and lab-automation.

NovoPolymers

Venture Round in 2012
NovoPolymers NV develops encapsulant solutions for the photovoltaic market. It offers thermoplastic encapsulant sheets for crystalline silicon based photovoltaic modules; and hydrocarbon thermoplastic elastomer materials. The company was founded in 2008 and is based in Puurs, Belgium.

EpiGan

Venture Round in 2011
EpiGaN, a Leuven, Belgium-based company that develops Gallium Nitride on Silicon (GaN) on-silicon wafers...

FRX Innovations

Series B in 2011
FRX Innovations Inc. is a manufacturer of environmentally sustainable flame retardant solutions, specializing in polyphosphonates under the brand name Nofia. The company produces a range of non-halogen, transparent, high melt flowing fire-resistant plastics that cater to various industries, including electronics, automotive, electric vehicles, medical devices, textiles, building and construction, and mass transit. FRX Innovations employs sustainable green chemistry principles in its production processes, utilizing solvent-free methods and generating no waste byproducts. Headquartered in Chelmsford, Massachusetts, with a manufacturing facility located in Antwerp, Belgium, the company distributes its products internationally through a network of distributors. Established in 2006, FRX Innovations operates as a subsidiary of Triton Systems, Inc.

NovoPolymers

Series B in 2011
NovoPolymers NV develops encapsulant solutions for the photovoltaic market. It offers thermoplastic encapsulant sheets for crystalline silicon based photovoltaic modules; and hydrocarbon thermoplastic elastomer materials. The company was founded in 2008 and is based in Puurs, Belgium.

Ducatt

Venture Round in 2010
Ducatt NV, a Belgium-based solar-glass start-up.

FRX Innovations

Series A in 2009
FRX Innovations Inc. is a manufacturer of environmentally sustainable flame retardant solutions, specializing in polyphosphonates under the brand name Nofia. The company produces a range of non-halogen, transparent, high melt flowing fire-resistant plastics that cater to various industries, including electronics, automotive, electric vehicles, medical devices, textiles, building and construction, and mass transit. FRX Innovations employs sustainable green chemistry principles in its production processes, utilizing solvent-free methods and generating no waste byproducts. Headquartered in Chelmsford, Massachusetts, with a manufacturing facility located in Antwerp, Belgium, the company distributes its products internationally through a network of distributors. Established in 2006, FRX Innovations operates as a subsidiary of Triton Systems, Inc.

NovoPolymers

Series A in 2009
NovoPolymers NV develops encapsulant solutions for the photovoltaic market. It offers thermoplastic encapsulant sheets for crystalline silicon based photovoltaic modules; and hydrocarbon thermoplastic elastomer materials. The company was founded in 2008 and is based in Puurs, Belgium.

iNEWiT

Venture Round in 2008
iNEWiT, an engineering company, engages in identifying, designing, and creating applications and devices for the mobile market. It provides mobile video communication applications; wireless communication technologies, ranging from GPRS/EDGE, over 3G, HSDPA/HSUPA to WiFi, and WiMAX and satellite networks; and plug and play products for the business-to-consumer markets. The company was founded in 2005 and is based in Mechelen, Belgium

Clear2Pay

Series D in 2006
Clear2Pay is a payments technology company that specializes in delivering secure and efficient payment processing solutions for financial institutions. Its Open Payment Framework (OPF) is designed to enhance internal payment processing while offering clients faster payment services accompanied by comprehensive information. The OPF operates on a Service-Oriented Architecture (SOA), allowing institutions to process various payment types through a centralized payments engine that leverages a library of reusable business services. By enabling the integration of new service models with existing infrastructures, Clear2Pay helps banks protect their prior investments while facilitating a gradual transition to a more modern and efficient payments environment.

Gemidis

Series C in 2006
Gemidis is a spin-off company from Ghent University (Belgium) and IMEC (Belgium) and was officially founded in August 2004. Gemidis develops, produces and sells LCOS imagers and driver electronics for both consumer and professional markets.

TiGenix

Venture Round in 2003
TiGenix NV (TiGenix) and its subsidiaries TiGenix Inc. and TC CEF LLC. is a Belgium-based biomedical company that focuses on innovative local treatments for damaged and osteoarthritic joints. The Company is exploiting the power of regenerative medicine for the development of durable treatments, validated through controlled clinical studies, for these indications. TiGenix is located in Leuven and was founded as a spin-off of the Catholic University of Leuven and the University of Ghent. TiGenix is developing a portfolio of products that addresses specific musculoskeletal problems. The lead indication among these is cartilage damage, which is a debilitating affliction severely affecting the mobility and functioning of patients. During the fiscal year ended December 31, 2009, the Company acquired Orthomimetics Ltd.