Cresco

News – Emerging and Growth Companies Practice

Formation of corporate venturing fund imec.xpand

Cresco acted as lead counsel to imec, the world leading R&D hub for nano electronics and digital technology, and the General Partner of imec.xpand, in the structuring, formation and fundraising of imec.xpand.

Imec.xpand is an independently managed, game-changing fund to enable early-stage nano electronics based innovation powered by imec.  The fund targets entrepreneurs who want to be part of the next wave of nano electronics-based innovation in smart applications for a sustainable society such as smart health, smart mobility, smart cities, smart industries or smart energy.

Imec.xpand secured total commitments in the amount of approximately EUR 60 million upon its initial closing and is aiming for a total fund size of EUR 120 million. Investors include the investment arms of the Flemish and Federal government, the universities KU Leuven and UGent, BNP Paribas Fortis, and the investment arms of Samsung and Applied Materials.

Tom Vanhoutte, Managing Partner of imec.xpand, comments “We have been very pleased to have worked closely with the Cresco team in the formation of imec.xpand and are looking forward to building a long term partnership. They are unique in the Belgian market in combining a wealth of experience in fund formation with deep and unique technology and venture capital expertise.”

Adds Filip Merckx, CFO of imec: “imec is thrilled having established the first Belgian captive corporate venturing fund with such prestigious investors in close collaboration with the excellent, creative and flexible Cresco lawyers.

Comments David Dessers, Managing Partner: “Representing general partners and investors in venture capital and private equity investment funds is one of the cornerstones of our practice. We are very pleased in having assisted imec and the general partner of imec.xpand in setting up this unique corporate venturing fund.

David Dessers, Pieter Capiau, Frédérique Joos and Koen Borghys constituted the deal team for this transaction.

More information on the formation of imec.xpand can be found in De Tijd.

For any further information or questions, please contact David Dessers or Pieter Capiau.

 

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