Belgium-based financial services and advisory firm KBC Securities intends to ramp up venture capital funding in Belgium, Netherlands and Luxembourg through a newly formed fund, according to Nuno Carvalho, a new investment director for the vehicle.
“KBC Focus Fund wants to play a central role in building the ecosystem of advanced technology startups and businesses in the Benelux region,” Carvalho told Global Corporate Venturing. KBC hired him earlier this month for the recently launched €55m ($62m) evergreen fund.
Carvalho will help identify developers of advanced technologies in areas such as nanotechnology, microelectronics and the internet of things, focusing on early and scale-up stage startups in France, Germany and the UK as well as the Benelux countries.
Focus Fund looks to partner entrepreneurs adopting a so-called “hands-by” approach which involves taking active board seats as well as “being close to the startup team and providing support whenever needed” including network and knowledge in the industry, Carvalho said.
The corporate incubates startups through its StartIt@KBC incubator and provides seed funding through university spinout funds where KBC acts as a limited partner (LP), including the €30m Gemma Frisius Fund and the €40m Qbic Fund.
In addition, KBC has made an LP commitment to nanoelectronics research institute Imec’s €120m Imec.xpand Fund, which was named Fundraising of the Year last month by Global University Venturing. Carvalho confirmed to GCV that the two funds have co-invested in an Imec spinout called Pharrowtech which develops high-speed wireless chips and antennas.
Carvalho explained: “We will be covering the gap of series A and B stage financing, since companies can already access seed funding via the university and research institute’s funds, and at late stage via private equity growth and corporate finance.
“KBC has the knowledge and the means to support the entrepreneurs throughout every stage of their venture’s growth – ultimately we can help the company go through an IPO process with KBC Securities as an underwriter.”
Carvalho had previously worked at steel wire transformation and coating product maker Bekaert for 14 years, half of which he spent conducting open innovation and corporate venturing activities.
Carvalho became investment manager at Bekaert in November 2011, before ascending to head of Bekaert Venturing four months later as the corporate underwent reorganisation. Bekaert promoted him to director of innovation and corporate venturing in 2016.
His roles at Bekaert involved Carvalho sourcing and participating in deals while serving as board member at portfolio companies. He also represented the corporate as a board adviser at investment funds such as Pangaea Ventures, Tsing Capital and MVP.
Photo courtesy of Nuno Carvalho.
