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Risk, Return & Purpose

Traditional market theories state that one cannot achieve returns without bearing risks, the level of risk defining the level of expected returns. This conception is missing another fundamental aspect: the Purpose. No risk, no return ; no Purpose, no return. I will try to address the Risk and Purpose Returns model from an private equity investor perspective.

“Ik droom ervan weer fabrieken naar Charleroi te brengen”

Terwijl hij er als tiener de ene staalfabriek na de andere zag sluiten, jagen CEO Hugues Bultot en co-oprichter José Castillo met de Waalse biotechtrots Univercells – de chouchou van Bill Gates – een frisse industriële wind door Charleroi.

Univercells Holding raises €70 million in Series C Financing

Univercells Holding recently raises €70 million with two rounds of capital increase with new investors. The capital infusion will support the development of GMP facilities and the capacity to foster distributed manufacturing and supply of biologics.

TheClubDeal: Newsletter September 2020

OUR NEW CHAIRWhat an hectic time! Sailing in unchartered waters, new challenges, new fears, new opportunities! New business models! Demonstrated resilience will be a key

TheClubDeal welcomes new partners

TheClubDeal has proceeded to a capital increase. Four new families have joined the existing shareholders, now bringing the families to a number of eight. Families Heynderickx (Jean-Marc),

L’ECHO: Le projet de sucre “zéro calorie” à Seneffe se précise

Le projet d’installation de la société indienne Petiva à Seneffe se précise. La future usine produira dans un premier temps 30.000 tonnes par an d’allulose, un sucre naturel zéro calorie. L’installation d’une unité pilote, initialement prévue début 2020, devrait finalement être achevée en 2021.


The “Zero calorie” sugar project in Seneffe is making progress.  The Indian company Petiva’s project to settle in Seneffe is becoming clearer. The future plant

CEO Summit

On June 13, TheClubDeal held its first CEO summit with representatives from about 10 companies having allied with TheClubDeal and other co-investors for the financing

YUST Group

Capital Increase (& Share Purchase Agreement) On April 1st, a club of investors lead by TheClubDeal took a 50% participation in the YUST Group through


TheClubDeal advised and co-invested in Graftys for its fundraising of €4.100.000 closed end of February 2019. Graftys, taken over in 2017 by Enrico Bastianelli (ex-CEO

L’ECHO: Après les chirurgiens, 3D-Side vise les producteurs de prothèses

La start-up wallonne 3D-Side a fait de l’impression 3D sa spécialité. Avec notamment ses prothèses pour le crâne, l’entreprise est aujourd’hui bien installée dans les blocs opératoires. Déjà rentable trois ans après sa création, l’entreprise s’attaque désormais aux producteurs de prothèses grâce à un logiciel.


TheClubDeal advised 3D-side, a company active at the crossroads of the patient specific protheses and the software, for a capital increase of €3.000.000.  3D-Side is


TheClubDeal advised UniverCells for its fundraising of 17m of which 3 millions from Belgian Investors. Univercells is a medical engineering company whose aim is of

L’ECHO: “Nous sommes en train de réussir notre pari de vaccins à 15 centimes la dose”

La biotech wallonne Univercells vient de lever 16 millions d’euros auprès d’investisseurs belges, mais aussi américains et coréens. La moitié de ces fonds doit servir à développer un vaccin existant, mais en rupture chronique d’approvisionnement. L’autre moitié, nous explique le CEO Hugues Bultot, doit venir renforcer la plateforme de biosimilaires, dédiée à la production d’anticorps et à la lutte contre les maladies orphelines.

L’ECHO: Près de 4 millions pour faire croître BCI Pharma

Fraîchement arrivée à Liège, la biotech BCI Pharma a désormais les moyens financiers pour assurer sa croissance en terres wallonnes. Créée par un chercheur belge, Dominique Surleraux, dans la région de Montpellier en 2013, BCI Pharma a annoncé lundi avoir reçu 1,9 million d’euros de financement public de la part de la Région wallonne (DG06), auxquels il faut ajouter quelque 2 millions d’euros d’investissement public et privé.

Startup Boards

I recently had the pleasure to read Brad Feld’s and Mahendra Ramsinghani’s book: Startup Boards. I would clearly advice you to read it because the

Of the importance of accurate governance

TheClubDeal celebrated its first year anniversary on November 30 during a walking dinner given to an exclusive public of investors and entrepreneurs. TheClubDeal, a holding

Lessons from the Market

TheClubDeal is screening about 3-4 opportunities a week. It may happen that TheClubDeal, having evaluated a dozen of criteria might be positive for some opportunities,

Thematic Investments

At TheClubDeal, besides evaluating business models on their mere financial potential, we want to understand in which trend the investment opportunities fit.  A good way

The Market Place: Overview

Belgium has evolved a lot over the last years. The combination of the reduction of global leaders headquartered in Belgium, and the consequential loss in

Clubs currently being structured

TheClubDeal is constantly meeting entrepreneurs mainly from Belgium but from abroad. We relentlessly look for growing and established companies or real estate projects which we

Nyxoah – Medical Technology

Nyxoah, a company developing disruptive neurostimulation technology to cure obstructive sleep apnea, mandated TheClubDeal for supporting a capital increase. Established in Mont Saint Guibert, with