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§ University Fund · Leuven, Belgium
Seed capital venture capital firm investing in early-stage, research-based spin-off companies from KU Leuven across all technology domains.
The Gemma Frisius Fund is a seed capital venture capital firm based in Leuven, Flanders, Belgium, that exclusively invests in early-stage, research-based spin-off companies originating from KU Leuven. Operating as a strategic financial vehicle, the firm provides critical seed, start-up, and early-stage financing across all technology domains to support the broader commercialization of academic innovations. Historically, the fund has deployed €26 million in capital across 39 dedicated university spin-offs, completing a total of 44 distinct investments throughout its operational history. The firm's active investment portfolio features several notable medical and technology ventures, including Pulsify Medical, which previously secured a €5.4 million Series A funding round, and Gynaia. The Gemma Frisius Fund was founded in 1997 as a collaborative joint venture established by KU Leuven, KBC Private Equity, and BNP Paribas Fortis Private Equity.
Key people at Gemma Frisius Fund.
The fund was established as a joint venture between KU Leuven, KBC Group, and BNP Paribas Group, who also co-manage its operations.
The fund began with Gemma Frisius Fund I, which invested in 15 projects and reserved capital for follow-up investments. Its successor, Gemma Frisius Fund II, was established in 2002 to continue and expand this investment activity.
The fund was established as a joint venture between KU Leuven, KBC Group, and BNP Paribas Group, who also co-manage its operations.
The fund began with Gemma Frisius Fund I, which invested in 15 projects and reserved capital for follow-up investments. Its successor, Gemma Frisius Fund II, was established in 2002 to continue and expand this investment activity.
Gemma Frisius Fund, founded in 1997, operates as a seed capital fund with a specific focus on fostering innovation from KU Leuven. It was established as a joint venture, bringing together the academic institution KU Leuven with financial partners KBC Group and BNP Paribas Group. This collaborative structure underpins its mission to provide early-stage funding and support to university-related spin-off companies.
The fund's core purpose is to stimulate the creation and growth of new enterprises directly linked to KU Leuven's research and development. By offering seed capital, Gemma Frisius Fund helps these spin-offs bridge the gap between academic discovery and commercial viability, supporting their journey from conceptualization to market presence. This strategic investment approach is designed to accelerate the transfer of technology and knowledge from the university into practical applications.
Historically, the Gemma Frisius Fund has evolved through distinct phases. The initial fund, Gemma Frisius Fund I, made investments in 15 projects, allocating a total of 8 million EUR. This fund also maintained 4.4 million EUR for subsequent follow-up investments, demonstrating a commitment to sustained support for its portfolio companies.
Building on the success of its predecessor, Gemma Frisius Fund II was established on July 3, 2002. This second iteration continued the fund's mandate, further expanding its capacity to invest in and nurture KU Leuven spin-off companies. The fund has since provided seed capital to a wide array of these ventures, contributing to the broader venture ecosystem.
The fund's investment activities are exemplified by its participation in recent funding rounds. For instance, Gemma Frisius Fund was among the investors in a €1 million funding round for RunEasi, alongside other investors and the company's founders. This illustrates its ongoing engagement in supporting promising university-derived startups. The fund is co-managed by KU Leuven, KBC Group, and BNP Paribas, and is located in Leuven, Belgium.
Key people at Gemma Frisius Fund.
Gemma Frisius Fund has 7 tracked investments across 6 companies. The latest tracked deal is $1.2M Seed in Runeasi in February 2026.
| Date | Company | Round | Lead Investor(s) | Co-Investor(s) |
|---|---|---|---|---|
| Feb 4, 2026 | Runeasi | $1.2M Seed | Smarter Ventures | Freshmen Fund, Kerstin Dittmar, Sean Gourley |
| Jan 23, 2024 | Protealis | $23.9M Series B | — | Agri Investment Fund, Estari, Globachem Group, HFT Holding, Ilvo, Innovation Industries, Korys, PMV, Thia Ventures, V BIO Ventures |
| Dec 21, 2021 | Aphea.Bio | $20.3M Series B | Hendrik VAN | Agri Investment Fund, PMV, Qbic II, V BIO Ventures, VIB, Vives Louvain Technology Fund |
| May 28, 2020 | Virovet | $6.6M Series B | Seventure Partners | Agri Investment Fund, Capricorn Venture Partners, Flanders, KU Leuven, PMV, Vives Louvain Technology Fund |
| Jun 26, 2017 | Aphea.Bio | $8.6M Series A | Willem Broekaert | Agri Investment Fund, Group DE Ceuster, PMV, Qbic II, Philippe Durieux |
| Oct 24, 2013 | TROD Medical | $6.6M Series B | Frank Bulens, Stephane Verdood | PMV |
| Jun 26, 2013 | Complix | $15.6M Series B | Biotech Fund Flanders, Patrick VAN Beneden | Baekeland II Fund, CRP Sant, LRM, Omnes Capital, Trustcapital, Vesalius Biocapital, Vinnof |
