Investment Strategy


Product type

White Fund invests in all types of medical technologies, including prevention, diagnostic, monitoring and treatment solutions.

Development stage

White Fund invests in early-stage projects entering commercialization. Depending on the project, early-stage can mean different things: as a minimum, projects must be able to demonstrate a sound proof of concept for their technology and/or an initial turnover that reflects the market appetite for the relevant product/service. For this reason, White Fund generally invests in the pre-market phases and the early commercialization phase, and/or in selected cases, in companies addressing the regulatory marking phase.


White Fund essentially invests in Belgium but remains open to investment opportunities in neighbouring countries.


During the project evaluation process, the team at White Fund pays particular attention to the quality of the technology and its potential to significantly impact the healthcare sector.

Evaluation criteria :

Quality of the team and its network

Robustness of the proof-of-concept

IP and regulatory strategy


Exit strategy

Ticket size

White Fund invests tickets worth €2 – 5 million per project in 2 or 3 financing rounds.
White Fund can make larger tickets available by calling on its own shareholders as part of a co-investment strategy.

It should be noted that, depending on the configuration of the round call, White Fund may play the part of lead investor. However, this is not a pre-requirement.


A period of 3 – 6 months usually passes between the initial contact and decision to invest. The decision-making process generally consists of the following stages:

Presentation pitch

Non-binding intention

Detailed due diligence

Non-binding term sheet

Investment decision


White Fund is a 10-year closed-end fund, with an investment period of 5 years and 5 years for disinvestment. It therefore aims to exit from companies, in which it has invested, within 5-7 years.

The exit strategy for target companies is therefore a fully-fledged assessment factor during the selection process.