I-care, based in Mons, Belgium, and Company of the Year 2020, is a specialist in predictive maintenance. Te company is raising €40 million to mass-produce its data collectors, according to sources close to the case.
To support its growth, I-care had been working for several months on a major fundraising exercise. This fresh capital comes from the Hainaut bank CPH, the new Walloon private/public fund Amerigo launched as part of the recovery and an unnamed Belgian industrial family. The Hainaut-based investor IMBC and SRIW, already on board, also participated in the operation.
This is the second of three stages of the “Red Water” operation, which should enable I-care to raise a total of 100 million euros. The first phase, last December, enabled the company to raise some 10 million euros from its employees. The third phase will involve raising around €50 million via an initial public offering (IPO), provided that the financial markets allow it.
According to the Belgian newspaper L’Echo, no timetable has yet been set for an IPO, but Bruno Colmant, a former banker and Euronext Brussels executive, has been chairman of I-care’s board of directors since May, with the task of accompanying the process.