I-care plans dual capital raise to support growth after stock market delay

Walloon tech company I-care, known as the “machine doctor” for its predictive maintenance technology, is preparing a two-part capital raise to strengthen its finances after postponing its plans to list on the stock market.

According to De Tijd, the first phase involves 10 million euros from existing shareholders, including Wallonie Entreprendre, IMBC, Noshaq and I-care’s own staff and management. This round is expected to close this month and will help refinance I-care’s recent acquisition of sector peer SDT International, the company’s largest takeover to date.

A second, much larger capital injection is planned for later this year. I-care is in talks with major international investment funds for a raise of “tens of millions of euros”, which could become the biggest in the company’s history. CEO Fabrice Brion declined to provide further details.

The funding aims to cover an expected cash shortfall by late 2025 or early 2026 and fuel future growth, both internally and through acquisitions.

In 2024, I-care reported 74 million euros in revenue, an increase of 15 per cent, but remained loss-making, with an 8.2 million euro deficit. However, revenue is rising further in 2025, up 25 per cent in April alone. 

^{Illustration © BELGA PHOTO JONAS VAN BOXEL}