Coucke invests in fast-growing ‘inventors company’ Comate

Belgian entrepreneur Marc Coucke has acquired a “significant stake” in Comate, a Leuven-based design and engineering firm that serves as an external R&D center for other companies. Alongside the investment, Coucke and Comate are launching a new venture fund aimed at supporting start-ups with high-tech innovations.

Comate’s expertise spans a wide range of sectors: robot snow plows, exoskeletons, sound systems for BMW, Volvo, and VW, kitchen steamers, surgical tools for hip operations, and components for fiber optic networks, among others.

The company works exclusively on behalf of third parties, developing products for companies like MiDiagnostics and Mealhero. For MiDiagnostics, Comate developed devices to read Covid-19 tests; for Mealhero, a smart steamer for healthy meals. Comate is led by founder Wouter Foulon and his cousin and co-CEO Sander Van den Dries.

Over the past decade, the “invention company” has posted impressive growth, earning the title of “SME of the Year” from Belgian employers’ association UNIZO in 2019. Deloitte has repeatedly ranked Comate among its top 50 fastest-growing companies.

With backing from Alychlo—Coucke’s private investment vehicle—Comate aims to expand its model of turning product ideas into marketable devices across Europe. Financial details of the investment and the exact size of Coucke’s stake have not been disclosed.

In 2019, Comate reported a gross margin (revenue minus costs) of €2.9 million, double the previous year’s figure. Operating profit also doubled to €0.6 million, while net profit tripled to €0.46 million.