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Stellar Impact

A Belgian family fund supporting smart solutions for sustainable impact

We provide growth capital to promising young companies across Europe with ambitious solutions to most pressing environmental issues
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We believe that it’s not too late to change the model

We seek to address the root causes of climate change by investing in European scale-ups with high positive impact on the environment. We believe in the power of disruptive models of consumption and production able to create new ecosystems that are both competitive and sustainable. We are an evergreen structure that is seeking to build long-term partnerships with visionary entrepreneurs who are committed to growing their businesses in a sustainable way.


projects we love and invest in

Open bio-bean


A solution for upcycling spent coffee grounds into sustainable, high-value products for a wide range of markets
UK Food waste
Open nextProtein


Sustainable alternative protein production
France Alternative Food
Open Inosys


Developing water treatments solutions to complex and toxic residues on industrial sites
Belgium Water pollution
Open Gaia


Accelerating the transition to sustainable farming practices using soil regenerative solutions
France Sustainable Agriculture
Open Circularity Capital

Circularity Capital

Accelerating the growth of circular economy in Europe
Scotland Circular Economy
Open Noray Seafood

Noray Seafood

Disruptive eco-friendly shrimp production model
Spain Sustainable food
Open Sencrop


Leading smart agriculture solution
France Sustainable agriculture


Stellar Impact is managed by a dedicated team within Telos Impact, an independent impact advisor for private individuals and families seeking to grow their philanthropic and impact investment ambitions. From its offices in Brussels and Paris, Telos Impact provides advisory, structuring, and management services to private investors and philanthropists.

Marc Flammang

Founder & Managing Director

Marc is Managing Director of Telos Impact. Before founding Telos, Marc created and managed the Philanthropy and Impact Investing department at Bank Degroof Petercam. He has over 20 years of experience in the impact area. He is a graduate of ICHEC, College of Europe, and Solvay Business School. Marc founded Telos Impact in 2015.


Jacques de t’Serclaes

Investment Manager

Jacques brings 20 years of experience in finance, from start-up investments to large energy projects, in Asia, Middle East and Africa. He co-founded a PE fund supporting 25+ impact companies in LatAm. He holds an MBA from the Kellogg School of Management, a MSc. in Corporate Finance and a BSc. in economics from UCLouvain.


Flavie Gayet

Investment Manager

Before joining Telos Impact in 2018, Flavie worked in development finance – Private equity transactions at the Dutch Development Bank (FMO) in The Hague for 8 years. She is a graduate of ESCP Business School and holds a Masters’ degree in Art History from the University of Paris 1 Panthéon-Sorbonne.


Caroline Philippe

Investment Manager

Caroline has been with Telos Impact since 2019. Prior to that, she spent 8 years in the Private Equity department of Rothschild & Co in Paris. She is a graduate of ESCP Business School.


Guillaume Boury

Investment Senior Associate

Guillaume joined Telos Impact in 2019. He began his career in the M&A team at KPMG where he spent 4 years.


He holds a master’s degree in Business & Engineering from the Louvain School of Management (UCL).


Baptiste Le Clerc

Investment Associate

Before joining Telos in 2019, Baptiste worked for the Biocoop cooperative and for Finance 3.1, a financial modeling consulting firm. He is a graduate of HEC Paris and holds a degree in Philosophy from Sorbonne University.



Uli Grabenwarter

Deputy Director at European Investment Fund overseeing Europe’s largest Fund-of-Fund investment programmes in Venture Capital, Technology Transfer and Impact Investing. He is a visiting Professor at IESE University, author of numerous publications, and has conducted extended research on family offices’ activity in SRI and Impact Investing.


Claude Jottrand

Graduate from Solvay Business School, Claude has an extensive Belgian and foreign M&A expertise gained through his experience of nearly 20 years at Banque Degroof, starting as a Financial Analyst and in latter years, as a Director of the Investment Banking Department. He is the Chairman of the Board of Verlinvest Group S.A. and serves as Non Executive Director in several boards. 


Benjamin Firmenich

Benjamin has 10+ years experience in impact investing. His firm, Impact Finance, has disbursed $250m in impact food value chains. Benjamin leads the firms fundraising effort and is a member of the Invest. Committee. He acts an advisor to the Sustainability Committee of the Board of Groupe Richemont.