INCO VENTURES
INCO Ventures is a Paris-based impact venture capital firm founded in 2011 as Le Comptoir de l'Innovation, the impact arm of Groupe SOS created by Nicolas Hazard, and spun off as INCO in 2017-2018 when Hazard acquired the majority. The management company was re-incorporated in January 2019 and is AMF-approved under GP-19000013 (AIFM directive, SFDR Article 9). Headquartered in Paris with international presence in Brussels, Amsterdam, Luxembourg, Casablanca, San Francisco, Austin and Hong Kong via the INCO Group umbrella active in 140 countries, the firm manages approximately EUR 500M in advised assets across two evergreen flagship vehicles (INCO Investissement, 2011, EUR 20M, and INCO Investment, 2012) plus four captive funds advised for institutional LPs: Abeille Impact Investing France (2014, Abeille Assurances, formerly Aviva), Generali Impact Investing (2020), Sycomore Impact Employment by INCO (2021, Sycomore AM) and Invest Ile-de-France Seed (2024, Region Ile-de-France). It backs French social enterprises across inclusion, the circular economy, education, sustainable cities, healthcare, mobility and energy with tickets between EUR 500K and EUR 1.5M, and counts approximately 76 active portfolio companies.
INCO VENTURES is a Paris venture capital firm with €125M AUM, 103 active companies and 6 exits.
- ·6 exits in the last 5 years · consistent DPI cadence.
- ·Average hold across 6 realized deals: 6 years.
- ·Fund cadence: ~1Y between vintages · last raise 2012.
Sector breakdown
109 companiesGeography breakdown
3 geographiesKey facts
Recent exits
INCO VENTURES sold Moulinot to Meanings Capital Partners in 2026 after 9 years.
INCO VENTURES sold Vendredi to Komeet in 2025 after 3 years.
INCO VENTURES sold Telegrafik to Groupe Bataille in 2024 after 7 years.
INCO VENTURES sold Betterfly Tourism to FairMoove in 2023 after 5 years.
Coverage notes
2 funds tracked, 109 portfolio companies (103 active · 6 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund INCO VENTURES has raised, with its portfolio companies. Hand-checked from public filings.
INCO InvestmentRealizedVC2012€30M58 assets4 exitsVC2012 · 14yr€30M584
Unrealized
58 held| Company | Entry |
|---|---|
| Académie des Métiers d'Arts Business Services · France | 2019 |
| Alima Healthcare · France | 2017 |
| Auticiel Software · France | 2017 |
| Axomove HealthTech · France | 2026 |
| Base ClimateTech · France | 2020 |
| Biscornu Business Services · France | 2023 |
| Coq en pâte Consumer · France | 2018 |
| Duo for a Job Business Services · Belgium | 2022 |
| Each One HR Tech · France | 2022 |
| Ecair ClimateTech · France | 2025 |
| Ecomouton Industrials · France | 2017 |
| Enercoop Energy · France | 2017 |
| Ethi'Kdo Consumer · France | 2024 |
| Etic Real Estate · France | 2019 |
| Fondation pour le Logement Social Real Estate · France | 2021 |
| Groupe ID'EES Business Services · France | 2017 |
| Hectarea AgTech · France | 2026 |
| Hydrao Industrials · France | 2018 |
| Iadys Industrials · France | 2021 |
| Jimini's Consumer · France | 2016 |
| Kawaa Software · France | 2017 |
| Komeet ClimateTech · France | 2021 |
| L'ecole des Cuistots Migrateurs Education · France | 2022 |
| Label Emmaüs Consumer · France | 2023 |
| Label Vie Education · France | 2023 |
| Le Printemps des Terres AgTech · France | 2025 |
| le-relais Industrials · France | 2015 |
| Les 3 Colonnes Financials · France | 2020 |
| Ludocare HealthTech · France | 2022 |
| Lyv HealthTech · France | 2018 |
| Make ICI Industrials · France | 2019 |
| Making Waves Consumer · France | 2025 |
| Marguerite & Cie Consumer · France | 2023 |
| Matrice Business Services · France | 2026 |
| Médecins du Monde Healthcare · France | 2021 |
| MindDay HealthTech · France | 2026 |
| Montrieux Business Services · France | 2017 |
| My Jugaad Business Services · France | 2021 |
| MyFuture Software · France | 2021 |
| Nona FoodTech · France | 2025 |
| Oasis 21 Business Services · France | 2020 |
| Oncovia Consumer · France | 2022 |
| Onor Hospitality · France | 2022 |
| Plateau Urbain Real Estate · France | 2023 |
| Premiere Urgence Internationale Healthcare · France | 2023 |
| Proclus Industrials · France | 2026 |
| PyxiScience Software · France | 2025 |
| ReSoil Business Services · France | 2025 |
| RogerVoice HealthTech · France | 2018 |
| Sano Healthcare · France | 2026 |
| Solidarités International France | 2021 |
| Sunna Design ClimateTech · France | 2014 |
| Susu HealthTech · France | 2023 |
| Telemaque Education · France | 2023 |
| Tete Haute Consumer · France | 2023 |
| UFSE Healthcare · France | 2021 |
| YesYes E-commerce · France | 2021 |
| Zenior HealthTech · France | 2023 |
Realized
4 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Betterfly Tourism Software · France | 2018 | 2023 | Trade Sale | FairMoove | – |
| Klaxit Software · France | 2017 | 2023 | Trade Sale | BlaBlaCar | – |
| Moulinot Industrials · France | 2017 | 2026 | Secondary | Meanings Capital Partners | – |
| Telegrafik HealthTech · France | 2017 | 2024 | Trade Sale | Groupe Bataille | – |
INCO InvestissementRealizedVC2011€20M45 assets2 exitsVC2011 · 15yr€20M452
Unrealized
45 held| Company | Entry |
|---|---|
| 1083 Consumer · France | 2018 |
| Ammareal Consumer · France | 2022 |
| Arcavs Business Services · France | 2015 |
| Archer Business Services · France | 2015 |
| Bellevilles Real Estate · France | 2022 |
| Bibliothèques Sans Frontières Business Services · France | 2023 |
| BlaBlaCar Mobility · France | 2023 |
| Cafe Michel Consumer · France | 2016 |
| Citiz Network Consumer · France | 2023 |
| Comme les autres Healthcare · France | 2023 |
| Domissori - EDUC'UP EdTech · France | 2021 |
| DreamAct Consumer · France | 2022 |
| Envie Autonomie Healthcare · France | 2023 |
| Ethical Consumer · France | 2019 |
| Ethical Property Europe (Mundo) Real Estate · Belgium | 2018 |
| Fonciere Bellan Real Estate · France | 2019 |
| Frello EdTech · France | 2022 |
| GreenGo Consumer · France | 2024 |
| Groupe Coopératif Demain Consumer · France | 2021 |
| Illusion & Macadam Education · France | 2018 |
| Immobilier Solidaire et Associatif Real Estate · France | 2020 |
| Karethic Consumer · France | 2020 |
| La Varappe Construction · France | 2015 |
| Lemon Tri Business Services · France | 2016 |
| Lendahand Fintech · Netherlands | 2020 |
| Les Cuistots Migrateurs Hospitality · France | 2018 |
| LITA Fintech · France | 2016 |
| Petit Bain Hospitality · France | 2015 |
| Phenix FoodTech · France | 2015 |
| Phitech MedTech · France | 2022 |
| Relais du Bien-Etre Healthcare · France | 2025 |
| Residservice Real Estate · France | 2018 |
| Saprena Business Services · France | 2019 |
| Simplon EdTech · France | 2017 |
| Sinny & Ooko Consumer · France | 2023 |
| SNL France | 2025 |
| Social Bar Hospitality · France | 2019 |
| Synergie Family Education · France | 2020 |
| UCPA Hospitality · France | 2018 |
| Urban Solidarite Investissement Real Estate · France | 2023 |
| Vesto Industrials · France | 2023 |
| Veyret Techniques Decoupe Industrials · France | 2018 |
| Vulkam Industrials · France | 2023 |
| Wake Up Cafe Business Services · France | 2023 |
| Ymoney Fintech · France | 2023 |
Realized
2 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Ecomatelas Industrials · France | 2019 | 2023 | Trade Sale | Recyc-Matelas Europe | – |
| Vendredi HR Tech · France | 2022 | 2025 | Trade Sale | Komeet | – |
About INCO VENTURES
INCO VENTURES is a French venture capital firm headquartered in Paris with €500 million of assets under management as of December 2024. Founded in 2019, the firm deploys institutional capital across early-stage and selective growth-stage equity rounds in European technology companies, with sector focus spanning energy, healthcare, consumer, industrials and software.
Investment thesis
INCO VENTURES targets European and selectively global early-stage and growth-stage technology companies across energy, healthcare, consumer, industrials and software, deploying institutional venture capital across seed, Series A and Series B rounds. The firm emphasises hands-on operational support during the post-investment value-creation phase, leveraging founder and operator partners alongside institutional capital to support international expansion and category leadership across France and selectively across Europe. Average equity tickets vary by stage with reserve capital preserved for follow-on rounds across the platform.
Recent activity
Recent realised exits include Klaxit (TMT, 2023). The platform tracks 4 fund vehicles, 43 active portfolio companies and 1 realised exit across the strategy's history.
Frequently asked questions
- What investment strategy does INCO VENTURES focus on?
- INCO VENTURES focuses on VC, Growth strategies in the private equity space.
- How many portfolio companies does INCO VENTURES have?
- INCO VENTURES has 103 active portfolio companies and 6 completed exits and 2 funds tracked on GP Intel.
- Where is INCO VENTURES headquartered?
- INCO VENTURES is headquartered in Paris, France.
- What is INCO VENTURES's assets under management?
- INCO VENTURES manages approximately €125M in assets under management.
- When was INCO VENTURES founded?
- INCO VENTURES was founded in 2011.
- What sectors does INCO VENTURES invest in?
- INCO VENTURES invests across Consumer, Industrials, Healthcare, Software, TMT, Energy, Financials, Business Services.
- What are INCO VENTURES's recent exits?
- Recent realized exits by INCO VENTURES include: Moulinot (2026) to Meanings Capital Partners; Vendredi (2025) to Komeet; Telegrafik (2024) to Groupe Bataille; Betterfly Tourism (2023) to FairMoove; Klaxit (2023) to BlaBlaCar; Ecomatelas (2023) to Recyc-Matelas Europe.
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