INCO Venture Capital

Nicolas Hazard, INCO's founder and CEO, oversees the investment team and sets thematic strategy. The firm has not publicly named a separate CIO or managing partner for its venture arm, suggesting Hazard retains final authority on fund allocations and portfolio construction.

INCO operates an integrated pipeline model: it runs publicly funded acceleration and training programs across Europe that surface early-stage startups before they formally fundraise. The firm's nonprofit arm trains thousands of job seekers annually, creating an employer network that doubles as a deal-scouting channel. This gives INCO's venture team visibility into companies that do not appear on traditional VC radars.

INCO is an asset manager organized as a venture capital firm with a companion nonprofit, not a family office. The firm raises institutional capital from public entities, corporations, and European development banks rather than managing a single family's wealth. Its fund structure and LPs are conventional private equity, even though its investment thesis focuses on social and environmental returns.

INCO primarily makes direct equity investments in early-stage startups but also operates incubator and accelerator programs that provide non-dilutive grant funding alongside its venture vehicles. The firm has not publicly disclosed a fund-of-funds strategy, suggesting it concentrates almost entirely on direct principal investments and enterprise partnerships.

INCO Venture Capital raises funds from European institutions including Bpifrance, the European Investment Fund, and corporate partners such as L'Oréal and SAP. The firm also manages public-sector mandates tied to workforce development and the green transition, blending philanthropic and institutional capital within legally separated vehicles.

INCO targets pre-seed through Series A rounds, with check sizes typically ranging from €100,000 to €2 million. The firm occasionally follows on into later growth rounds for breakout portfolio companies but has not publicly disclosed a growth-stage vehicle. Its focus remains on initial institutional capital for mission-driven startups.

Yes — INCO operates a substantial nonprofit entity alongside its venture capital arm, training thousands of job seekers annually in digital skills and placing them with employers. The nonprofit and the investment firm are legally distinct entities, though they share the INCO brand and refer deal flow and talent between each other. This separation protects grant-funded programs from the fiduciary obligations of the venture funds.