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INCO Venture Capital
INCO Venture Capital, founded by Nicolas Hazard, invests early-stage capital in social-enterprise and green-transition startups across 50 countries.
INCO Venture Capital
INCO launched in Paris as an unusual hybrid: part venture investor, part workforce-development nonprofit. Nicolas Hazard structured the group to prove that impact-focused startups could produce venture-scale outcomes without sacrificing social mission. The firm emerged from the conviction that the most underinvested asset class was human potential — and that aligning capital with inclusion and decarbonization would capture markets traditional VCs ignored. Over a decade later, INCO operates across Europe, North America, and Asia, with satellite hubs in Berlin, San Francisco, and Singapore. INCO Ventures, the group's investment arm, targets pre-seed through Series A rounds, writing checks typically between €100,000 and €2 million. The portfolio concentrates on four transition themes: green mobility, circular economy, accessible healthcare, and digital upskilling. Confirmed portfolio positions include Phenix, a French food-waste marketplace, and Simplon, a digital-training platform that became one of Europe's largest coding schools for underrepresented populations. The firm also runs acceleration programs funded by public-sector partners including the European Commission and Bpifrance, giving its deal team privileged visibility into early-stage pipeline before competitors see it. INCO manages multiple investment vehicles alongside its main venture fund, including INCO Ventures 3 and dedicated climate-transition funds. The group reports roughly 200 professionals distributed across its geographies, with the investment team concentrated in Paris. As of late 2024, INCO was actively deploying from its latest vehicle and expanding its corporate-venture partnerships with L'Oréal and SAP, both of which co-invest alongside the firm in portfolio companies aligned to their ESG supply chains. What distinguishes INCO structurally is its ownership of both an investment firm and a large-scale nonprofit that trains and places job seekers — the investment side writes equity checks into startups that then hire from the nonprofit's graduate pipeline. This closed-loop architecture gives INCO a sourcing advantage no peer has replicated at scale: portfolio companies receive deal flow from a trusted talent funnel, while the nonprofit validates startups' social claims with placement data. The group has not disclosed succession plans for Hazard, now the sole public face of the franchise.
General information
Firm type
Venture Capital
Year founded
2011
AUM
Undisclosed
Location
Region
Europe
Country
France
City
Paris
Corporate office
Paris, France
Principals
Nicolas Hazard
Founder & CEO
Sector focus
Frequently asked questions
Who runs investment decisions at 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.
How does INCO source proprietary deal flow?
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.
Is INCO structured as a single family office or does it operate more like a venture firm?
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.
Does INCO participate in fund commitments or only direct deals?
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.
Where does the underlying capital come from?
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.
What investment stages does INCO typically target?
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.
Does INCO maintain philanthropic structures, and how are they separated?
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.
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