NAO

What NAO does

NAO Co-Investment GmbH is a Berlin-based wealthtech company founded in 2022 that operates a co-investment platform enabling German-speaking retail investors to access institutional-quality private market investments — including Private Equity, Venture Capital, Infrastructure, Private Credit, Multi Assets, Hedge Funds, Money Market, and Equity Bonds — starting from €1 via a savings plan (Sparplan) or €1,000 as a lump sum. The platform is a mobile-first self-serve product (iOS/Android apps plus web) with digital onboarding via IDnow video identification, and assets are held in segregated Sondervermögen at Baader Bank under BaFin supervision. The core product shelf comprises 15 strictly curated funds from 11 institutional asset managers (Partners Group, UBS, ARK Invest, Goldman Sachs, BNP Paribas, Hamilton Lane, Muzinich, Natixis IM, FERI, HanseMerkur, Redstone), with NAO's investment team rejecting 7 out of 8 funds reviewed using a 5-criteria methodology (track record, size, cost, fair deal distribution, transparency) supplemented by founder-led site visits.

The business model is transaction-fee based: NAO earns commissions from fund providers whose products are distributed through the platform, with no direct platform, custody, or account fees charged to retail investors; fund-level TER-style charges of 0.5%-2.5% p.a. are borne by investors and embedded in target returns. The company operates as a contractually gebundener Vermittler (contractually bound agent) under DonauCapital Wertpapier GmbH's BaFin license, which provides the regulatory layer for securities intermediation. The go-to-market is hybrid: self-serve product-led growth via app store acquisition, community-led engagement through educational content (blog, podcast, webinars, glossary, After-Hours events) and a performance-marketing layer across Google, Meta, LinkedIn, and Reddit, complemented by a B2B white-label channel with financial institutions such as UniCredit.

As of the input data, NAO reports 10,000+ customers, eight-figure assets under administration, an 11-50 employee headcount, and €4.5M total seed capital raised across three closings between June 2023 and March 2025 (Zeitgeist X Ventures-led pre-seed plus a Swiss family office-led seed). Stated target returns range from 14-16% p.a. on PE/VC products. The company is founder-led by Robin R. Binder (CEO) with a stated European expansion mandate.

Name

NAO

Legal name

NAO Co-Investment GmbH

Website

https://investnao.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

NAO Co-Investment GmbH is a Berlin-based wealthtech platform founded in 2022 that enables German-speaking retail investors to access curated private market funds (Private Equity, Venture Capital, Infrastructure, Private Credit, and more) from €1 via mobile app, operating under BaFin via DonauCapital with custody at Baader Bank.

Ownership category

akta.pro rank

Product category

Private Markets Investing

NAICS

Portfolio Management and Investment Advice (523940), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Execution-Only / Self-Directed Investing Platforms (FSAAAAAI)

akta.pro secondary industries

Managed Account / SMA Multi-Manager Platforms (FSANAGAL), Managed Platforms & Wrap Programs for Private Clients (Model Portfolios, UMA/SMAs) (FSAAABAM), Safekeeping for Private Assets & Alternatives (Private Equity, Real Assets, OTC) (FSAFAHAI)

Keywords

• Private market investing
• Alternative investments
• Wealthtech platform
• Fractional investing
• Retail private equity

Headquarters

HQ city

Berlin

HQ country

Germany

HQ region

Europe

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Others

Revenue model

1. Securities intermediation and placement fees: NAO acts as a contractually bound agent (vertraglich gebundener Vermittler) for DonauCapital Wertpapier GmbH, which holds the BaFin license for securities intermediation. NAO earns commissions/fees from the asset managers and fund providers whose products are distributed through the platform. No explicit statement that retail customers pay direct fees — the FAQ states no custody or account fees, and fund costs (0.5%-2.5% p.a.) are borne by investors and embedded in target returns. Revenue flows from the product side (fund managers/management companies) rather than direct platform fees from retail investors.

Pricing tiers

Go-to-market motion4 records

Distribution channels4 records

Marketing channels11 records

Core offering

NAO operates a mobile-first (iOS/Android) and web-based co-investment platform that gives retail investors in the DACH region digital access to a curated shelf of 15 private and alternative investment funds spanning Private Equity, Venture Capital, Infrastructure, Private Credit, Multi Assets, Hedge Funds, Money Market, Flex Strategies, and Aktienanleihen, with minimum investments starting at €1 via savings plan (Sparplan) or €1,000 lump sum. Distribution is intermediated under the BaFin license of DonauCapital Wertpapier GmbH, with all customer assets held in segregated accounts (Sondervermögen) at Baader Bank AG. The platform is positioned as Germany's #1 app for private markets, targeting retail and emerging-affluent investors excluded from traditional private market minimums of €100,000+.

Product overview

NAO is a Berlin-based wealthtech startup offering a co-investment platform that democratizes access to private and alternative investments. Founded in 2022, the platform enables private investors to access institutional-quality investment opportunities previously reserved for family offices and high-net-worth individuals, starting from €1,000. The platform aggregates multiple investment products including Private Equity (Partners Group, UBS, ARK Invest), Venture Capital (Redstone), Infrastructure (UBS, HanseMerkur), Private Credit (Muzinich, BNP Paribas), Multi Assets (Natixis, Hamilton Lane), Flex Strategies (FERI), Hedge Funds (UBS), Money Market (Goldman Sachs, BNP Paribas), and Aktienanleihen. Users can invest via lump sum or savings plan, with their fund shares held in segregated accounts at Baader Bank. The platform differentiates through strict curation (rejecting 7 out of 8 funds) and personal customer support.

Differentiator

Problem solved

Functional benefit

Products and services

• Private Equity Access to exclusive Private Equity funds from Partners Group, UBS, and ARK Invest, enabling retail investors to invest in private companies with growth potential from €1 (Sparplan) or €1,000 lump sum. Targets long-term capital appreciation through institutional-quality PE managers.
• Venture Capital Investment in innovative startups before they go public, primarily through the Redstone Global Venture ELTIF, providing retail access to a global portfolio of early-stage companies with a target return of approximately 16% p.a. and a 7-year lock-up.
• Infrastructure (Infrastruktur) Investment in infrastructure projects including stable long-term projects via UBS and digital infrastructure/growth via HanseMerkur's data center fund, providing retail investors with exposure to long-duration real assets.
• Private Credit (Private Debt) Stable returns through private lending via Muzinich (loans to profitable mid-sized European companies) and BNP Paribas (corporate, infrastructure, and real-estate financing), offered to retail investors seeking income-oriented alternative exposure.
• Multi Assets Diversified exposure across Private Equity, Private Credit, and Infrastructure through Multi-Asset funds from Natixis Investment Managers and Hamilton Lane, designed for investors seeking a single balanced entry into alternatives.
• Flex Strategies (Flex Strategien) Systematic options and flexible mandate strategies targeting S&P 500 outperformance (FERI US Equity Flex) and European money-market exposure (FERI Opto Flex), offered to retail investors seeking actively managed flex mandates.
• Hedge Funds (Hedgefonds) Access to hedge fund strategies that can perform in both rising and falling markets, sourced from UBS and offered to retail investors as a market-neutral or hedged alternative exposure within the private markets shelf.
• Money Market (Geldmarkt) Short-term money market instruments offered via Goldman Sachs (actively managed high-quality money market instruments benefiting from current money market rates) and a BNP Paribas €STR-based ETF, available daily for retail investors seeking liquid, low-risk parking of cash on the same platform.
• Equity Bonds (Aktienanleihen) Structured equity bond products that combine monthly interest payments with equity market return opportunities, offered to retail investors seeking yield with conditional equity upside through structured products.

Quantifiable outcome

• Target returns of 14–16% p.a. on private equity and venture capital products (Partners Group PE ~14%, ARK Invest PE ~15%, Redstone VC ~16%); historically private equity has returned ~14% p.a. as a long-term average
• +3 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

18 partnerships are on record, tiered core and minor.

• DonauCapital Wertpapier GmbHcoreStrategic or Co-development PartnerNAO operates as a contractually bound agent (vertraglich gebundener Vermittler) under DonauCapital's BaFin license (§3 Abs. 2 WpIG). DonauCapital holds the securities intermediation license and provides regulatory coverage; NAO handles platform, marketing, and distribution. This is the core regulatory and commercial partnership underpinning the entire business model.
• UniCreditminorStrategic or Co-development PartnerNAO enables private investors to access professional investment opportunities through collaborations with financial institutions including UniCredit. UniCredit is referenced as a partner financial institution through which NAO's co-investment platform connects retail investors to institutional-quality deals.
• Baader Bank AGcoreStrategic or Co-development PartnerNAO's customer assets are held in Sondervermögen (segregated assets) at Baader Bank AG, a German credit institution regulated by BaFin. Baader Bank provides custody, settlement, and regulatory reporting infrastructure for all NAO platform investments.
• Partners GroupcoreGTM or Marketing PartnerOne of NAO's flagship fund partners offering Private Equity products. Partners Group is one of the world's largest and most experienced private markets firms. Their fund on NAO targets ~14% p.a. return with a lock-up to September 2026.
• ARK InvestcoreGTM or Marketing PartnerFlagship fund partner offering Private Equity focused on innovative late-growth-stage companies in AI, space, and cloud infrastructure (including SpaceX and Databricks). Target return ~15% p.a., lock-up to February 2027.
• Redstone Global Venture (ELTIF)coreGTM or Marketing PartnerVenture Capital fund partner available on NAO, offering exposure to a broad portfolio of young innovative startups. Target return ~16% p.a. with a 7-year lock-up.
• UBScoreGTM or Marketing PartnerFund partner offering Private Equity and Infrastructure products on NAO's platform. UBS is one of the world's largest and most respected global asset managers.
• Goldman SachscoreGTM or Marketing PartnerFund partner offering Money Market products (actively investing in short-term, high-quality money market instruments benefiting from current money market rates) on NAO's platform.
• BNP Paribas Asset ManagementcoreGTM or Marketing PartnerFund partner offering Private Credit (combining corporate, infrastructure, and real estate financing) and Money Market (€STR-oriented ETF) products on NAO's platform.
• HanseMerkurcoreGTM or Marketing PartnerFund partner offering Infrastructure products focused on global data center and digital infrastructure growth on NAO's platform.
• MuzinichcoreGTM or Marketing PartnerFund partner offering Private Credit products (lending to profitable mid-market companies) on NAO's platform, one of the most reputable names in the European credit market.
• Hamilton LanecoreGTM or Marketing PartnerFund partner referenced as one of the world's leading asset managers, co-offering Multi Asset products on NAO alongside Natixis IM.
• Natixis Investment ManagerscoreGTM or Marketing PartnerFund partner co-offering Multi Asset products on NAO (investing across Private Equity, Private Credit, and Infrastructure) alongside Hamilton Lane.
• FERIcoreGTM or Marketing PartnerFund partner offering Flex Strategies (US Equity Flex targeting S&P 500 outperformance; Opto Flex targeting European money market) on NAO. FERI is a recognized alternative investment specialist.
• VontobelminorGTM or Marketing PartnerAsset manager partner listed among the 11 fund partners on NAO's platform, offering additional product diversity.
• MoonfareminorGTM or Marketing PartnerPeer wealthtech platform partner listed among the 11 partner asset managers/institutional partners on NAO's platform.
• Pioneer LabminorGTM or Marketing PartnerAsset manager/investment partner listed among NAO's 11 institutional partners, contributing to the platform's curated fund ecosystem.
• IDnow GmbHcoreTechnology or IntegrationVideo identification platform used for KYC/AML compliance. NAO customers must complete IDnow video verification to open a securities account and invest. IDnow is BaFin-approved and stores identity documents for 5 years per GwG requirements.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Moonfare: Berlin-based direct competitor offering private equity, venture capital, and private credit funds to individual investors via a digital platform. Most comparable peer: same customer segment (European retail/mass-affluent), same product categories, same minimum-investment democratisation pitch, and even appears in NAO's partner list.
• Yieldstreet: US-based platform offering private market and alternative income funds (real estate, private credit, venture, art) to individual investors with low minimums. Closest international analogue to NAO's model outside the DACH region.

Broad incumbents

• Trade Republic: Germany's largest retail broker with millions of customers, progressively expanding from commission-free stock/ETF trading into private markets, savings plans, and alternative products. A scaled incumbent that could subsume NAO's proposition inside its existing app.
• Scalable Capital: European retail wealth platform offering ETFs, stocks, and increasingly private market/alternative exposures via partner funds. Broader portfolio than NAO but overlapping target customers (German mass-affluent retail) and overlapping fund distribution model.
• iCapital: US-headquartered but European-expanding alternative investments platform connecting wealth managers and (increasingly) high-net-worth individuals to private market funds. Provides infrastructure and a broader alternative shelf that overlaps with NAO's curation-led model.
• Bitpanda: Vienna-based multi-asset retail platform (stocks, ETFs, crypto, commodities) with a regulated broker stack (Bitpanda Financial Services). Targets the same German-speaking retail base as NAO and competes for the same alternative-investment mindshare.

Regional players

• Wealthsimple: Canadian retail wealth platform offering stocks, ETFs, crypto, and private market/alternative products through curated funds and partner managers. Comparable product breadth and target segment but serves North American rather than DACH retail investors.

Emerging players

• Linear Financial: Emerging European wealthtech offering access to private credit and alternative income funds to individual investors. Smaller and earlier-stage than NAO but pursues a similar low-minimum, fund-curation-led private-market distribution model.

Others

• Upvest: Berlin-based B2B investment API platform enabling banks and fintechs to offer fractional securities, ETFs, and funds. Comparable as enabling infrastructure for the European retail investment stack; could be a competitor or potential partner for NAO's B2B white-label expansion.
• FNZ: Global B2B wealth platform providing custody, trading, and fund-distribution infrastructure to banks and asset managers. Comparable as regulated platform infrastructure serving the same underlying need (retail access to institutional funds) at a different layer.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/investnao

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NAO