What INCO Ventures does

INCO Ventures is a Paris-based, AMF-registered (GP-19000013 since March 2019) and AIFM-licensed alternative investment fund manager founded in 2011, operating as a French SAS with €160,000 of registered capital. The firm is a pioneer in European impact investing, managing five dedicated impact funds — INCO Investissement (2012, evergreen multi-investor), Abeille Impact Investing France (2014, with Abeille Assurances), Generali Investissement à Impact (2020, with Generali), Sycomore Impact Emploi by INCO (2021, with Sycomore Asset Management), and Invess Île-de-France Amorçage (2024, seed) — with combined subscriptions exceeding €130M as of June 30, 2024 and 120+ portfolio structures financed to date. All managed funds are classified as SFDR Article 9 products, several carry the Finansol solidarity finance label, and INCO Investissement holds ESUS accreditation.

The firm's core proprietary asset is the INCO Ratings methodology, a 15-criterion impact and ESG assessment aligned with Impact Management Project standards, with investment decisions gated at a minimum 12/20 score and a Chief Impact Officer (Alice Carle, PhD) holding binding veto power on impact grounds. Beyond direct fund management, INCO Ventures monetizes this measurement capability through investment advisory mandates for external vehicles including NovESS (with Banque des Territoires and Mandarine Gestion), Columbia Threadneedle's Euro Social Bonds Fund, INVESS'T PACA (with A Plus Finance and CRESS PACA), and La Banque Postale AM. Investment tickets range from €150K (seed) to €1.5M (development capital), targeted at social and environmental enterprises across circular economy, vulnerable populations, inclusive employment, and digital health/mental health themes.

Revenue is generated through three streams: management fees on the five funds, advisory fees from external mandates, and carried interest on exits, with the firm exclusively serving professional and institutional investors under AMF/AIFM regulation. INCO Ventures operates as a standalone entity without a parent company, embedded within the broader INCO Group ecosystem (INCO Academy, INCO Entrepreneurs, INCO Spaces, INCO Kids) which provides deal flow and non-financial support to portfolio companies. The firm does not disclose revenue or financials, and its core competency is impact measurement rigour combined with European institutional LP distribution rather than technology or AI capability.

Name

INCO Ventures

Legal name

INCO Ventures

Website

https://ventures.inco-group.co

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

1–10 employees

Short description

INCO Ventures is a Paris-based, AMF-licensed impact investment fund manager founded in 2011, managing €130M+ across five SFDR Article 9 funds and providing equity tickets of €150K-€1.5M to social and environmental enterprises across France and Europe.

Ownership category

akta.pro rank

Product category

Impact Investment Fund Management

NAICS

Other Investment Pools and Funds (5259), Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282)

akta.pro primary industry

Impact / ESG Venture Capital (FSANAAAG)

akta.pro secondary industries

ESG Integration / Responsible Investment Funds (Broad ESG) (FSANAJAL), ESG/Sustainable Investment Advisory (FSAEAAAJ), Sustainable/ESG Equity (Active) (FSAAAIAM), ESG/SRI/Impact Mutual Funds (FSAAAEAI)

Keywords

• Impact investing
• Venture capital funds
• Social economy finance
• ESG fund management
• Patient capital

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund Management Fees: INCO Ventures generates revenue through management fees charged on the funds under management, as well as through carried interest on investment returns.
2. Investment Advisory Services: Provides investment advisory services to external funds including NovESS, Euro Social Bonds Fund, INVESS'T PACA, and La Banque Postale AM.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

INCO Ventures is an AMF-licensed (GP-19000013) and AIFM-approved French fund manager that manages five impact investment funds deploying equity and quasi-equity of €150K–€1.5M into social and environmental enterprises. The firm also provides investment advisory and impact measurement services to external funds (NovESS, Euro Social Bonds Fund, INVESS'T PACA, La Banque Postale AM) and applies its proprietary INCO Ratings methodology to assess and monitor portfolio impact.

Product overview

INCO Ventures is an impact investment management company operating as a SAS registered with the AMF (Autorité des Marchés Financiers) under number GP-19000013 since March 2019. The company manages five investment funds (INCO Investissement, Abeille Impact Investing France, Generali Investissement à Impact, Sycomore Impact Emploi by INCO, and Invess Île-de-France Amorçage) with combined assets exceeding €130M, all classified under SFDR Article 9. These funds provide equity and quasi-equity financing ranging from €150K to €1.5M to social impact enterprises across all legal structures (companies, cooperatives, associations). INCO Ventures also offers proprietary impact measurement through its INCO Ratings methodology, alongside advisory services for three additional funds (NovESS, Euro Social Bonds Fund, INVESS'T PACA, and La Banque Postale AM). The company has invested in over 120 structures since 2011, with approximately 32,000 employees in financed enterprises.

Differentiator

Problem solved

Functional benefit

Brands

• INCO Investissement: Evergreen multi-investor fund launched in 2012, targeting social and environmental impact projects with investment tickets of €500K to €1.5M
• Abeille Impact Investing France
• Generali Investissement à Impact
• Sycomore Impact Emploi by INCO
• Invess Île-de-France Amorçage

Products and services

• INCO Investissement Multi-investor venture capital fund classified as solidarity-based (Finansol label), investing in social impact enterprises, associations, and cooperatives in acceleration or development phases. Targets companies contributing to social cohesion, environmental preservation, and the fight against exclusion; ESUS-accredited and SFDR Article 9 classified.
• Abeille Impact Investing France Development capital fund financed by Abeille Assurances, investing in over 60 micro and small innovative companies across France with strong social and environmental impact in acceleration or development phases. Eligible beneficiaries include commercial companies, cooperatives, and associations.
• Generali Investissement à Impact Impact investment fund financed by Generali, supporting enterprises and associations that improve the lives of vulnerable populations including low-income families and refugees, with environmental impact objectives.
• Sycomore Impact Emploi by INCO Risk capital mutual fund (FCPR) combining 90–95% listed companies with 5–10% unlisted social economy actors, focused on creating inclusive and sustainable employment in economically disadvantaged areas. Finansol-labelled and SFDR Article 9.
• Invess Île-de-France Amorçage Professional private equity seed fund providing €150,000 to €500,000 financing plus tailored support for committed early-stage entrepreneurs in the Île-de-France region developing innovative sustainable ESS or impact solutions in circular economy, aging, inclusion, and education.
• INCO Ratings

Quantifiable outcome

• Projects scoring below 12/20 on INCO Ratings are not invested in
• +2 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Five partnerships are on record, tiered core and regional.

• Mandarine GestioncoreStrategic or Co-development PartnerFund manager for NovESS - Le Fonds ESS, with INCO Ventures serving as financial investment advisor. Partnership supports social and solidarity economy companies with over 3 years of operation.
• Columbia Threadneedle InvestmentscoreStrategic or Co-development PartnerUK-based asset manager where INCO Ventures serves as impact measurement advisor and chairs the Social Advisory Board for the Euro Social Bond Fund dedicated to social, environmental, and sustainable bonds.
• A Plus FinanceregionalStrategic or Co-development PartnerFund manager for INVESS'T PACA regional fund, with INCO providing impact measurement methodology and conducting impact due diligence on each investment.
• CRESS PACAregionalStrategic or Co-development PartnerRegional ESS council of Provence-Alpes-Côte d'Azur partnering with A Plus Finance and INCO Ventures for regional impact investing in the solidarity economy.
• La Banque Postale Asset ManagementregionalStrategic or Co-development PartnerSustainable finance player where INCO Ventures serves as financial investment advisor on certain solidarity participations in LBPAM's portfolio.

Scale indicators14 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Ring Capital: Paris-based impact VC manager running multiple themed funds (ecology, healthcare, education) with a comparable generalist impact VC thesis and French institutional LP support. Closely comparable to INCO's multi-fund structure.
• Quadia: Swiss/French impact investment firm managing debt and equity vehicles for social and environmental enterprises. Comparable as a francophone impact fund manager targeting outcomes similar to INCO's portfolio companies.
• Phitrust Partenaires: French management company dedicated to Responsible Investment (Solidarity Finance, ISR-labeled funds, 90/10 FCPRs). Highly comparable to INCO's Sycomore Impact Emploi fund and ESS-eligible vehicles.
• Citizen Capital: French impact venture capital firm investing in social and solidarity economy startups across France. Direct competitor to INCO Ventures with overlapping impact VC mandate, ESS focus, and institutional LP base in France.

Regional players

• Big Issue Invest: UK social enterprise investment arm of The Big Issue, managing social impact investment funds targeting disadvantaged communities. Comparable social-first fund structure outside France; informative peer on impact governance.

Broad incumbents

• Mirova Natural Capital: Affiliate of Natixis Investment Managers dedicated to sustainable investment, including natural capital and impact funds. Comparable impact VC/PE approach at much larger scale; aspirational peer and potential competitor for institutional mandates.
• Bridges Fund Management: UK specialist impact investment manager running venture, growth, and outcomes-based contract funds. Comparable multi-fund impact model and outcome measurement discipline to INCO's INCO Ratings approach.
• ClearlySo: European impact investment advisory and placement agent connecting institutional investors with impact fund managers. Comparable intermediary role in the European impact ecosystem, advising on mandates similar to INCO's advisory services to Columbia Threadneedle.
• Tikehau Capital: Paris-based alternative asset manager with dedicated impact and transition strategies alongside credit, private equity, and real assets. Indirect competitor for large LP allocations to French impact vehicles.

Emerging players

• Aster Capital: French VC focused on the energy transition and sustainable innovation with backing from Schneider Electric, Alstom, and the Fonds Stratégique d'Investissement. Adjacent impact/cleantech VC mandate serving as regional peer in France.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/inco_group
• Facebookfacebook.com/incogroupe
• LinkedInfr.linkedin.com/company/incogroup
• Instagraminstagram.com/incogroup_

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

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

M&A

Investments19 records

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

Frequently asked questions about INCO Ventures