NACO
NACO is a regional co-investment fund created in 2017 by the Région Nouvelle-Aquitaine, managed by M Capital Partners, that deploys €50K-€4M minority equity tickets into startups and SMEs across all sectors and stages in Nouvelle-Aquitaine, alongside 30+ private fund partners.
- Company typePrivate
- Founded2017
- HeadquartersBordeaux, France
- Headcount11–50
- GTM typeB2B
- OfferingServices
What NACO does
NACO (Nouvelle-Aquitaine Co-Investissement) is a regional co-investment fund created in 2017 at the initiative of the Région Nouvelle-Aquitaine and co-financed by the European Union through ERDF, ESF, and REACT EU programs. The fund is advised and managed by M Capital Partners, an AMF-authorized asset manager (registration N°GP 02-028) headquartered in Toulouse, with local deployment teams in Bordeaux, Poitiers, and Limoges. NACO provides minority equity financing (actions or obligations) ranging from €50K to €4M per project to startups and SMEs across all stages of development — from early-stage (amorçage/startup) through growth (développement) to business transmission (buyout/transfer). Entrepreneurs submit projects via the naco-invest.fr portal; expert committees evaluate and deliberate on each submission.
NACO's core economic model is structured leverage: it invests exclusively alongside a network of 30+ regional and non-regional private fund partners, creating a leverage effect of 4 to 5 times its own capital deployment. The fund's envelope was expanded from €42.5M to €102M by the Région and the EU in 2024-2025 (NACO 3, under the 2021-2027 EU Operational Programme), following earlier NACO 1 and NACO 2 tranches. Through this structure, NACO has deployed approximately €35M across 78 PME, maintains 100 active participations, and is described as the most active regional co-investment fund in Nouvelle-Aquitaine by number of participations.
The fund targets companies across all sectors of the economy that are committed to economic, social, and ecological transitions, with a strictly regional geographic mandate covering all 12 departments of Nouvelle-Aquitaine. Portfolio spans biotech (TreeFrog Therapeutics, Aelis Farma, FineHeart, CURLIM), medtech (RebrAIn, InHEART, CERTIS Therapeutics, Germitec, Dyameo, ILASIS Laser, Damoclès), agritech (CYCLAIR, Praysbee, CarbonWorks, Les Nouvelles Fermes, ELICIT PLANT), cybersecurity (TEHTRIS), digital (Comeen, Poool, FASST, DESKi, Packitoo, Dronisos, OPQUAST), mobility (Pony, Elixir Aircraft, Le Train), space (HyprSpace), industry (Nova Carbon, SOTIMECO, Lynxter, Nimbl'BOT), energy (Sunna Design, MOON, EnerVivo), and consumer/textile (Asphalte, We Are Jolies, Pied de Biche, SODOPAC). Notable named co-investors include Bpifrance, Jolt Capital, Tikehau Ace Capital, Open CNP, Quadia, Weaving Invest, Sofilaro, Océan Participations, Volney Développement, and Synergence.
NACO firmographics
Firmographics- Name
- NACO
- Legal name
- SASU Nouvelle-Aquitaine Co-Investissement
- Website
- https://naco-invest.fr
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- NACO is a regional co-investment fund created in 2017 by the Région Nouvelle-Aquitaine, managed by M Capital Partners, that deploys €50K-€4M minority equity tickets into startups and SMEs across all sectors and stages in Nouvelle-Aquitaine, alongside 30+ private fund partners.
- Ownership category
- akta.pro rank
NACO industry classification
Industry- Product category
- Regional Co-Investment Fund
- NAICS
- Other Financial Vehicles (52599)
- akta.pro primary industry
- Joint Venture CVC / Consortium Funds (Multi-corporate) (FSANAHAE)
Keywords
Where NACO is headquartered
LocationHeadquarters
- HQ city
- Bordeaux
- HQ country
- France
- HQ region
- Europe
Offices4 records
Markets served
NACO business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Others
Revenue model
- Equity Investment Returns: NACO generates returns through capital gains on equity investments in portfolio companies. The fund acquires minority stakes (actions or obligations) in startups and SMEs across Nouvelle-Aquitaine, with investment amounts ranging from 50K€ to 4,000K€ per project. The fund operates as a co-investment vehicle alongside 30+ private fund partners, creating a leveraging effect of 4 to 5 times its own capital deployed.
Go-to-market motion1 record
Distribution channels2 records
Marketing channels5 records
NACO product offering
Product offeringCore offering
NACO is a regional co-investment fund that provides minority equity financing (€50K to €4M per project) to startups and SMEs located in the Nouvelle-Aquitaine region of France, across all stages (startup/amorçage, growth/développement, transmission/buyout). The fund co-invests alongside 30+ private fund partners, creating a leverage effect of 4 to 5 times its own capital, and supports companies engaged in economic, social, and ecological transitions across all sectors.
Product overview
NACO is a Regional Co-Investment Fund (Fonds Régional de Co-investissement) created by the Nouvelle-Aquitaine Region, advised and managed by M Capital Partners. It provides equity financing ranging from 50k€ to 4M€ per project to support startups and SMEs in the Nouvelle-Aquitaine region through all growth stages: creation/amorçage, development, market conquest, and business transmission. The fund operates by co-investing alongside private partner funds (over 30 currently), creating a leverage effect of 4 to 5 times the investment amount. NACO targets companies engaged in economic, social, and ecological transitions across all sectors of the economy.
Differentiator
Problem solved
Functional benefit
Products and services
- NACO Co-Investment Fund Regional co-investment fund providing equity financing (€50K to €4M per project) as minority stakes (actions or obligations) to startups and SMEs in the Nouvelle-Aquitaine region, at all stages (creation/amorcage, growth/developpement, transmission/buyout). Co-invests alongside 30+ private fund partners, creating a 4 to 5x leverage effect. Advised and managed by M Capital Partners (AMF-licensed, GP 02-028). Targets companies engaged in economic, social, and ecological transitions across all sectors.
Quantifiable outcome
- 78 PME companies supported with 35 M€ invested and 100 active participations
- +2 more outcomes
Companies that use NACO
Customer profileNamed customers71 records
Segments1 record
Ideal customer profiles2 records
NACO technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
NACO partnerships and signals
Strategic signalScale indicators9 records
Recent moves7 records
Expansion highlights5 records
NACO competitors and assessment
Company assessmentRegional players
- IRDI Capital Investissement: Toulouse-based regional PE firm active in Occitanie and southwestern France, similar in size, stage focus, and regional-development mandate to NACO. Directly comparable as a French regional co-investor serving SMEs and mid-market companies.
- Capital Grand Est: Regional co-investment fund for Grand Est, structurally analogous to NACO as a public-backed co-investment vehicle partnering with private funds to support local SMEs at all stages.
- Bretagne Capital: Bretagne region's regional co-investment fund, similar in mandate and structure to NACO: backs Brittany-based SMEs alongside private partners, with tickets in the sub-€5M range.
- Pays de la Loire Participations: Regional co-investment vehicle for Pays de la Loire, with a mandate and co-investment structure closely mirroring NACO's in Nouvelle-Aquitaine.
- NCI (Normandie Capital Investissement): Normandie regional investment fund, comparable to NACO as a co-investment vehicle supporting local startups, growth, and transmission deals alongside private partners.
Direct peers
- Jolt Capital: French deeptech growth equity firm that led TEHTRIS's €44M round with NACO as co-investor. Comparable as a specialized French PE firm writing larger growth tickets alongside regional co-investment partners.
- Quadia: Swiss/European impact investment manager (Regenero Impact Fund) that co-invested in Asphalte with NACO. Comparable as a European impact investor targeting social and environmental transition themes through growth-stage equity.
- Weaving Invest: Impact-focused French private equity firm that co-invested in RGOODS alongside NACO. Comparable as a French impact/transition investor backing SMEs in the social and ecological transition space.
Others
- M Capital Partners: AMF-licensed fund manager (GP 02-028) that advises and deploys NACO, and directly co-invests in some rounds. Comparable as the operating management platform for regional PE activity in southern France, with €800M+ raised historically.
Broad incumbents
- Bpifrance: France's public investment bank and a frequent co-investment partner with NACO (e.g., Parcel, TEHTRIS). Comparable as a public-backed investor in French SMEs and startups, but operates nationally and across all stages and instruments (debt, equity, guarantees) at vastly greater scale.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
NACO social profiles
Digital presenceNACO compliance and trust
Trust signalCompliance1 record
NACO financial estimates
Financial estimateRevenue estimate
Valuation estimate
NACO leadership team
Management profileNumber of profiles
Profiles12 records
NACO subsidiaries and ownership
Company hierarchySubsidiaries3 records
NACO funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
NACO M&A and investment
M&A and investmentM&A
Investments19 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about NACO
What does NACO do?
NACO is a regional co-investment fund that provides minority equity financing (€50K to €4M per project) to startups and SMEs located in the Nouvelle-Aquitaine region of France, across all stages (startup/amorçage, growth/développement, transmission/buyout). The fund co-invests alongside 30+ private fund partners, creating a leverage effect of 4 to 5 times its own capital, and supports companies engaged in economic, social, and ecological transitions across all sectors.
Is NACO a public or private company?
NACO is a private company. It is classified as state government owned and is currently operating.
When was NACO founded?
NACO was founded in 2017. It employs 11 to 50 people.
Where is NACO based?
NACO is headquartered in Bordeaux, France, in the Europe region.
How does NACO make money?
One revenue line is on record: equity Investment Returns.
Who are NACO's main competitors?
Regional players on record are IRDI Capital Investissement, Capital Grand Est, Bretagne Capital, Pays de la Loire Participations and NCI (Normandie Capital Investissement). Direct peers are Jolt Capital, Quadia and Weaving Invest. M Capital Partners is listed as an others. Bpifrance is listed as a broad incumbent.
Does NACO have an API?
No public API is recorded for NACO.
What industry is NACO in?
NACO's product category is Regional Co-Investment Fund. Its primary akta.pro industry code is FSANAHAE, Joint Venture CVC / Consortium Funds (Multi-corporate). Its NAICS code is 52599.