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NACO is the Regional Co-Investment Fund (Fonds Régional de Co-Investissement) for the Nouvelle-Aquitaine region of France, providing equity financing to startups and SMEs across all stages of development. Managed by M/Capital and backed by the Région Nouvelle-Aquitaine, it focuses on economic, social, and ecological transformation across sectors including industry, healthcare, digital, and energy.
Average disclosed round size is $7.3M (across 3 rounds with reported amounts).
Portfolio
18
Fund Size
$110M
Top Stage
Unknown
Last 12 Mo
0
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
19 investments
| Company | Round | Amount | Date |
|---|---|---|---|
| DDeski | Seed | $6M | Jun 2025 |
 HyprSpace | Series A | — | Jan 2025 |
 InHEART | Unknown | $11M | Jan 2024 |
| IILASIS Laser | Unknown | $4.8M | Jan 2023 |
| IINSPEERE | Unknown | — | Jan 2023 |
| HyprSpace | Seed | — | Jan 2023 |
 Tehtris | Growth | — | Oct 2022 |
 Rebrain | Seed | — | Jan 2021 |
 GEEV | Unknown | — | Jan 2018 |
 DIONYMER | Seed | — | — |
 Touch Sensity | Unknown | — | — |
| AAELIS FARMA | Unknown | — | — |
| IILASIS | Unknown | — | — |
| EECO IN PACK | Unknown | — | — |
| CCYCLAIR | Unknown | — | — |
| HHUVY | Unknown | — | — |
| CCERTIS Therapeutics | Unknown | — | — |
| LLe Train | Unknown | — | — |
| CCarbon Waters | Unknown | — | — |
Top Co-Investors
Bpifrance5 shared
French Tech Seed Fund2 shared
Red River West2 shared
BNP Paribas2 shared
IRDI Capital Investissement2 shared
UI Investissement1 shared
LIFTT1 shared
Newfund1 shared
Karista1 shared
Elaia1 shared
Daphni1 shared
Omnes Capital1 shared
Jolt Capital1 shared
Tikehau Capital1 shared
Better Angle1 shared
Racine²1 shared
Last updated: 20 October 2026