Région Nouvelle-Aquitaine

What they do

The Région Nouvelle-Aquitaine is the largest administrative region in France. To support its local economic development, it established NACO (Nouvelle-Aquitaine Co-Investissement) in 2017, a regional co-investment vehicle backed by the Region and European FEDER funds. Initially managed by Aquiti Gestion, the fund's management was fully transferred to the private equity firm M Capital in 2023. NACO acts as "patient capital," investing pari passu alongside private investors to attract capital to the region, structure the local industrial fabric, and support ecological and technological transitions. The Region also operates direct grant programs to support early-stage founders.

What they look for

The Region's goal is to support the creation, growth, and buyout (transmission) of companies in the Nouvelle-Aquitaine region that are committed to economic, social, and ecological transitions. NACO aims to act as a catalyst to attract private capital to regional businesses, addressing the structural lack of equity (haut de bilan) in French SMEs compared to their European counterparts.

Stage

Pre-seed, Seed, Series A, Series B+

Sectors

Deeptech, Healthcare, Food and agriculture, Climate, Govtech and defence

Based

Bordeaux, FR