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Icos Capital is a Dutch-based ClimateTech venture capital fund founded in 2006, headquartered in Rotterdam, Netherlands. The firm focuses on investing in technologies that facilitate the transition to a circular economy, emphasizing innovations in food systems, sustainable industry, and carbon technology. Icos Capital's mission is to reduce greenhouse gas emissions by backing companies that demonstrate proven scalability and market traction, aligning with EU Taxonomy regulations.
The firm manages approximately €100 million across its funds, with a cumulative total of 40 investments made to date. Icos Capital operates with a team of around 20 professionals, including five partners, who collectively bring over 75 years of venture capital experience. The firm has established a diverse LP base, including strategic corporates such as Nouryon and Bühler Group, which enhances its investment capabilities and market access.
Notable milestones include the launch of Icos Capital Growth Fund IV in August 2023, targeting a hard cap of €150 million. The firm has consistently focused on climate tech and sustainability, making it one of Europe’s longer-running specialists in this sector.
Icos Capital primarily invests in early growth stage companies across Europe, with a strong emphasis on sectors such as climate, food-agtech, biotech, healthcare, energy, and sustainable materials. The firm targets companies that can demonstrate significant market traction and scalability, with initial investments ranging from €1 million to €5 million. Their investment strategy is designed to support measurable contributions to CO2 reduction, aligning with the EU Taxonomy regulations.
The firm aims to reduce or avoid 1 gigaton of CO2 equivalent emissions by 2050, focusing on breakthrough technologies that accelerate sustainability. Icos Capital's investment themes include food systems, sustainable chemicals, decarbonization, and industry digitization. The firm is particularly interested in companies that are positioned to make a substantial impact in these areas, ensuring that their investments contribute to a more sustainable future.
Icos Capital's portfolio includes a diverse range of companies that are making significant strides in sustainability and climate technology. Notable portfolio companies include:
In addition to these companies, Icos Capital has invested in firms engaged in high-performance bio-based foams, impact-driven biotech innovations, CO2 extraction technologies, and sustainable agriculture products. The firm’s portfolio reflects its commitment to supporting technologies that align with its mission of reducing greenhouse gas emissions and promoting sustainability.
Nityen Lal - General Partner: Nityen is a founding partner of Icos Capital, bringing extensive experience in venture capital and a strong focus on climate technology investments.
Peter van Gelderen - General Partner: Peter has a background in sustainable investments and plays a key role in shaping the firm’s investment strategy.
Rudi Dupper - CFO: Rudi oversees the financial operations of Icos Capital, ensuring effective fund management and compliance.
John van Grootel - Chair Investment Committee: John leads the investment committee, guiding the firm’s investment decisions and portfolio management.
Marieke Plasmeijer - Manager, Back office & Compliance: Marieke manages the firm’s back office operations and compliance, ensuring adherence to regulatory standards.
Sandro Fazio - Chef & Senior Analyst, Deal Origination: Sandro focuses on sourcing new investment opportunities and conducting due diligence on potential portfolio companies.
Katarzyna Gil - Principal, Sustainable Food Systems: Katarzyna specializes in investments related to sustainable food systems, leveraging her expertise to identify promising startups.
Ewelina Kuna - Principal, Sustainable Industry: Ewelina focuses on sustainable industry investments, contributing to the firm’s mission of promoting sustainability.
Adonis Hilal - Analyst, Food Systems: Adonis supports the investment team in evaluating opportunities within the food systems sector.
Małgorzata Bołt - Analyst, Decarbonization: Małgorzata analyzes investment opportunities related to decarbonization technologies.
Jasmann Chattwal - Associate, Collaborative Venturing: Jasmann assists in managing the Collaborative Venturing Platform, facilitating connections between portfolio companies and corporate partners.
To pitch Icos Capital, founders should visit their website at icoscapital.com and submit their business proposal. It is important to include a comprehensive deck that outlines the business model, market opportunity, and sustainability impact. Icos Capital prefers pitches that demonstrate clear market traction and scalability.
Response times can vary, but founders can expect to hear back within a few weeks. Warm introductions are beneficial and can enhance the chances of securing a meeting with the investment team. The firm is particularly interested in companies that align with their investment thesis focused on climate, food systems, and sustainable materials.
Icos Capital operates the Collaborative Venturing Platform (CVP), which connects fast-growing innovators with leading corporations to facilitate growth financing, engineering expertise, and market access. This platform is designed to enhance operational leverage and commercial engagement opportunities for portfolio companies.
The firm also hosts events such as the Innovation Summit, focusing on sustainable food systems and decarbonization, providing networking opportunities for startups and industry leaders. Another initiative is the FrieslandCampina Challenge, inviting startups to propose innovative uses for dairy side streams, fostering collaboration and innovation in the food sector.
In August 2023, Icos Capital announced the first close of its fourth fund, Icos Capital Growth Fund IV, targeting €100 million with a hard cap of €150 million. This fund aims to accelerate sustainability in various sectors, including food systems and decarbonization.
In January 2023, Icos Capital participated in the €4.1 million Series A funding round for CarbonOrO, a company focused on point-source carbon capture technology. This investment highlights Icos Capital's commitment to supporting innovative solutions in climate technology.
In October 2025, Icos Capital led a Series A investment in TRACT, a supply chain intelligence platform for the agrifood industry, further demonstrating its active role in the investment space.
Additionally, Icos Capital announced its investment in Mevaldi B.V., a company focused on bio-based building blocks, reinforcing its focus on sustainable materials and technologies.
What are Icos Capital's investment criteria?
Icos Capital invests in early growth stage companies primarily in Europe, focusing on sectors such as climate, food systems, sustainable materials, and decarbonization. The firm looks for companies that demonstrate proven scalability and market traction, with initial investments typically ranging from €1 million to €5 million.
How can I apply or pitch to Icos Capital?
Founders can pitch Icos Capital through their website at icoscapital.com. It is advisable to include a detailed business plan and highlight measurable contributions to CO2 reduction in the pitch.
What makes Icos Capital different from other venture capital firms?
Icos Capital distinguishes itself through its Collaborative Venturing Platform (CVP), which connects portfolio companies with leading corporations for growth financing, engineering expertise, and market access. This unique structure provides operational leverage and enhances commercial engagement opportunities.
What is the geographic scope of Icos Capital's investments?
The firm primarily invests in European companies but also targets US and Asian firms that have a strong presence in Europe, ensuring a broad geographic reach.
What is the fund size and check size range?
Icos Capital manages approximately €100 million across its funds, with initial investments typically ranging from €1 million to €5 million.
What kind of post-investment involvement does Icos Capital have?
Icos Capital actively engages with its portfolio companies through its CVP, providing access to resources, expertise, and potential partnerships with corporate LPs to facilitate growth and scalability.
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