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The Venture Codex

ICOS Capital

Marconistraat 16, 11th Floor, Rotterdam, Zuid-Holland, 3029 AK, Netherlands

Overview

ICOS Capital is a professional venture and growth capital investment firm with combined experience of over 50 years of investing over 100 million euros in over 40 European technology companies. It differentiates itself as an operational venture capital firm after having directed numerous success stories, with over 75 years of hands on experience and 12 exits through M&A and IPOs. It has strategic partnership with major corporations that see value in being at the forefront of the development and dissemination of cleantech innovations, both for capital gains and to substantiates strategic and corporate social responsibility objectives. These strategic alliances provide ICOS Capital with preferred access to the corporations’ extensive global networks and considerable knowledge base.

Total investments
12
Lead investments
3
Investments · 12mo
2
Active investors
4

Sector focus

  • Big Data
  • Chemical
  • Chemical Engineering
  • CleanTech
  • Food and Beverage
  • Food Processing
  • GreenTech
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Investment portfolio

  • Foamlab

    Participated · Equity · Apr 2026

    Founded in 2024 and originating from research at Delft University of Technology’s Faculty of Industrial Design Engineering, Foamlab develops a class of foams made from bacterial cellulose produced through fermentation. The company says its materials range from soft, textile-like sheets to rigid structural foams and are bio-based and compostable. Foamlab highlights control over nanoscale structure via microbial biofabrication to tune mechanical, acoustic, and aesthetic properties. Founders include CEO Jeroen van Rotterdam and Scientific Advisor Professor Elvin Karana. Current plans supported by the recent financing include building a pilot plant, scaling production, serving early customers, and accelerating commercial rollout. The company targets applications across construction insulation, furniture, fashion, and packaging as alternatives to fossil- and mineral-based foams.

  • Tract

    Led · Series A · Oct 2025

    TRACT provides a software platform that visualises end-to-end supply chains, connects supplier data, and delivers clear sustainability metrics across multiple commodity categories such as cocoa, coffee, corn and cotton. Originally created in collaboration with Archer Daniels Midland, Cargill, Louis Dreyfus Company and Olam Food Ingredients, the company now serves many of the world’s largest CPG brands and commodity traders, enabling them to map sourcing portfolios, monitor deforestation risk and track emissions. By turning complex agrifood data into actionable insights, TRACT supports sourcing leaders who face increasing regulatory and stakeholder pressure. The platform’s core value lies in integrating disparate data systems to reveal sourcing risks and resilience gaps. With its newly secured capital, TRACT plans to accelerate global expansion, deepen data-system integrations and onboard additional enterprise clients. Although specific revenue or user figures were not disclosed, the business is positioned for rapid growth as sustainability reporting requirements tighten worldwide.

  • Abolis Biotechnologies

    Participated · Equity · Sep 2024

    Abolis Biotechnologies, based in Évry-Courcouronnes, France, specializes in industrial solutions using microorganisms across food, healthcare, cosmetics and chemicals. The company combines expertise in biology, fermentation, IT, robotics, analytics and industrial property to develop bioproduction solutions. It leverages biotechnologies and micro-organisms to create economically and ecologically sustainable alternatives to petrochemical products and chemical ingredients. Abolis raised €35M in funding to support its growth. Backers included L’Oréal’s venture capital fund BOLD, DeepTech & Climate Fonds, and Evonik Venture Capital as lead investors, alongside Clay Capital, ICOS Capital and Liberset. The company intends to use the funds to accelerate expansion into global markets and to speed R&D to bring its own portfolio of ingredients, to be industrialized with partners, to market. The investment was accompanied by a new strategic industrial partnership between Abolis, L’Oréal and Evonik to bring selected innovations to market for the healthcare, cosmetic and chemical sectors. The company is led by CEO Cyrille Pauthenier.

  • eAgronom

    Participated · Series A · Jul 2024

    eAgronom provides farm management and sustainability tools that help independent farmers and agricultural groups implement crop monitoring, automated reporting, crop and yield plans, and activity schedules. Founded in 2016, the company has modernised hundreds of thousands of hectares across Europe and Africa. It works with more than 3,000 farmers in 14 countries and its partner farms have stored 525,000 tCO2 p.a. Soil health is central to its work and underpins its carbon offsetting and insetting programs that subsidise regenerative practices. eAgronom is targeting 4.1 million hectares by 2025 and plans to expand its presence in key markets. The company intends to scale Scope 3, sustainable finance, and other sustainability initiatives to reduce farmer risk and drive adoption. eAgronom offers a data-driven digital platform that combines agronomy, IT and environmental science to help farmers manage farms more sustainably and profitably. Its core product includes GHG monitoring and data-measuring technology plus a carbon programme that verifies farm footprints and enables farmers to earn carbon credits. The platform delivers direct subsidies and guidance to optimise fuel and fertiliser use, improve soil quality, and avoid greenwashing. eAgronom reports over 1.2 million hectares of farmland under management across Europe and Africa and supports farmers in Spain, Poland, Romania, East Africa and seven additional markets. The company says its carbon credit income programme creates supplementary revenue streams and better access to finance for farmers. eAgronom plans to scale its carbon programme across Europe and Africa following initial successes. eAgronom, founded in 2016, began as farm management software and has grown into one of the largest agtech companies in the Baltics. Its core product is farm management software and consultancy that reduces administrative load and helps farmers achieve higher yields and income. The company already supports over 1,500 agribusinesses covering more than one million hectares across Europe. With new funding, eAgronom plans to pivot the majority of its business toward a farming-based carbon credits platform and to expand into new markets, including outside the EU. It intends to improve carbon-tracking technologies and launch the Solid World DAO to provide liquidity and transparency for high-quality carbon projects using blockchain and the Web3 community. Management says the platform will provide transparent tracking and access to capital for nature-based companies and aims to become a leading developer of high-quality carbon credits. eAgronom offers an AI-powered farm management platform that automates crop rotation plans, integrates satellite NDVI data, and analyses farmers' financial performance. The product is used by about 1,500 farmers managing roughly 1 million hectares of grain land in Europe. The company plans to roll out AI-powered digital consultancy services across more countries. eAgronom raised a €1.2 million convertible equity round and has recruited Kristjan Luha, a former Nike Vice President, as Chief Commercial Officer to support commercial expansion. Founded in 2016 and based in Tallinn, Estonia, the startup has raised a total of €4.5 million to date. It is preparing to raise a further €10 million in a Series A in the spring of next year. eAgronom is an agtech startup that provides a web and mobile platform enabling farmers to manage and oversee their entire farm, employees and fields in real time. As a planning and management tool for grain farmers, the platform helps users achieve economic gains and reduce risks through proper planning and task timing in sowing rotational systems. The company has rolled out in nine European countries and is used to manage over 700,000 hectares. Headquartered in Tartu, Estonia, and founded by Robin Saluoks and Stenver Jerkku two years ago, eAgronom employs over 35 specialists. It raised €1m in seed funding to improve the platform's agronomical and financial analysis modules and to scale sales and support teams.

  • MOA

    Led · Series A · Jun 2024

    MOA Foodtech integrates industrial biotechnology and artificial intelligence to develop high-value food ingredients from agricultural byproducts via a patented fermentation process. It converts substrates such as cereals, bagasse and legumes into competitive, low‑carbon functional ingredients that can be reintroduced into the food system. The company uses its AI platform, Albatros, to accelerate ingredient creation while reducing time and costs. Proceeds from the recent financing are intended to scale operations, expand production and commercialisation, and further develop the Albatros platform for international market launches. Founded in 2021 in Pamplona (Navarra), MOA employs 15 technical staff, 11 of whom are women. The company frames its approach as a circular solution that helps mitigate greenhouse gas emissions, deforestation and biodiversity loss by valorising large volumes of secondary agro‑food flows. MOA Foodtech is an agroalimentaria startup that develops protein ingredients of high nutritional value from agro‑food subproducts. Founded in 2020 and based at the CEIN incubator in Noain (Pamplona‑Iruña), the company is led by scientific director Susana Sánchez, CEO Bosco Emparanza and CFO José María Elorza. The startup aims to address growing demand for alternative proteins and has participated in acceleration programs such as Spain Foodtech and Orizont’s Match Point VI. MOA plans to have its first product on the market in 2022 and to grow its headcount from five employees to fourteen. The company has early commercial ties with Sanygran and Iberfruta, with options for minimum contracts of €25,000.

Team

  • Nityen Lal

    Chief Executive Officer and Managing Director

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  • Peter Van Gelderen

    Chief Investment Officer and Partner

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  • Fred Van Efferink

    Partner

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  • Rudi Dupper

    Chief Financial Officer

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