NACO
24 Rue Vital Carles, Bordeaux, Nouvelle-Aquitaine, 33000, France
Overview
NACO is a co-investment fund for start-ups and small and medium-sized businesses (SMEs). NACO is a regional co-investment fund backed by Région Nouvelle-Aquitaine and managed by M/Capital Partners.
- Total investments
- 18
- Lead investments
- 0
- Investments · 12mo
- 5
- Active investors
- 1
Sector focus
- Finance
- Financial Services
Investment portfolio
- Haiku
Participated · Equity · Jun 2026
Haiku is the name of Clerk’s AI-driven legaltech platform designed for law firms and used by roughly 2,000 cabinets. The company positions Haiku to serve the broader French legal market of about 75,000 lawyers and has refocused its branding around the product since 2025. Financially, Clerk raised €1.3M in pre-amorçage the year before and has just secured an additional €3M from Newfund NAEH, Velocity and regional fund Naco. Management, led by president and cofounder Jules Touzet, says the fresh capital will be used to improve the software and accelerate commercial growth in France. The startup is based in Bordeaux and is competing in an increasingly crowded legaltech landscape.
- AC-Dismantling
Participated · Equity · Apr 2026
Founded in 2022 by aeronautical mechanic Anthony Charmarty, AC-Dismantling provides end-of-life handling for small aircraft including removal, methodical deconstruction and redistribution of parts and materials to recycling or reuse channels. The company positions itself as the only player in Europe focused on dismantling and recycling small general-aviation and business aircraft under 30 tonnes. To date it has deconstructed and valorized 15 aircraft. Operational activity moved from south Charente to a site adjacent to Pau-Pyrénées airport in April 2025, while the headquarters remain in Bordeaux. AC-Dismantling has obtained habilitations to work on military aircraft, including fighter jets, and plans to expand into foreign markets. The company currently employs seven people and plans to add about 25 hires over three years as it scales capacity.
- Dionymer
Participated · Seed · Feb 2026
Founded in 2020 in Gironde, France, Dionymer develops and manufactures PolyHydroxyAlcanoates (PHA) derived from biodéchets sourced from collective catering outlets. These biopolymers serve as sustainable, fully biodegradable alternatives to the 99 % petrochemical polymers currently used in cosmetics, plastics, and paints. By valorising organic waste, the startup targets a share of the 400-million-tonne global polymer market while reducing carbon emissions and microplastic pollution. To date the company has focused on scaling its proprietary production process; the new capital will finance its transition from pure production to active commercial sales. Management emphasises that the forthcoming phase will include market entry and broader industrial deployment. Dionymer’s technology positions it for both environmental impact and regulatory tailwinds as industries seek greener materials, though no revenue or customer figures have yet been disclosed. Earlier seed financings totalled €2.5 million, and the firm is now poised to accelerate go-to-market execution with expanded manufacturing capacity.
- FineHeart
Participated · Series C · Jan 2026
FineHeart is a clinical-stage medical device company headquartered in Bordeaux and Tours that is building FlowMaker®, the first fully implantable cardiac output accelerator designed for advanced heart failure. The intraventricular pump synchronizes with native heart contractions, preserves physiological blood flow, and is wirelessly recharged via transcutaneous energy transfer, sharply lowering infection risk. Implantation is performed on a beating heart through a minimally invasive 90-minute procedure, giving surgeons a familiar workflow. The technology addresses a market of about 200,000 patients a year and initially targets the 50,000 most severe cases not served by current LVADs, an opportunity valued at more than €5 billion. FineHeart protects its platform with 160 patents across 27 families. With the latest funding, the company plans to industrialize FlowMaker® hardware, run clinical trials, and solidify its leadership in active implantable medical devices (AIMDs).
- HyPrSpace
Participated · Series A · Nov 2025
HyPrSpace is an aerospace company focused on creating Orbital Baguette 1 (OB-1), a hybrid microlauncher designed to make access to orbit easier and more affordable. The OB-1 vehicle combines solid and liquid propulsion technologies and is engineered to transport payloads of up to 250 kilograms. Proceeds from its recent fundraising will be used to speed up engineering, ground-testing, and manufacturing activities. The company’s roadmap targets a first suborbital demonstration flight in 2026, a key milestone toward eventual orbital missions. Based in Bordeaux, HyPrSpace positions itself within France’s deep-tech ecosystem, taking advantage of national initiatives such as France 2030. Although revenue and user metrics have not been disclosed, the €21 million injection represents a significant step toward commercial readiness.
Team
Thibaut Richebois
LinkedIn