ICOS Capital Management

Icos Capital is a venture and growth capital investment firm founded in 2005 and based in Rotterdam, Netherlands. With over 50 years of combined experience, the firm has invested more than 100 million euros in over 40 technology companies across Europe. Icos Capital specializes in early-stage investments, particularly in sectors such as food systems, chemicals, materials, and decarbonization. The firm distinguishes itself through its operational approach to venture capital, having achieved numerous successful exits via mergers and acquisitions and initial public offerings. Icos Capital maintains strategic partnerships with major corporations, enhancing its access to extensive global networks and expertise in cleantech innovations. Its latest fund focuses on climate tech, targeting impact investments related to pollution and air quality, aligning with both financial returns and corporate social responsibility objectives.

Peter Van Gelderen

Chief Investment Officer and Partner

32 past transactions

Abolis Biotechnologies

Venture Round in 2024
Abolis is a French company delivering high-impact innovations in biotechnologies that supports industries in their transition to build a better future in collaboration with Nature. We provide tailor-made industrial solutions based on micro-organisms. Founded in 2014, Abolis is made up of a team of over 54 people, sharing a scientific and humanist ambition. Determined to become a key player in the transformation of manufacturing, we combine our expertise in biology, fermentation, IT, robotics, analytics and industrial property to reinvent the future of numerous industries - from food to healthcare, cosmetics and chemicals. We help industries make the ecological transition by rethinking their production models We rely on biotechnologies and the untapped potential of micro-organisms to develop new bioproduction solutions that are economically and ecologically sustainable alternatives to petrochemical products and chemical ingredients. We take up the industry's current challenges by: · Using renewable raw materials · Relocate essential production and secure supply chains · Designing biocompatible products less toxic for the environment · Reducing greenhouse gas emissions Abolis is providing tailor-made industrial solutions, based on microorganisms We are… independent in thought and action rigorous in our approach and the way we work creative because we never stop innovating, while remaining pragmatic ambitious because we are passionate and determined to make a difference

eAgronom

Series A in 2024
eAgronom is a company focused on transforming agriculture through its online farm management system, which aids farmers in planning, managing, and analyzing their agricultural activities. The platform supports over 1,500 paying farmers by guiding them toward carbon-capturing practices and ensuring transparency for carbon credit buyers. eAgronom addresses both farming and non-farming tasks, such as adhering to grant regulations, managing inventory, and providing real-time updates on task progress. This comprehensive approach enables farmers to operate sustainably and profitably, while also promoting ecological interests in response to challenges like climate change and soil degradation. The company's ambition is to become a leading provider of agricultural carbon credits in Europe, fostering a synergy between economic and environmental goals.

MOA

Series A in 2024
MOA make healthy food for a sustainable world that solves growing global food demands. They are establishing a new industry of sustainable food that solves growing global food demands without the need for arable land. They are focused on designing high-value, natural and nutritious food.

eAgronom

Venture Round in 2023
eAgronom is a company focused on transforming agriculture through its online farm management system, which aids farmers in planning, managing, and analyzing their agricultural activities. The platform supports over 1,500 paying farmers by guiding them toward carbon-capturing practices and ensuring transparency for carbon credit buyers. eAgronom addresses both farming and non-farming tasks, such as adhering to grant regulations, managing inventory, and providing real-time updates on task progress. This comprehensive approach enables farmers to operate sustainably and profitably, while also promoting ecological interests in response to challenges like climate change and soil degradation. The company's ambition is to become a leading provider of agricultural carbon credits in Europe, fostering a synergy between economic and environmental goals.

PEF Technologies

Venture Round in 2023
PEF Technologies specializes in innovative food processing through the use of nanosecond pulsed electric field technology. This non-thermal method offers an alternative to traditional pasteurization, enhancing food and beverage preservation while maintaining flavor and nutritional content. By applying short-duration high-intensity electric fields, the technology not only extends the shelf life of products but also improves the bioaccessibility and bioavailability of their nutritive components. Additionally, PEF Technologies addresses energy consumption concerns in food processing, making it a viable option for clients seeking efficient and sustainable solutions in the industry.

NapiFeryn BioTech

Venture Round in 2023
NapiFeryn BioTech specializes in extracting protein from waste streams generated during rapeseed oil production. The company employs innovative biorefinery technology that enables a more sustainable and efficient extraction process compared to traditional methods. This approach results in high-quality protein isolates and concentrates that serve as functional and nutritional alternatives to animal-derived proteins. NapiFeryn's products are versatile and can be utilized in a variety of applications, catering to the needs of oil mills and food producers seeking to develop sustainable bio proteins.

CarbonOrO

Series A in 2022
CarbonOrO specializes in carbon capture technology that efficiently extracts carbon dioxide from industrial emissions, including flue gases, landfill gas, and biogas. The company employs a proprietary amine solution in a straightforward process involving an absorber and a desorber. In this system, raw gas enters the absorber, where the amine solution absorbs CO2 as the gas flows through. The cleaned gas exits at the top, while the CO2-laden amine solution is transferred to the desorber. Unlike traditional systems that operate at high temperatures, CarbonOrO's desorber functions at a lower temperature of 70 °C, which can lead to significant energy savings of 10-25%. Additionally, the process can utilize waste heat, potentially reducing energy costs by up to 50% through effective integration with existing industrial utilities. By capturing carbon at atmospheric conditions, the technology eliminates the need for raw gas compression, making it a viable solution for various industries, including waste-to-energy, oil and gas, chemicals, steel, and cement, thereby contributing to a reduced carbon footprint and a more sustainable environment.

Invert Robotics

Venture Round in 2022
Invert Robotics Limited is a company based in Christchurch, New Zealand, that specializes in remote robotic inspection services primarily for the food and beverage industry, as well as the pharmaceutical and oil and gas sectors. Founded in 2010, Invert Robotics has developed a modular, non-destructive inspection platform that can perform visual inspections on various industrial equipment, such as storage tanks, spray dryers, and fluid beds. Their robots are designed to navigate smoothly on various surfaces, including non-magnetic materials, ensuring safe and accurate asset management. In addition to inspection services, the company also provides repair services, leveraging advanced technology to enhance maintenance capabilities across multiple industries.

Wholefiber

Seed Round in 2021
WholeFiber is an online retailer specializing in nutrition products designed to enhance gut health and overall well-being. The company offers a range of items, including dietary fibers derived from natural sources such as chicory root, aimed at improving the human microbiome. By providing essential nutrients that support beneficial gut bacteria, WholeFiber's products contribute to strengthening the immune system and may help reduce the risk of serious health issues. The company's commitment to promoting health through wholesome prebiotic vegetable products allows consumers to conveniently shop for items that align with their dietary needs and health goals.

Holiferm

Funding Round in 2021
Holiferm Limited, founded in 2018 and based in Manchester, United Kingdom, specializes in the production of biosurfactants through innovative fermentation technology. The company focuses on developing environmentally friendly processes that utilize gravity separation to efficiently recover insoluble lipids during fermentation. This approach allows for the cost-effective production of bio-based materials, including surfactants. Holiferm is currently engaged in the construction of a large-scale manufacturing plant for sophorolipids, aiming to bring these sustainable products to market.

Carbon Clean

Series B in 2021
Carbon Clean specializes in carbon dioxide recovery technology tailored for industrial applications, focusing on the decarbonization of power plants and utilities. The company has developed a patented carbon capture process that utilizes a proprietary regenerable advanced solvent and enhanced energy integration, allowing for the removal of up to 90% of carbon dioxide from flue gases. This energy-efficient technology is designed to be both cost-effective and adaptable, suitable for integration into new facilities or retrofitting existing ones. By providing industrial-quality carbon dioxide for reuse or sequestration, Carbon Clean enables its clients to adopt scalable and affordable carbon capture solutions. The company operates multiple research teams and facilities worldwide, commercializing its innovative technology for a diverse range of global customers.

NutriLeads

Series B in 2020
NutriLeads is a startup focused on developing innovative nutritional ingredients with clinically proven health benefits. The company specializes in precision prebiotic fibers derived from crops, which are designed to support physiological processes and modulate the gut microbiome. NutriLeads collaborates with industry partners to identify promising lead ingredients, create sustainable and commercially viable production processes, and initiate scientific and clinical programs that validate the health effects of its offerings. By doing so, NutriLeads aims to enhance nutritional health innovation in the food industry, ultimately providing consumers and patients with access to dietary supplements and specialized functional food and beverage products that deliver these benefits.

Carbon Clean

Series B in 2020
Carbon Clean specializes in carbon dioxide recovery technology tailored for industrial applications, focusing on the decarbonization of power plants and utilities. The company has developed a patented carbon capture process that utilizes a proprietary regenerable advanced solvent and enhanced energy integration, allowing for the removal of up to 90% of carbon dioxide from flue gases. This energy-efficient technology is designed to be both cost-effective and adaptable, suitable for integration into new facilities or retrofitting existing ones. By providing industrial-quality carbon dioxide for reuse or sequestration, Carbon Clean enables its clients to adopt scalable and affordable carbon capture solutions. The company operates multiple research teams and facilities worldwide, commercializing its innovative technology for a diverse range of global customers.

ReliaSol (Reliability Solutions)

Series A in 2019
Reliability Solutions was established by a group of young scientists from AGH UST in Krakow – outstanding Polish technical university. Our mission is to transfer knowledge and novel solutions in data analysis from science to business. By the usage of cutting-edge scientific results in data science, we are able to predict machinery failures what results in huge financial benefits and safety increase to the industry. Due to cooperation with NVIDIA we use deep learning algorithms powered by GPUs to make better insight into data and highly improve the meaning of Predictive Maintenance. After positive feedback in Polish market we decided to leverage our transatlantic connection with US.

Gamaya

Series B in 2019
Gamaya is a company focused on enhancing the efficiency and sustainability of both large-scale and small-holder farming through advanced farmland mapping and diagnostics solutions. It employs patented hyperspectral imaging technology, embedded cameras, and analytical software to convert raw hyperspectral and satellite data into actionable insights for farmers. This innovative approach enables farmers to optimize their use of water, fertilizers, chemicals, and fuel, ultimately improving the quality and quantity of their agricultural production. By facilitating better decision-making, Gamaya's solutions contribute to increased crop yields while minimizing environmental impact, thereby supporting sustainable agriculture and global food security.

Gamaya

Convertible Note in 2017
Gamaya is a company focused on enhancing the efficiency and sustainability of both large-scale and small-holder farming through advanced farmland mapping and diagnostics solutions. It employs patented hyperspectral imaging technology, embedded cameras, and analytical software to convert raw hyperspectral and satellite data into actionable insights for farmers. This innovative approach enables farmers to optimize their use of water, fertilizers, chemicals, and fuel, ultimately improving the quality and quantity of their agricultural production. By facilitating better decision-making, Gamaya's solutions contribute to increased crop yields while minimizing environmental impact, thereby supporting sustainable agriculture and global food security.

Exasun

Venture Round in 2016
Exasun B.V. is a Dutch company engaged in the development, manufacturing, and marketing of solar photovoltaic panels. Established in 2012 and based in The Hague, the company produces high-efficiency glass-glass solar modules, including black glass, black roof, X-façade, X-tile, and X-colour models. These solar panels are designed for a variety of applications, such as flat roofs, slanted roofs, new constructions, renovations, and building-integrated photovoltaics. Exasun has advanced its production capabilities through collaboration with suppliers, knowledge institutions, and Dutch machine builders. The company markets its products through a network of premium installers, focusing on enhancing both the efficiency and aesthetics of solar energy solutions.

Innosolids

Venture Round in 2015
Innosolids BV is a company based in Maastricht, Netherlands, specializing in the production and supply of various color solutions and additives for the plastics industry. Its product range includes pigments, masterbatch, liquid colors, compounds, and micro beats, as well as UV absorbers, heat stabilizers, antistatic products, flame retardants, nucleation agents, lubricants, and antioxidants. These products serve diverse applications across sectors such as sports and leisure, construction, automotive, and medical projects. Innosolids leverages proprietary technology to enhance the quality of plastic coloring while reducing costs and environmental impact. The company benefits from its proximity to the Brightland Campus, a hub for technological and chemical advancements, which supports its commitment to innovation in color development.

Solesta

Venture Round in 2015
Solesta B.V., located in Barendrecht, the Netherlands, is a solar energy company known for its innovative Silverline system, which generates both solar heat and electricity. This patented system is designed to be easy to install, durable, and cost-effective, making it suitable for both new and existing homes. The Solesta system enables households to reduce their annual energy consumption by 25% to 50%. It features solar collectors that convert sunlight into heat for domestic hot water (DHW) heating, with the heat stored in a module equipped with a heat exchanger. This process allows for efficient water heating without compromising the capacity of traditional combi boilers, leading to reduced gas consumption and CO2 emissions. The system is expandable, allowing for the addition of more collectors or modules, and can integrate photovoltaic solar panels for electricity generation. Solesta's technology has been successfully implemented in hundreds of homes, including notable installations such as the Ronald McDonald House in Valkenburg, and has expanded its market presence into Germany and Belgium.

Metal Membranes

Venture Round in 2014
Metal Membranes specializes in the development, manufacturing, and supply of inorganic porous membranes tailored for liquid and gas filtration. The company produces metal membranes suited for a range of industrial applications, including microbiological analysis and various filtration processes. These membranes are designed with high flux levels, facilitating efficient filtration and enabling researchers to conduct experiments in fields such as microbiology and electrochemistry. By providing these advanced membrane products, Metal Membranes supports both industrial and research sectors in achieving effective filtration solutions.

High Voltage Water

Venture Round in 2014
High Voltage Water specializes in innovative water treatment solutions, particularly focusing on electro spraying technology at its research center in Leeuwarden, Netherlands. The company aims to enhance energy efficiency and reduce capital expenditures in thermal desalination processes. By employing advanced electrohydrodynamic atomization and electrospray technology, High Voltage Water enables significant cost savings for municipal and industrial desalination facilities. Currently, the company collaborates with both local and international partners to advance the commercial implementation of its cutting-edge technology, positioning itself as a key player in the water purification sector.

Squirro

Seed Round in 2013
Squirro is a developer of Augmented Intelligence solutions that enhance decision-making and client relations for organizations, particularly in the Financial Services, Insurance, Telecommunications, and Manufacturing industries. Founded in 2012, the company is headquartered in Zürich and has additional offices in London, Munich, New York, and Singapore. Squirro's core offering is its Insights Engine, which combines human intelligence with advanced artificial intelligence to deliver contextualized insights from various data sources. This technology enables businesses to effectively manage and extract value from their data by transforming disparate information into actionable insights and tailored recommendations. Squirro's clientele includes prominent organizations such as the Bank of England, Standard Chartered, and ING.

Photanol

Venture Round in 2012
Photanol is a company focused on developing innovative technology that transforms carbon dioxide and sunlight into valuable organic compounds. By utilizing proprietary engineered cyanobacteria, Photanol's processes capture sunlight to produce biofuels and other biochemical compounds, offering cost-effective solutions for various markets, including food ingredients and chemical bio-blocks. The company is staffed by a team of over ten researchers specializing in molecular biology, biochemistry, and process engineering, which supports its mission to create sustainable and affordable biochemical products.

BioActor

Series A in 2011
BioActor specializes in the development of proprietary health ingredients aimed at enhancing functional foods, medical nutrition, and dietary supplements. The company focuses on addressing chronic health concerns, including diabetes, osteoporosis, and cardiovascular disease, by promoting preventive dietary measures. BioActor's product development is grounded in three key principles: each ingredient must stem from a patentable scientific discovery, be food grade and sourced from natural, renewable materials, and have clinically proven health effects. Its flagship product, BONOLIVE, is a clinically validated ingredient designed to promote bone health and will be launched in the USA. To successfully execute its strategy, BioActor has formed alliances with leading nutrition research institutions and established production partnerships with industry players, facilitating a streamlined path to market for its innovative products.

MicroDish

Venture Round in 2011
Microdish BV, founded in the Netherlands in 2008, specializes in enhancing microbial culture through the design and manufacture of microengineered culture chips and nanoscale reagents. The company focuses on developing miniaturized disposable culture chips and innovative micro-cultivation methods to facilitate the growth and detection of microorganisms. Microdish engages in direct sales of its culture chips and collaborates on co-development projects with both industrial and academic partners. Additionally, the company undertakes service contracts, aiming to establish productive strategic partnerships with organizations that offer complementary technologies. Through these efforts, Microdish strives to advance microbial culture techniques and foster innovation in the field of microbiology.

Greenclouds

Venture Round in 2011
Greenclouds has developed a solution that significantly lowers the huge power consumption and CO2 emission at data centers, which – on average – use less than 30% of their capacity while servers are running all the time. Greenclouds enables sharing of capacity between major data centers and provides to web application customers that seek close to unlimited scalability with highest performance.

Ensartech

Venture Round in 2011
Ensartech is engages in mastering high temperature processes to process highly polluted waste and residual streams of various industries and convert them into various types of energy.

BiAqua

Venture Round in 2009
BiAqua is a water technology company based in Badhoevedorp, the Netherlands, specializing in bio-based solutions to address water contamination challenges. The firm targets markets affected by pollution, arsenic, biofouling, and bacterial contamination, providing services to both water companies and individual consumers globally. BiAqua employs regenerable adsorbent technology designed to mitigate biofouling in reverse osmosis systems by effectively removing phosphates, total organic carbon (TOC), and turbidity. This innovative approach enables clients to access low-cost arsenic-filtered water while also preventing bacterial growth. The company maintains a strategic partnership with Icos Capital, enhancing its capabilities in delivering effective water security solutions.

ReSteel

Private Equity Round in 2008
ReSteel International specializes in innovative technological solutions for the steel scrap recycling industry. The company addresses contamination issues in scrap streams by offering a total separation technology system, which utilizes proprietary technology. This system is designed to assist scrap traders and steel companies in enhancing the value derived from their scrap materials, thereby improving efficiency and profitability in the recycling process. Through its advanced solutions, ReSteel aims to streamline operations and promote better resource management within the steel recycling sector.

Ensartech

Venture Round in 2008
Ensartech is engages in mastering high temperature processes to process highly polluted waste and residual streams of various industries and convert them into various types of energy.

Dutch Rainmaker

Venture Round in 2008
Dutch Rainmaker is a young technology driven innovative company active in the water sector. Our products feature breakthrough technology with highly sustainable features. The two concepts for freshwater generation have the potential to revolutionize water generation on a global scale. Dutch Rainmaker has developed a truly disruptive technology producing water off -grid, powered solely by renewable energy, with the highest energy efficiency ratings, no discharge and for the AW-product line there is no need to access inflow water.

i-RES

Venture Round in 2007
i-RES is offers development, Realization and Exploitation of Projects to produce competitively priced (sustainable) energy through modular gasifiers based on the input of (an-)organic rest-streams, transforming it to heat and/or electricity.
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