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Incofin Investment Management

Europe, Antwerpen, Belgium, Antwerp

Description

Incofin Investment Management is a prominent global impact investment firm headquartered in Antwerp, Belgium, dedicated to fostering financial inclusion, rural development, and sustainable agriculture in emerging markets. Established with a clear mission to provide capital to institutions that serve underserved populations, Incofin IM has grown to become a significant player in the impact investing landscape. The firm manages a diverse portfolio of funds, deploying both debt and equity capital to support its strategic objectives.

Incofin IM's investment strategy primarily targets microfinance institutions (MFIs), financial institutions, and small and medium-sized enterprises (SMEs) within the agricultural sector. Through its various funds, such as the Rural Impulse Fund II (RIF II) and AGRIF II, Incofin provides crucial financing to organizations that extend financial services to low-income individuals and rural communities, or that promote sustainable agricultural practices. This dual approach allows Incofin to address both the financial access gap and the need for resilient food systems in developing economies.

The firm demonstrates a substantial scale of operations, managing over EUR 1.3 billion in assets as of the end of 2023, reflecting its extensive reach and commitment. Its typical investment sizes vary depending on the fund and the nature of the financing. For instance, its debt funds often provide loans ranging from EUR 1 million to EUR 10 million to financial institutions, while its equity funds typically make investments in agricultural SMEs from EUR 2 million to EUR 8 million. Incofin has a track record of investing in over 200 financial institutions and companies across more than 60 countries, underscoring its broad geographic footprint and deep engagement in the markets it serves.

Incofin's long-standing presence and specialized focus position it as a key partner for institutions seeking to drive positive social and environmental impact alongside financial returns. Its rigorous due diligence and active portfolio management aim to ensure both the sustainability of its investments and the achievement of its development goals, contributing significantly to global efforts in poverty reduction and economic empowerment.

Investor Profile

Incofin Investment Management has backed more than 28 startups, with 5 new investments in the last 12 months alone. The firm has led 13 rounds, about 46% of its total and boasts 2 exits across its portfolio.

Investment Focus Highlights

  • Concentrates on Series B, Series Unknown, Debt Financing rounds (top funding stages).
  • Majority of deals are located in India, Colombia, Myanmar.
  • Strong thematic focus on Financial Services, Finance, FinTech.
  • Led 4 rounds in the past year.
  • Typical check size: $1.1M – $10.8M.

Stage Focus

  • Series B (29%)
  • Series Unknown (21%)
  • Debt Financing (18%)
  • Series A (18%)
  • Post Ipo Equity (4%)
  • Private Equity (4%)
  • Secondary Market (4%)
  • Seed (4%)

Country Focus

  • India (71%)
  • Colombia (7%)
  • Myanmar (4%)
  • Kenya (4%)
  • Uganda (4%)
  • Rwanda (4%)
  • Senegal (4%)
  • Honduras (4%)

Industry Focus

  • Financial Services
  • Finance
  • Fintech
  • Banking
  • Agriculture
  • Lending
  • Farming
  • Small And Medium Businesses
  • Electric Vehicle
  • Food Processing
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FAQ

Frequently Asked Questions

Learn who this investor regularly partners with—both firms and angels—and explore their latest activity.

Who does Incofin Investment Management frequently co-invest with?

FMO
Europe, Zuid-Holland, The Netherlands, The Hague
Co-Investments: 2
Orios Venture Partners
Asia, Maharashtra, India, Mumbai
Co-Investments: 2
Korys
Europe, Vlaams-Brabant, Belgium, Halle
Co-Investments: 2
Triple Jump
Europe, Noord-Holland, The Netherlands, Amsterdam
Co-Investments: 2
British International Investment
Europe, England, United Kingdom, London
Co-Investments: 3
Nordic Microfinance Initiative
Europe, Oslo, Norway, Oslo
Co-Investments: 2
responsAbility Investments
Europe, Zurich, Switzerland, Zürich
Co-Investments: 2
3one4 Capital
Asia, Karnataka, India, Bangalore
Co-Investments: 1
Proparco
Europe, Ile-de-France, France, Paris
Co-Investments: 2
Oikocredit International
Europe, Utrecht, The Netherlands, Amersfoort
Co-Investments: 3

What are some of recent deals done by Incofin Investment Management?

SuperZop

Ahmedabad, Gujarat, India

SuperZop is an Agri-commerce platform for Kirana stores that is transforming the unorganized retail sector.

B2BE-CommerceRetail
Series BJul 7, 2025
Amount Raised: $12,600,000
Ficohsa

Tegucigalpa, Francisco Morazan, Honduras

Ficohsa is a bank that offers mortgages, credit cards, insurance, brokerage, and private banking services.

BankingFinanceFinancial Services
Debt FinancingMar 7, 2025
Amount Raised: $10,000,000
Sahyadri Farms

Nasik, Maharashtra, India

Sahyadri Farms is a farmer producer and agricultural company.

AgricultureFarmingFood Processing
Series BDec 20, 2024
Amount Raised: $45,911,385
Couvoir Amar

Dakar, Dakar, Senegal

Couvoir Amar produces high-quality day-old chicks and assists poultry farms.

Food and BeverageFood ProcessingMeat and Poultry
Debt FinancingDec 13, 2024
Truk Rwanda

Kigali, Butare, Rwanda

Truk Rwanda is a cold chain logistics company.

Food TrucksLogisticsSupply Chain ManagementTransportation
Debt FinancingDec 11, 2024
Spouts of Water

Kampala, Kampala, Uganda

Spouts of Water is manufacturing water purification filters for households to ensure that they have constant access to clean drinking water.

Food and BeverageManufacturing
Series UnknownNov 14, 2024
Amount Raised: $3,158,383
Arthan Finance

Mumbai, Maharashtra, India

Arthan Finance is a non-banking financial company that provides loans to self-employed nano and micro-entrepreneurs.

BankingFinancial ServicesFinTechLending
Series BJun 10, 2024
Amount Raised: $5,988,204
Saggraha Management Services

Bangalore, Karnataka, India

Saggraha Management Services is a Bottom of the Pyramid financial services provider

Financial Services
Series UnknownMay 22, 2024
Amount Raised: $10,000,000
Namdev Finvest

Jaipur, Rajasthan, India

Namdev Finvest operates a non-banking finance platform that provides loans to rural and semi-urban agriculture.

Electric VehicleEnergyFinanceFinancial Services
Series BJan 22, 2024
Amount Raised: $14,922,614
Rite Water Solutions

Nagpur, Maharashtra, India

Rite Water Solutions offers potable water and water quality improvement solutions.

ChemicalWaterWater Purification
Series UnknownOct 16, 2023
Amount Raised: $7,812,805