Riga-based Naco Technologies secures €1.2M in a pre-Series A round

Naco Technologies, a manufacturer of nano-coatings for green hydrogen systems, has secured €1.2 million in a pre-Series A round co-led by Impact Ventures and The Untitled Ventures. The funding will help to scale its operations internationally.

• Founded in 2009, Naco Technologies develops, manufactures, and supplies nano coating technologies coatings for equipment used in the tooling, automotive, aerospace, and micro-chip industries. Its products include oil-enhanced, wear-protective, thermal-barrier, and liquid-repellent coatings.
• In 2015, Naco Technologies was acquired by the Germany-based Schaeffler Group. In 2023, Naco Technologies opened a pilot production plant dedicated to coating hydrogen system components. It also received €10 million from the European Innovation Council Accelerator, consisting of a €2.3 million grant further topped with investment capital.

• The current round was co-led by Impact Ventures, Hungarian VC fund focused on impact-driven projects within the EU, and the Untitled Ventures, an early stage venture capital fund that invests in startups from the Baltics, CEE, and CIS in agritech, medtech, robotics, data management, and other industries.

“At Impact Ventures, our focus is on empowering companies that drive significant environmental and societal impact in the EU. Investing in Naco Technologies aligns perfectly with our mission, as they play a crucial role in advancing green hydrogen technology,”

Gergely Iváncsics, Investment Director of Impact Ventures, commented on the investment.

• With the new funding, Naco Technologies plans to scale operations internationally and foster global partnerships and client relationships, particularly with electrolyzer and fuel cell manufacturers. In addition, the company plans to expand its R&D facilities and enhance the team.