Cocoa Ventures

Cocoa Ventures is a London-based venture capital fund founded in 2021 by Carmen Rico and Anthony Danon. Rico previously served as partner at Blossom Capital and Samaipata and was an early investor in Hopin; Danon was formerly a partner at Speedinvest. The $17 million fund closed in December 2021 and describes itself as the founder's in-house VC — a deliberately close, accessible model that prioritizes a genuine working relationship over formal governance. The firm invests across Europe, with a portfolio spanning the UK, France, Germany, and more than six additional markets. Cocoa writes angel-sized checks of $150,000 to $500,000 into pre-seed and seed-stage startups in any sector, with a particular concentration in enterprise software and fintech — 18 and 8 investments respectively across 26 total portfolio companies. Notable portfolio names include Papaya and Pivot. Distinctively, the firm never leads rounds and takes no board seats, functioning as a high-conviction supporter rather than a control-oriented investor. This structure is a deliberate strategic choice: by staying off boards and keeping checks small, Cocoa can move quickly, maintain relationships with founders at the earliest and most formative stages, and support a broad network without the governance overhead of traditional VC. A team of eight partners brings operational depth across sectors, providing portfolio founders with a collaborative network of expertise in addition to capital.