The company was founded in 1973 by Alfio Caronti and Peter Skarupp to produce Bill Moyes' hang glider designs under licence for boat towing. Franco Garzia & Gianni Hotz bought the company in 1981 and continued to produce Moyes' designs. By 1991 the company had sold more than 3,000 hang gliders and decided to develop its own designs and have each one DHV certified.
In 1992 Icaro 2000 introduced its first model, the Icaro Brazil. The highly successful Icaro Laminar was introduced in 1994 and remains in production in 2012, having been used by many world champions. The company introduced its first "topless" design, lacking a kingpost in 1996.
In 1998 the company starting making hang gliding helmets under the brand name 4fight.