Indico Capital Partners

Focus

STAGES

Pre-SeedSeedSeries ASeries BGrowth

SECTORS

Software & SaaSArtificial IntelligenceDeep TechFintechHealthTechConsumer & E-commerceSpaceClimate & Energy

ASSET MIX

Venture capitalDirect investments

GEOGRAPHY

PortugalSpainItaly

Overview

Indico Capital Partners is a Lisbon-headquartered venture capital manager with a second office at Google Campus in Madrid; it describes itself as the first sizable independent VC firm in Portugal (2018). It manages six closed venture capital funds registered with the CMVM: Indico VC Fund I (€54M, InnovFin Equity and BPF's Portugal Tech), Indico Opportunity Fund I (€25M, EIF EGF), Indico Acceleration Fund I (€12M, Founders' Programme with Google for Startups), Indico Blue Fund (€50M, ocean economy), Indico Venture Capital Fund II (up to €102M, co-financed by BPF's Venture Capital Programme) and Indico VC Fund III (InvestEU and BPF's FC&QC under Portugal Blue). The firm reports €244M of AUM, €157M deployed since 2019, 59 companies invested and €2.5B raised by those companies. It invests €100K–€10M in startups based in or related to Portugal, Spain or Italy, mostly pre-seed to Series A, in AI, enterprise SaaS, deep tech, fintech, spacetech, healthtech, IoT/robotics and consumer, and up to €5M of expansion capital in ocean-related SMEs through the Blue Fund. Its LPs include global institutions, funds of funds, corporates, education institutions, family offices and individuals; funds are Golden Visa and SIFIDE2 compatible.

Investment thesis

Back entrepreneurs going from local to global: Portuguese, Spanish and Italian teams with huge addressable markets that can become global category winners; often the first institutional investor, ideally post-revenue at seed; sustainability considered in all investments, with a dedicated ocean/blue-economy strategy.

PORTFOLIO (12)

• Anchorage DigitalNOTABLE
  Crypto & Web3 · since 2021
• RemoteNOTABLE
  Software & SaaS · since 2022
• Sword HealthNOTABLE
  HealthTech · since 2025
• BizayNOTABLE
  Software & SaaS · since 2020
• Preply
  Education · since 2025
• Dealroom
  Software & SaaS · since 2025
• Infraspeak
  Software & SaaS · since 2019
• Indie Campers
  Consumer & E-commerce · since 2024
• FOSSA Systems
  Space · since 2023
• Gazelle Wind Power
  Climate & Energy · since 2024
• Hercules AI
  Artificial Intelligence · since 2024
• Cascade
  Artificial Intelligence · since 2026

People

• Stephan de Moraes
  Managing General Partner · source
• Ricardo Torgal
  General Partner and CFO · source
• Cristina Fonseca
  General Partner · source
• Rui Rodrigues
  Partner · source
• Sofia Egídio
  Partner and General Counsel · source
• André Almeida Santos
  Partner · source
• Rui Jerónimo
  Principal · source
• João Pedro Roque
  Principal · source

Links

• Website
• Official contact page
• LinkedIn
• X

Frequently asked questions