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Indico Capital Partners is a venture capital firm founded in 2018 and headquartered in Lisbon, Portugal. The firm focuses on investing in technology and sustainable companies, particularly those with connections to Portugal, Spain, and Italy. Indico aims to support local entrepreneurs in their efforts to expand globally by providing capital and expertise. The firm has established itself as a leading independent venture capital player in Portugal, with a total assets under management (AUM) of approximately €175 million across its funds.
Indico Capital Partners operates two primary fund families: a tech fund with a size of €125 million targeting Pre-Seed to Series A stages, and a Blue Fund focused on ocean-related ventures with a size of €50 million. The firm has a portfolio of 51 companies, showcasing its commitment to supporting local talent and fostering global expansion. Indico's notable milestones include partnerships with the EU Commission for ocean technology and contributions to the World Economic Forum's UpLink initiative for climate and ocean action.
Indico Capital Partners invests primarily in technology sectors including Software as a Service (SaaS), Artificial Intelligence (AI), Deeptech, Spacetech, Healthtech, Oceantech, Fintech, and Consumer products. The firm typically invests between €250,000 and €10 million, focusing on stages from Pre-Seed to Series A, with selective investments in Series B and C. Additionally, Indico has a specific focus on sustainable ocean-related startups and small to medium enterprises (SMEs), investing between €100,000 and €5 million in companies that can positively impact marine ecosystems.
The firm seeks to leverage the engineering capabilities of Southern European entrepreneurs, providing them with the necessary capital and expertise for global expansion. Indico Capital Partners looks for founders who demonstrate strong leadership, a clear vision, and the ability to execute their business plans effectively. The firm prefers to engage in co-investments and values strategic partnerships that enhance the growth potential of its portfolio companies.
Indico Capital Partners has invested in several notable companies, including:
Indico's portfolio reflects its commitment to supporting diverse sectors, particularly those aligned with sustainability and technology. The firm has made a total of 82 investments across its portfolio, showcasing its active role in the startup ecosystem.
Stephan de Moraes: Managing General Partner. Stephan has extensive experience in venture capital and entrepreneurship, having co-founded Indico Capital Partners. He has a strong background in technology investments and has led numerous successful funding rounds.
Ricardo Torgal: General Partner and CFO. Ricardo brings financial expertise to the firm, overseeing fund management and financial strategy. He has a proven track record in managing venture capital funds and supporting portfolio companies in their growth journeys.
To pitch Indico Capital Partners, startups should reach out via email at investors@indicocapital.com. It is essential to include a comprehensive pitch deck that outlines the business model, market opportunity, and team background. Indico prefers to receive pitches through warm introductions, which can enhance the likelihood of a response.
Startups can expect a response within a few weeks, depending on the volume of inquiries. The firm appreciates clarity and conciseness in pitch materials, so founders should focus on key metrics and milestones achieved.
Indico Capital Partners runs the Indico Founders' Programme, powered by Google for Startups. This program supports early-stage startups by providing mentorship, resources, and networking opportunities. The program culminates in a demo day where selected startups pitch their ideas to a panel of investors.
Eligibility for the program includes being an early-stage startup with a focus on technology or sustainability. Interested founders can apply through the Indico Capital Partners website or by contacting the firm directly.
In December 2025, Indico Capital Partners made a notable investment in PandaDoc, further expanding its portfolio of innovative companies. The firm has been actively investing in a diverse range of startups, with a total of 82 investments across 51 companies, amounting to over €105 million invested.
Indico Capital Partners has also been recognized for its commitment to ocean-related ventures, launching the Blue Fund in late 2021, which focuses on sustainable aquaculture, blue biotech, and digital ocean technologies. This initiative aligns with the firm's mission to support companies that positively impact marine ecosystems.
What are Indico Capital Partners' investment criteria?
Indico Capital Partners focuses on technology and sustainable companies, particularly those with ties to Southern Europe. They invest in sectors such as SaaS, AI, Deeptech, Spacetech, Healthtech, Oceantech, Fintech, and Consumer products. The firm typically invests between €250,000 and €10 million at Pre-Seed to Series A stages.
How can startups apply or pitch to Indico Capital Partners?
Startups can reach out to Indico Capital Partners via email at investors@indicocapital.com. It is advisable to include a detailed pitch deck outlining the business model, market opportunity, and team background.
What makes Indico Capital Partners different from other VCs?
Indico Capital Partners emphasizes its commitment to supporting Southern European entrepreneurs and sustainable ventures. The firm provides not only capital but also strategic guidance and access to a network of industry experts, which enhances the growth potential of its portfolio companies.
What is the geographic scope of Indico Capital Partners?
The firm primarily focuses on investments in Southern Europe, particularly in Portugal, Spain, and Italy. However, they are open to opportunities that align with their investment thesis globally.
What is the follow-on investment behavior of Indico Capital Partners?
Indico Capital Partners has a strong follow-on signal, as portfolio companies have collectively raised over €2 billion from global investors. This indicates the firm's commitment to supporting its portfolio companies beyond the initial investment.
What is the fund size and check size range for Indico Capital Partners?
Indico Capital Partners manages a tech fund of €125 million and a Blue Fund of €50 million. The check size for investments typically ranges from €250,000 to €10 million.
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