Investor Profile: Indicator Capital — Thesis, Cheque Size & How to Apply

Indicator Capital is a Brazilian early-stage venture capital manager headquartered in São Paulo, founded in 2014 by Derek Bittar, Fabio Iunis de Paula and Thomas Bittar, who is co-founder and general partner. It describes itself as Latin America's largest early-stage venture firm for the Internet of Things, and it has built its identity around deep technology and artificial intelligence applied to real industries. It is also a certified B Corporation, first certified in February 2021, which signals a formal commitment to social and environmental standards alongside financial returns.

The thesis is to back founders who are building technology that changes how industries operate, not just consumer apps that chase downloads. Indicator Capital focuses on the convergence of artificial intelligence and the Internet of Things, often called AIoT, where sensors, data and software together create a new operating system for a factory, a farm, a clinic or a city.

Sectors include Internet of Things, artificial intelligence, software, fintech, health technology, clean technology and industrial technology. Stages are pre-seed, seed and Series A, with convertible notes also used at the earliest stage. For Indian founders, the relevance is in deep technology transfer: industrial artificial intelligence, Internet of Things, health technology and climate technology models from Brazil often face similar challenges of cost, infrastructure and regulation, and a Brazilian investor can be a useful partner for a Latin America expansion.

Fund size for Indicator Capital is not published as a single current total on its official media page, so this profile does not quote a definitive fund size. Secondary profiles report the firm as managing over R$270 million, but that figure is reported, not confirmed on the firm's own site, and founders should verify it during diligence. Specific recent rounds on the firm's own media page are clearer: Indicator Capital invested BRL 3 million in Doji in a pre-Series A round in November 2025, Lumx raised US$3.4 million in October 2025, Axenya raised BRL 65 million in August 2025, and Indicator Capital joined Copel Ventures in a BRL 12.5 million investment in Fu2re in July 2025.

Notable portfolio and recent investment names include Doji, Lumx, Axenya, Fu2re, Multiledgers and Monuv. Lumx works on stablecoin and digital payment infrastructure in Latin America, Axenya is an artificial intelligence-driven corporate health platform, Fu2re is focused on commercial expansion into new markets, and Multiledgers secured R$5.8 million for renewable energy certificates. Monuv totalled R$11.1 million in a round extension with Indicator Capital and Invest Tech.

Programs run by Indicator Capital include its Building Value Together programme, which the firm says delivers hands-on support to help startups scale, and its presence at events such as South Summit 2025, where it showcased deep tech and artificial intelligence innovations. There is no public startup credits or perks catalogue from Indicator Capital in the sources reviewed, such as a published cloud-credit bundle.

How to apply for funding

There is no public application portal with a fixed deadline for Indicator Capital in the sources reviewed, so founders should not wait for an open call. The real route is the contact route on its official site, indicator.capital, including the contact email published in firm profiles, or a warm introduction through a portfolio founder or a Brazilian ecosystem partner.