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

Indico Capital Partners is a Lisbon-based venture capital firm founded in 2017 that invests in technology and sustainable companies linked to Southern Europe, with the explicit goal of taking them from local to global. Its founding partners are managing general partner Stephan Morais, formerly head of Caixa Capital, general partner Ricardo Torgal, and venture partner Cristina Fonseca, co-founder of Talkdesk. The team had previously backed many of Portugal's best-known technology success stories.

Thesis and sectors

Indico targets unique software-as-a-service, artificial intelligence, deep technology, space technology, health technology, ocean technology, financial technology and consumer companies, primarily from Portugal, Spain and Italy, plus founders from those countries based elsewhere. It says the best way to start working with its partners is when a company is post-revenue at seed level. Sustainability runs through every investment, with a dedicated ocean focus on startups that can improve marine ecosystems and ocean-related businesses that can expand globally.

Fund size and cheque size

Indico's first fund, Indico VC Fund I, closed at €46 million, with the European Investment Fund as a cornerstone investor. Its newest vehicle, Indico VC Fund III, targets €125 million and opened with a €30 million anchor commitment from the European Investment Fund. The firm's own site reports €244 million in assets under management, €157 million deployed since 2019, and 59 companies invested in across four funds. For technology companies, cheques mostly range from €500,000 to €10 million, from pre-seed to Series A, with selective Series B and C investments; ocean investments range from €100,000 to €5 million per company.

Notable portfolio and partners

Indico's portfolio includes Feedzai, the fraud-prevention platform, and Unbabel, the translation-as-a-service company, alongside Indie Campers, Rows and FRVR. The founding team's earlier investments included Farfetch, Unbabel and Codacy. Indico says it is often the first investor into a startup, and that portfolio companies join a community of founders, local and global partners, and co-investors that helps with talent, product, sales and later fundraising. It was also the first venture firm based in Portugal to join the UN-supported Principles for Responsible Investment.

Programs run

Indico runs the Indico Founders Program, powered by Google for Startups, a growth programme for founders at pre-seed stage and beyond that offers access to capital, mentorship, talent and infrastructure. Alongside its accelerator work it launched a €12 million pre-seed fund, and it manages a dedicated ocean fund, the Indico Blue Fund. No separate credits or perks package is publicly disclosed.

How to apply for funding

Founders with a Portuguese, Spanish or Italian connection, building a technology or ocean-related company, should approach Indico through its website at indicocapital.com. The firm prefers post-revenue seed-stage companies and frequently leads or co-leads rounds, so founders should arrive with revenue evidence, a global ambition from day one, and a clear view of how Indico's network can help them hire, sell and raise the next round internationally.