Indico Capital Partners is a Lisbon-based venture capital firm focused on backing transformative startups across Southern Europe and the Southern European diaspora. Since its founding, Indico has become a leading force in Portugal, Spain, and Italy’s innovation ecosystems, with a growing global footprint through founders operating internationally. The firm has built a reputation for identifying high-potential companies early and providing hands-on support across talent, strategy, and growth.
Indico invests in high-growth companies building enterprise SaaS, artificial intelligence solutions, deep tech platforms, spacetech, and oceantech. The firm is particularly active in Southern Europe, with a clear mission to bring regional innovation to the global stage.
In November 2025, Indico launched Indico VC Fund III (VCIII), a €125 million vehicle aimed at Seed through Series B investments.
This fund marks Indico’s sixth fund overall and reflects a doubling down on their original thesis—backing exceptional founders from Portugal, Spain, and Italy, as well as the broader Southern European diaspora operating globally.
The European Investment Fund (EIF) returned as the cornerstone LP, continuing its multi-fund support for Indico. The fund will channel capital into AI, deep tech, enterprise SaaS, and high-impact frontier sectors like spacetech and oceantech. EIF's participation is supported by InvestEU and Portugal Blue, linking Indico’s investment strategy with EU priorities around digital transformation and sustainable innovation.
As of launch, the fund had already confirmed €7.5 million from SIFIDE-eligible investors, with room for €12.5 million in total under that program until the end of 2025. VCIII positions Indico to deepen its role as a regional leader while building global category-defining companies.
Leadership
Indico is led by Co-Founder and Managing General Partner Stephan de Moraes, alongside a team of 14 professionals. The leadership has been consistent since the firm’s founding and is known for offering deep operational support to founders. The team provides help across recruiting, go-to-market strategy, product development, fundraising, and M&A.
Investment Strategy
Indico targets Seed to Series B rounds with a focus on concentrated, high-conviction investments. The firm combines institutional capital with regional knowledge and operational guidance, giving its portfolio startups a competitive edge when scaling globally. The fund is structured to support long-term growth with flexible follow-on capital. Indico is especially focused on investing in founders from undercapitalized but high-talent geographies, particularly across Southern Europe.
Notable Investments
Indico has invested in 53 companies since inception, helping to raise over €2.5 billion in follow-on capital. Its portfolio includes four unicorns and several breakout startups across AI, SaaS, and frontier tech.
The firm continues to expand its portfolio with companies operating in Europe and abroad, including the US and UK.
Notable Exits
While specific exits were not disclosed in the most recent fund announcement, Indico has helped scale several companies to unicorn status and supported successful outcomes through both acquisition and growth-stage financing. The firm's ability to return capital and drive portfolio growth is a key reason for repeat institutional LP support.
Other
Indico is also accepting SIFIDE-eligible investments under Portugal’s tax incentive program, though space is capped at €12.5 million for this cycle. This makes the firm a strategic option for investors looking for both venture exposure and tax efficiency in Portugal.
Founders should know that Indico offers more than just capital: it brings a European institutional LP base, regional depth, and a structured approach to scaling companies globally.
futureunicorn@indicocapital.com
Stephan de Moraes - Managing General Partner
Ricardo Torgal - General Partner and CFO
Portugal
