What stage does Indicator Capital invest at?

Indicator Capital invests at the Seed, Series A stages.

Where is Indicator Capital located?

Indicator Capital is headquartered in São Paulo, BR.

Does Indicator Capital lead rounds?

Yes, Indicator Capital leads investment rounds.

Indicator Capital

Venture capital

São Paulo · Seed–Series A · 6 people tracked

★ Follow + Add to CRM ⤳ Find an introduction

Find your way into Indicator Capital

Paths you didn't know you had: your email and LinkedIn already hold routes to the Indicator Capital team. We find them for you
2nd- and 3rd-degree connections: the friend-of-a-friend routes that take hours to manually find through your inbox or LinkedIn
Answers now, not in days: momentum is everything in a raise. Skip asking around whether someone knows someone

Days of research, done the moment you sign in, with every route ranked by how warm it is.

✨ Fox Verdict

Investment thesis

Indicator Capital invests in early-stage founders building smart and connected technologies across infrastructure, hardware, and software, viewing these as the foundation of an emerging 'AI Cambrian period.' The firm targets companies enabling global adoption of AI, IoT, and digital transformation, bridging Latin American innovation with global markets. It positions itself as the largest dedicated fund for smart and connected technologies in Latin America, backed by LPs including BNDES, Qualcomm Ventures, Lenovo, Motorola, Telefónica, and Banco do Brasil. Operating as an equal GP partnership, it works alongside entrepreneurs through its proprietary Building Value Together methodology, offering capital, hands-on support, strategic networks, and operational expertise.

Invests inAdvanced Manufacturing AgTech AI & Machine Learning Deep Tech Digital Health Energy Enterprise Software FoodTech Hardware IoT Logistics & Supply Chain PropTech Robotics Brazil Latin America North America São Paulo United States

Source: firm website, verified Aug 3, 2026.

Leave your own feedback

Stage

Seed–Series A

São Paulo, BR

Leads rounds

Leads

Instruments

Equity

Founded

2014

AUM

$70M

Tracked investments

Team · 6 people

from the firm's website

Derek Bittar· General Partner· Brazil

Derek Bittar is a Kauffman Fellow, a member of Class 19 of the two-year venture capital leadership program run by Kauffman Fellows. The program's member directory lists them at Indicator Capital in Brazil.

Fabio Iunis de Paula

Gabriela Wazlawick

Matheus Rodrigues

Mauro Percinoto· São Paulo, Brazilin

Mauro Percinoto is Chief Operations Officer and Director of Compliance at Indicator Capital, which he joined as a partner in March 2015. He previously co-founded Gliq, an IT infrastructure startup, and worked at IBM for eight years. He holds a BA in Economics from PUC of Rio de Janeiro.

Thomas Bittar· General Partner· São Paulo, São Paulo, Brazilin 𝕏

Thomas Bittar is Co-Founder and General Partner at Indicator Capital, with more than 15 years of financial experience at firms including JPMorgan (New York and São Paulo), Bradesco BBI Investment Bank, and Gávea Investments Private Equity. He serves as a board member observer at Pernambucanas and iugu, and holds board roles with Worldpackers, Syos, Cogtive, and Infleet. He holds a BA with honors from Boston University School of Management and completed the Owner/President Management program at Harvard Business School.

Founder mafia

2 people who came through Indicator Capital went on to found or lead other companies.

Rodrigo MarinoVenture Capital AnalystFounded Codexa +2 Fernando MartinsOperating Partner, Digital Transformation IOTFounded AgroTools

What they invest in

from 2 of 3 portfolio companies

AI & Machine Learning ×2Cloud Computing ×1Cybersecurity ×1Digital Health ×1InsurTech ×1

HQs:Brazil×2

Investments · 3 tracked

founders shown can be your intro path

By year:2025 · 1 2023 · 12 dated

Axenyaaxenya.com inAug 2025

Axenya offers an integrated corporate health benefits platform for companies, combining brokerage, digital backoffice, advanced analytics with AI, and clinical navigation in a single operation.

AI & Machine LearningDigital HealthInsurTechSão Paulo, BR

Co-investorsAlexia Ventures big_bets NXTP Zentynel Frontier Investments Canary

Monuvmonuv.com.brNov 2023

Monuv offers a cloud-based video management system (VMS) and artificial intelligence analytics that connect to existing security cameras and DVRs to detect threats, anomalies, suspicious behavior, and license plates.

AI & Machine LearningCloud ComputingCybersecurity

Bruno Freitas(Founder)in

Co-investorsInvest Tech

Rogerjuniorrogerjunior.com

Personal portfolio site of an individual who works as a UX/UI designer and creative developer, positioning themselves as a bridge between product and development teams using data-driven design decisions.

Portfolio news

latest coverage across their companies

Axenya Raises US$12M in Series A Funding

Axenya · finsmes.com · Aug 27, 2025

Frequently asked questions

What stage does Indicator Capital invest at?: Indicator Capital invests at the Seed, Series A stages.
What sectors does Indicator Capital focus on?: Indicator Capital focuses on Advanced Manufacturing, AgTech, AI & Machine Learning, Deep Tech, Digital Health, Energy, Enterprise Software, FoodTech, Hardware, IoT, Logistics & Supply Chain, PropTech, Robotics.
Where is Indicator Capital located?: Indicator Capital is headquartered in São Paulo, BR.
Does Indicator Capital lead rounds?: Yes, Indicator Capital leads investment rounds.

Similar investors

BDC Fund Investments (Fund-of-Funds)

BDC (Business Development Bank of Canada) is a Canadian financial institution that has supported small and medium-sized businesses across all industries and stages of growth for over 80 years, providing financing and advisory services.

Everywhere Ventures

Everywhere Ventures is an early-stage venture firm that writes pre-seed checks and is backed by a community of founder and operator LPs.

$250K

MPG Fund

MPG Fund is an early-stage venture investor backing technology startups.

Avesta Fund

Avesta Fund is an early-stage venture firm backing software-first founders addressing bottlenecks in compute, energy, and industrial infrastructure in the AI era.

$2M – $5M

IDATEN Ventures

IDATEN Ventures is a Japanese venture capital fund focused on startups building technologies and services that transform manufacturing, construction, and logistics ('monozukuri and monohakobi'). It backs early-stage, technology-oriented companies.