What stage does Indicator Capital invest at?

Indicator Capital invests at the Pre-Seed, 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 · Pre-Seed–Series A · 7 people tracked

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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 RoboticsBrazilLatin AmericaNorth AmericaSão PauloUnited States

Source: firm website, verified Aug 3, 2026.

Stage

Pre-Seed–Series A

São Paulo, BR

Leads rounds

Leads

Instruments

Equity

Founded

2014

AUM

$70M

Tracked investments

Team · 7 people

from the firm's website

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· São Paulo, São Paulo, Brazilin

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.

Investments · 1 tracked

founders shown can be your intro path

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.

Frequently asked questions

What stage does Indicator Capital invest at?: Indicator Capital invests at the Pre-Seed, 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.

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