Lisbon · Seed–Growth · 9 people tracked
Investment thesis
Índico backs Iberian and Southern European entrepreneurs going from local to global, leveraging strong regional engineering talent. It writes checks from €250k to €10M across AI, deep tech, SaaS, fintech, IoT/robotics, spacetech, healthtech and consumer sectors. A separate ocean-focused fund targets tech, biotech, hardware startups and industrial SMEs across coastal tourism, sustainable aquaculture, blue biotech, fisheries, ocean renewable energy, maritime operations, green shipping and circular economy, investing up to €5M per SME for expansion capital. The firm looks for ambitious teams with exceptional execution addressing large global markets capable of producing category-winning companies.
Source: firm website, verified Aug 3, 2026.
Team · 9 people
from the firm's website
What they invest in
from 15 of 23 portfolio companiesEnterprise Software ×5AI & Machine Learning ×4SaaS ×4Climate Tech ×3Advanced Manufacturing ×2Consumer ×2Data & Infrastructure ×2E-commerce ×2
HQs:Portugal×5United States×2United Kingdom×1
Investments · 23 tracked
founders shown can be your intro pathBy year:2026 · 12025 · 12024 · 12019 · 14 dated
Anchorage Digital is a global cryptocurrency platform providing institutions with custody, staking, trading, governance, and settlement services, along with security infrastructure.
Crypto & Web3Enterprise SoftwareFintechNew York, US
Diogo Mónica(Co-Founder and President)inNathan McCauley(CEO and Co-Founder)in
Co-investorsAndreessen HorowitzGICa16z cryptoAmplify PartnersBlockchain CapitalDelta Blockchain+13 more
Barkyn provides personalized dog nutrition — fresh steam-cooked meals and grain-free premium kibble delivered by subscription — bundled with ongoing veterinary monitoring for dog owners.
ConsumerDigital HealthDirect to ConsumerE-commerce
Co-investorsAcurio VenturesFive Seasons VenturesShilling VC
Bizay is an online printing platform where businesses order customized marketing and promotional products including business cards, flyers, stickers, banners, packaging, branded clothing, and office supplies.
Advanced ManufacturingE-commerceMarketplaces
Co-investorsLeadX Capital PartnersLince CapitalShilling VC
cargo.one builds an AI-powered infrastructure platform for logistics teams that automates sales and procurement processes for freight forwarders and carriers.
AI & Machine LearningEnterprise SoftwareLogistics & Supply Chain
Moritz Claussenin
Co-investorsBessemer Venture PartnersIndex VenturesNext47Point Nine
Exclusible is a gaming studio that builds branded games, digital items, and in-game activations on the Roblox platform.
GamingMarketing Tech
Co-investors3Comma CapitalShilling VCWhite Star Capital
FOSSA builds satellite-based IoT connectivity, including satellite infrastructure, ground stations, and IoT devices, for remote asset monitoring.
HardwareIoTSaaSSpace Tech
Julián Fernández(CEO & Co-Founder)inVicente González(COO & Co-Founder)inSergio Sarasola(CTO)in
Co-investorsEmerald Technology Ventures AgKibo VenturesSPARX Asset Management
FRVR operates a platform that publishes and distributes a large catalog of casual browser and mobile games across genres such as puzzle, arcade, racing, sports, and merge games.
ConsumerGamingMedia & EntertainmentLondon, GB
Chris Benjaminsen(Founder)Dan Friedlaender(Founder)in
Co-investorsAccelHiro CapitalLince CapitalMakers FundSamsung Next
Gazelle develops a modular floating offshore wind platform with a dynamic mooring system designed to be lighter, smaller, and easier to deploy for deep-water wind energy generation.
CleantechClimate TechEnergyViana do Castelo, PT
Co-investorsAugust OneKatapult
Hercules develops enterprise-grade AI workers to automate back-office operational tasks and reduce the knowledge worker deficit.
AI & Machine LearningData & InfrastructureEnterprise SoftwareSaaS
Alex Babin(Chief Executive Officer)Beverley Chadwick(Chief Financial Officer)Trevor Bell(Chief Customer Officer)Victoria Vendolin(Head of People Operations)Harutyun Baghdasaryan(VP of Engineering)Markus Sobkowski(Head of AI)
Co-investorsAcorn Pacific VenturesAiSprouts VCBascom VenturesEvolution VenturesFlyer One VenturesGutbrain Ventures+8 more
Infraspeak is a facilities management platform that uses AI and predictive intelligence to unify assets, maintenance, suppliers, compliance, and sustainability operations in one system.
AI & Machine LearningEnterprise SoftwarePropTechSaaS
Felipe Ávila da Costa(Founder)inJosé OliveiraLuís Luís MachadoLuís MartinsOriane Millet
Co-investors500 GlobalBright Pixel CapitalEndeit Capitalfirstminute capitalCaixa Capital
Nortech connects directly to equipment control systems to extract high-frequency operational data and convert it into structured, validated signals for industrial digitalization.
Advanced ManufacturingData & InfrastructureIoT
Anders Paulsen(Founder)in
Co-investorsEarlybird Venture Capital
Oceano Fresco farms shellfish, including clams and the European flat oyster (Ostrea edulis), using open-sea nurseries in the Atlantic Ocean with a regenerative aquaculture approach.
AgTechClimate TechFoodTech
Co-investorsAqua SparkBlueCrow CapitalSemapa Next
Relive is a real estate brokerage that helps customers rent, buy, and sell properties through agents who combine local expertise with technology and social media marketing.
B2B MarketplacesMarketplacesPropTechRetail TechOurem, PT
José Costa Rodrigues(Founder)in
Co-investorsBynd Venture CapitalTechstars
Unbabel provides AI-powered machine translation software combined with human editors to enable multilingual customer support and localization for businesses globally.
AI & Machine LearningEnterprise SoftwareSaaSSan Francisco, US
Vasco Pedro(Founder/CEO)inJoão Graça(Founder/CTO)inBruno Prezado Silva(Founder/Lead Designer)inHugo Silva(Founder/Developer)Phil Shawe(President and CEO)Jin Lee(Co-CEO)
Co-investorsAmino CapitalFaberFundersClubGreycroftNotion CapitalPoint72 Ventures+10 more
Portfolio news
latest coverage across their companiesNortech · ca.finance.yahoo.com · Aug 13, 2026
Oceano Fresco · trysignalbase.com · Jul 28, 2026
Anchorage · cryptobriefing.com · Jul 14, 2026
FOSSA · spacenews.com · Jun 26, 2026
Unbabel · essential-business.pt · Jun 24, 2026
Frequently asked questions
- How many investments has Indico Capital Partners made?
- Indico Capital Partners has 18 tracked investments.
- What stage does Indico Capital Partners invest at?
- Indico Capital Partners invests at the Seed, Series A, Growth stages.
- What is Indico Capital Partners's typical check size?
- Indico Capital Partners typically writes checks of $250K – $10M.
- What sectors does Indico Capital Partners focus on?
- Indico Capital Partners focuses on AI & Machine Learning, Biotech, Circular Economy, Climate Tech, Consumer, Deep Tech, Energy, Enterprise Software, Fintech, Hardware, Healthtech, Impact & Social Good, IoT, Robotics, SaaS, Space Tech.
- Where is Indico Capital Partners located?
- Indico Capital Partners is headquartered in Lisbon, PT.
- Does Indico Capital Partners lead rounds?
- Yes, Indico Capital Partners leads investment rounds.
- Who does Indico Capital Partners co-invest with?
- Indico Capital Partners most often shares deals with Shilling VC, Lince Capital, Accel, among 50 tracked co-investors.
Media · Podcasts & interviews
featuring the teamStephan De Moraes from Indico Capital Partners on investing in startups in Southern Europe
Life Self Mastery · Stephan de Moraes
Invest Europe 40th Anniversary Interview: Cristina Fonseca, Indico Capital Partners
Invest Europe · Cristina Fonseca
Cristina Fonseca, Indico Capital Partners on the opportunities in AI and automisation
SuperReturnTV · Cristina Fonseca
Cristina Fonseca, VC at Indico Capital Partners, co-founder of Talkdesk on: How Product Development has Changed in the last 10 years | I was so inspired by my guest today, Cristina Fonseca. Cristina was one of the founders of Talkdesk, a cloud-based help desk software that became... | By Anita Moort
Cristina Fonseca · facebook.com
Pioneering Impact VC | André Almeida Santos | The Red Chair
Indico Capital Partners
The Truth About Valuation Obsession & Picking the Right Board Members | André Penha | The Red Chair
Indico Capital Partners
Images
Co-investors · 18
Shilling VC is an early-stage venture capital firm based in Portugal that invests across B2B and consumer sectors.
Streamlined Ventures is an early-stage venture firm that partners with founders and invests at the seed stage to help build large-scale companies.
Trajectory Ventures invests in and partners with innovative founders and companies driving digital transformation, while also providing advisory, growth marketing, financing strategy, and M&A support.
Earlybird Venture Capital is a European venture capital investor that backs early-stage technology founders with capital, strategic support, and access to an international network.
HIRO Capital is a founder-led venture capital firm backing companies building what it calls the 'Superabundant future of Humanity', investing from Series A through scale-up stages.
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General Catalyst is a venture capital firm operating as a partnership focused on company building and accelerating the growth of the businesses it backs.
Khosla Ventures is a venture capital firm that invests in early-stage companies focused on technology, mobile, and clean energy sectors, including biotechnology applications. The firm provides capital and strategic support to entrepreneurs developing breakthrough technologies across multiple markets.
Alumni Ventures (AV) is a venture capital firm that co-invests alongside lead VCs in startups, backing founders with capital and access to a large investor and operator community.
Accel-KKR is an investor in enterprise software companies that has operated for 25 years, providing resources and expertise to help companies advance.
Cherry Ventures is an early-stage venture capital firm that backs European founders across a wide range of industries, from AI and energy to gaming and space tech.
Lakestar is an investment firm founded by Dr. Klaus Hommels in 2012, managing venture capital funds and personal investments across stages and geographies, with a focus on technology companies supporting Europe's sovereignty and prosperity.
Hoxton Ventures is an early-stage venture capital firm that backs pre-seed and seed companies, often investing before revenue or product and offering hands-on support to founders.
▶6 more co-investors
Mangrove Capital PartnersFuel VenturesEducapitalPortugal VenturesOmnes CapitalApex Capital
Firms observed investing alongside Indico Capital Partners, from public investor directories. Shared companies are the overlap with Indico Capital Partners's recorded portfolio.
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