Fundraising Fox
Lisbon · Seed–Growth · 11 people tracked
Also known as Indico Capital
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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 · 11 people
from the firm's website
Founder mafia
3 people who came through Indico Capital Partners went on to found or lead other companies.
What they invest in
from 27 of 38 portfolio companiesSaaS ×9AI & Machine Learning ×8Enterprise Software ×6Climate Tech ×4Consumer ×4B2B Marketplaces ×3Data & Infrastructure ×3Fintech ×3
HQs:Portugal×7United States×5United Kingdom×2Germany×1Spain×1France×1
Who they back
founder profiles across 10 portfolio companiesFounding team size:solo founder×32 founders×33 founders×24+ founders×2
Investments · 38 tracked
founders shown can be your intro pathBy year:2026 · 42025 · 32024 · 62023 · 32021 · 12020 · 22019 · 322 dated
Amplemarket builds an all-in-one B2B sales platform that combines lead generation, sales outreach, and deal management, serving sales and SDR teams.
AI & Machine LearningSaaSSales Tech
Luís Batalha(Founder)inMica Oliveira(CRO & Founder)inJoao Lopes Batalha(Founder)inJoão Batalha(Founder)Micael Oliveira(Founder)
Co-investorsArmilar Venture PartnersComcast VenturesJude GomilaSiesta VenturesSugar Free CapitalVentureSouq+1 more
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(Founder)inNathan McCauley(Founder)in
Co-investorsAndreessen HorowitzGICa16z cryptoAmplify PartnersBlockchain CapitalDelta Blockchain+28 more
Arborea develops sustainable nutritious food ingredients using biotechnology.
AgTechBiotechClimate TechFoodTech
Julian Melchiorri(Founder & CEO)in
Co-investorsTrellis Road I Fund AB
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
Andre Jordao(Founder)Andre Jordao Ricardo Macedo(Founder)Ricardo Macedo(Founder)
Co-investorsAcurio VenturesFive Seasons VenturesShilling VCPortugal Ventures
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 VCEuropean Investment BankIberis CapitalOmnes Capital
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 Claussen(Founder)inMike Rötgers(Founder)Mike Röttgers(Founder)Oliver Neumann(Founder)
Co-investorsBessemer Venture PartnersBOOOMIndex VenturesNext47Point NineCreandum
Cascade is a strategy execution platform that helps organizations turn long-term corporate strategy into actionable goals across teams, with AI-powered executive summaries and reporting to track progress.
AI & Machine LearningEnterprise SoftwareSaaSNew York City, US
Tom Wright(Founder)in
Co-investorsOneVenturesA16Z SpeedrunAda VenturesArchetypeBlitzscaling VenturesCarthona Capital+5 more
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Dealroom.co is an Amsterdam-founded data platform that tracks global startup and venture capital activity, providing intelligence on funding rounds, valuations, and industry trends to investors, corporations, and governments.
Co-investorsOCEAN.capitalTorch Capital
Exclusible is a creative agency that develops branded gaming experiences and immersive worlds on platforms like Roblox and Fortnite, helping brands connect with youth audiences through authentic, platform-native content.
Creator EconomyGamingMarketing Tech
Thibault Launay(CEO)inOlivier Moingeon(CCO)inPierre Guigouresse(COO)
Co-investors3Comma CapitalShilling VCWhite Star CapitalYadayApex CapitalTioga Capital Partners
Compostable biopolymer material derived from seaweed and natural sources.
Co-investorsBtomorrow VenturesPente CapitalVala CapitalRedrice Ventures
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-investorsCanvas VenturesEmerald Technology Ventures AgKibo VenturesBain Capital VenturesCostanoa VenturesNabtesco Technology Ventures+2 more
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)inDan Friedlaender(Founder)inBrian Meidell(Founder)
Co-investorsAccelHiro CapitalLince CapitalMakers FundSamsung NextIberis Capital
Gazelle Capital provides early-stage capital, fractional CFO services, and operational and financial consulting to founders looking to scale their businesses.
FintechBoston, US
MacKenzie Green(Founder)inMaria Manrique(Executive Officer)inSarah Welch(Executive Officer)inChristopher Sullivan(Executive Officer, Director)in
BoardMichael Tyrrell(Director)William Rosenzweig(Director)
Co-investorsTRIREC
Gazelle Wind Power develops a floating platform system for offshore wind turbines designed to reduce weight, mooring complexity, and operational costs compared to conventional solutions.
CleantechClimate TechDeep TechEnergyHardwareViana do Castelo, PT
Valentin de Torres-Solanot del Pino(Founding Partner)
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)inBeverley Chadwick(Chief Financial Officer)Trevor Bell(Chief Customer Officer)inVictoria Vendolin(Head of People Operations)Harutyun Baghdasaryan(VP of Engineering)inMarkus Sobkowski(Head of AI)in
Co-investorsAcorn Pacific VenturesAiSprouts VCAlumni VenturesBascom VenturesEvolution VenturesFlyer One Ventures+10 more
Ínclita Seaweed Solutions develops seaweed-based active ingredients as sustainable alternatives to synthetic and land-based actives, using green extraction and biorefinery methods.
BiotechClimate TechNew Materials
Sandra Martins(Founder)
Indie Campers is a Lisbon-founded company offering RV and campervan rentals through its own fleet and a peer-to-peer marketplace, serving travelers across Europe, North America, and Oceania.
Co-investorsBuenavista Equity PartnersPortugal Ventures
Infraspeak builds a collaborative facilities management and maintenance platform used by FM and maintenance teams to manage work orders and operations.
AI & Machine LearningEnterprise SoftwarePropTechSaaSPorto, PT
Felipe Ávila da Costa(Co-founder & CEO)inLuís Martins(Co-founder & CTO)inJosé OliveirainLuís Luís MachadoinOriane Milletin
Co-investors500 Globalfirstminute capitalCaixa CapitalBright Pixel CapitalEndeit CapitalInnovation Nest+1 more
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InnovationCast is a Lisbon-based B2B SaaS company providing collaborative innovation management software that helps organizations crowdsource, evaluate, and implement ideas from employees and customers.
Co-investorsShilling VC
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
Nutrium provides nutrition software for dietitians covering booking, meal plans, appointments and follow-up, and offers Nutrium Care, an employee nutrition benefit combining online dietitian appointments, AI-assisted monitoring and corporate nutrition workshops.
Digital HealthSaaSWellness & FitnessBraga, PT
André Santos(Founder)in
Co-investorsBeta CapitalLince CapitalOW Ventures
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
Preply is a language learning platform that serves corporate employees through its B2B offering Preply Business, enabling companies to provide language education to their workforce.
AI & Machine LearningB2B MarketplacesEdTechHR TechMarketplacesSaaSBrighton, US
Dmytro Voloshyn(Co-founder and CTO)inKyrylo Bigay(Executive Officer, Director)Kirill Bigai(Co-founder and CEO)inSergey Lukyanov(Former Co-Founder)inCharlie Wickers(Executive Officer)inBoris Shakhnovich(Executive Officer)
Co-investorsAcurio VenturesCogito Capital PartnersDigital Future Investments LtdEducapitalEvli Growth PartnersFlashpoint Venture Capital+18 more
Primetag provides tools and solutions for influencer marketing campaigns, helping brands work with creators to optimize returns on their marketing investments.
Creator EconomyMarketing TechSocial
Manuel Albuquerque(Founder)inCarlos Ramalho(Founder)in
Co-investorsREDangelsIberis Capital
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 CapitalShilling VCTechstars
Rows builds a spreadsheet-based platform that lets business users create tools and work with data without coding.
AI & Machine LearningData & InfrastructureFuture of WorkSaaSPorto, PT
Humberto Ayres Pereira(Founder)Torben Schulz(Founder)
Co-investorsAccelArmilar Venture PartnersAtlanticCraft VenturesDraycottShilling VC+5 more
TIER operates a shared electric micromobility service (e-scooters and related vehicles) available in over 400 cities across Europe and the Middle East.
CleantechConsumerMobility & TransportationBerlin, DE
Lawrence Leuschner(Founder)inHenri Moissinac(Founder)inMatthias Laug(Founder)Julian Blessin(Founder)
Co-investorsConny & Co.Ethos VCEvli Growth PartnersFJ LabsGrazia Equity GmbHImagination Capital+13 more
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(CEO)inJoão Graça(CTO)inBruno Prezado Silva(Lead Designer)inHugo Silva(Developer)inPhil Shawe(President and CEO)inJin Lee(Co-CEO)
Co-investorsAmino CapitalFaberFundersClubGreycroftGV (Google Ventures)Notion Capital+22 more
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Eleos offers life insurance and income protection to consumers in the UK, with AI-guided policy building that answers questions in plain English plus access to licensed human advisers via WhatsApp, email, or phone.
ConsumerFintechInsurTech
Co-investorsFuel Ventures
Workfully is a recruiter marketplace platform that connects companies directly with vetted specialist recruiters across 30+ European markets, replacing traditional recruitment agency relationships.
B2B MarketplacesHR TechBarcelona, ES
Stefano Tacconi(Founder)
Co-investorsPitchdriveShilling VCB Heroes
WSense builds underwater wireless communication and networking technology, offering end-to-end hardware and cloud components (IoUT platform) that enable secure multi-hop mesh networking and interoperability among submerged and surface sensors and autonomous vehicles.
Cloud ComputingDeep TechIoT
Chiara Petrioli(Founder)in
Co-investorsCDP Venture CapitalMoonstone Venture CapitalRunwayFBUAxon Partners GroupBlue Ocean Capital GroupSWEN Capital Partners
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
05/09/2025BitcliqConexaData4DealsEleosFOSSA Systems
Portfolio news
latest coverage across their companies
Dealroom · thesaasnews.com · Sep 16, 2026
Oceano Fresco · trysignalbase.com · Jul 28, 2026
Preply · prnewswire.com · Jan 21, 2026
Nutrium · finsmes.com · Sep 16, 2025
Frequently asked questions
- How many investments has Indico Capital Partners made?
- Indico Capital Partners has 38 tracked investments, 1 of which have exited, including 9 dated in the last 24 months.
- 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, Point Nine, among 78 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
Deal Execution & How VCs Really Add Value I Rui Rodrigues | The Red Chair
Indico Capital Partners
Pioneering Impact VC | André Almeida Santos | The Red Chair
Indico Capital Partners
Images
Co-investors · 18
Shilling VC (Shilling Capital Partners) is an early-stage venture capital firm that backs founders building globally scalable startups, notably with strong ties to the Portuguese startup ecosystem.
Portugal Ventures is a Portuguese venture capital investor backing early-stage companies across digital and technology, industry and technology, health technologies, and tourism sectors, investing from seed through Series D.
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.
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.
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.
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.
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.
Fuel Ventures is an investor founded by entrepreneur Mark Pearson that backs fast-growing technology companies, drawing on its team's operational and founding experience to support portfolio companies. It also runs a VCT listed on the London Stock Exchange.
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.
Educapital is a European venture capital firm focused on edtech and future of work, backing entrepreneurs building innovative education and workforce solutions.
▶6 more co-investors
Omnes CapitalApex CapitalGeneral CatalystKhosla VenturesAccel-KKRMangrove Capital Partners
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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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.
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