Indico Capital Partners
Indico Capital Partners is a Lisbon-based venture capital firm managing €244M across six funds, investing €250K–€10M in tech and blue economy startups across Portugal, Spain, and Italy from Pre-Seed to Series B. It serves institutional LPs, corporate investors, and Golden Visa applicants.
- Company typePrivate
- Founded2017
- HeadquartersLisbon, Portugal
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Indico Capital Partners does
Indico Capital Partners is a Lisbon-headquartered venture capital management firm founded in 2017, operating as the first sizable independent VC in Portugal. The firm manages six investment vehicles totaling €244M in assets under management: Indico VC Fund I (€54M, early-stage ICT), Indico Acceleration Fund I (€12M, Google For Startups-backed), Indico Opportunity Fund I (€25M, follow-on), Indico Blue Fund (€50M, blue economy and climate, SFDR Article 8), Indico VC Fund II (up to €100M, later-stage and SIFIDE II-eligible), and Indico VC Fund III (€125M target, Seed-to-Series B across Portugal, Spain, and Italy). Since 2019 the firm has screened over 4,000 opportunities, invested €134M in 56 portfolio companies (four of which have reached unicorn status: Anchorage, Remote, Sword Health, and Tier), and its portfolio has collectively raised €2.5B from global investors.
The firm's business model is the standard VC management company structure: recurring revenue comes from management fees (approximately 1.67%–1.85% annually on committed capital) plus a 2% subscription fee capped at €20,000 per investor, while performance-linked revenue is generated through carried interest after returning 1.25x capital to LPs. Capital formation is sourced through multiple regulated channels — direct institutional LP outreach, Portugal's SIFIDE II corporate tax credit program (up to 32.5% tax credit), and the Golden Visa program (€500K minimum, non-EU investors). Distribution is anchored by Lisbon HQ and a Madrid office at Google Campus, with formal partnerships with the European Investment Fund, Banco Português de Fomento, BlueInvest, Google For Startups, InnovFin Equity, Pan-European Guarantee Fund, and UNPRI providing deal flow and capital recycling.
The product surface spans SaaS, AI, Deep Tech, Spacetech, Healthtech, Fintech, Consumer, and ocean economy sectors; investment range is typically €250K to €10M per company, with selective Series B/C participation. The firm has a small professional team (11–50 employees) led by Managing General Partner Stephan de Moraes and General Partners Ricardo Torgal (CFO) and Cristina Fonseca (Talkdesk co-founder). Thought leadership and community-building are delivered through The Red Chair Podcast, Medium-published founder interviews, quarterly investor calls, and participation in EU sustainability forums such as BlueInvest and the Ireland Portugal Business Network.
Indico Capital Partners firmographics
Firmographics- Name
- Indico Capital Partners
- Legal name
- ÍNDICO CAPITAL PARTNERS - SOCIEDADE DE CAPITAL DE RISCO, S.A.
- Website
- https://indicocapital.com
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Indico Capital Partners is a Lisbon-based venture capital firm managing €244M across six funds, investing €250K–€10M in tech and blue economy startups across Portugal, Spain, and Italy from Pre-Seed to Series B. It serves institutional LPs, corporate investors, and Golden Visa applicants.
- Ownership category
- akta.pro rank
Indico Capital Partners industry classification
Industry- Product category
- Venture Capital Management
- NAICS
- Other Financial Investment Activities (5239)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)
- akta.pro secondary industry
- Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG)
Keywords
Where Indico Capital Partners is headquartered
LocationHeadquarters
- HQ city
- Lisbon
- HQ country
- Portugal
- HQ region
- Europe
Offices2 records
Markets served
Indico Capital Partners business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Infrastructure, Technology or R&D
Revenue model
- Management Fees: VC funds charge management fees typically ranging from 1.67% to 1.85% annually on committed capital during the fund's life. These fees cover operational costs of fund management.
- Carried Interest (Performance Fees): Fund managers receive carried interest typically after returning capital to investors plus a preferred return (e.g., 1.25x). Indico VCII specifically shares capital gains with investors after distribution of 1.25x of capital invested.
- SIFIDE II Tax Credit Administration: For the VC Fund II compatible with SIFIDE II, Portuguese corporate investors can access up to 32.5% tax credit on capital invested. The firm likely earns fees for facilitating these tax credit benefits.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| One time/ perpetual license | Multi-year contract | Golden Visa Compatible Fund (Indico VCII) - minimum €500,000 investment |
| Subscription | Annual | SIFIDE II Compatible Fund - tax credit up to 32.5% |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels11 records
Indico Capital Partners product offering
Product offeringCore offering
Indico Capital Partners is an independent venture capital firm managing multiple funds that invest equity capital (€250K to €10M per company) into tech and sustainable startups from Pre-Seed to Series A stages, with selective later-stage participation. Their investment focus covers Portuguese, Spanish, and Italian companies and their diasporas across SaaS, AI, Deep Tech, Spacetech, Healthtech, Fintech, Consumer, and blue economy sectors.
Product overview
Indico Capital Partners operates as a multi-fund venture capital management company offering a platform of distinct investment funds targeting different stages and sectors. The fund family includes: VC Fund I (early-stage ICT), Opportunity Fund I (follow-on capital), Acceleration Fund I (Google-powered startup program), Blue Fund (ocean/blue economy focus), VC Fund II (SIFIDE-eligible startups), and VC Fund III (€125M growth-stage fund). The firm also produces The Red Chair Podcast as thought leadership content. All funds collectively manage over €244M in assets under management, having invested €134M across 56 companies since 2019, with portfolio companies raising over €2.5B from global investors.
Differentiator
Problem solved
Functional benefit
Brands
- The Red Chair Podcast: A podcast featuring conversations with remarkable entrepreneurs and investors recorded at Indico's Lisbon office.
Products and services
- Indico VC Fund I
- Indico Blue Fund
- Indico Acceleration Fund I
- Indico Opportunity Fund I
- Indico VC Fund II
- Indico VC Fund III
- Indico R&D and Co-investment Fund
Quantifiable outcome
- 4 unicorns backed (Anchorage, Remote, Sword Health, Tier)
- +4 more outcomes
Companies that use Indico Capital Partners
Customer profileNamed customers26 records
Segments4 records
Ideal customer profiles5 records
Indico Capital Partners technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Indico Capital Partners partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered minor and core.
- Ireland Portugal Business Network (IPBN)minorIndico Capital Partners participates in the Ireland Portugal Business Network's 7th Annual Sustainability Conference focused on ocean and blue economy, alongside Sea Shepherd Global, Federação Portuguesa do Surf, and Católica Porto Business School.
- BlueInvestcoreIndico Capital Partners partners with BlueInvest, the EU's innovation and investment platform for ocean-based technologies. BlueInvest provides business coaching, fundraising support, and networking opportunities for blue economy startups in Indico's portfolio including Gazelle Wind Power, Biomimetx, and Inclita Seaweed Solutions.
- Google For StartupscoreGoogle For Startups powers Indico's Founders' Programme through the Indico Acceleration Fund I (€12M). The program supports early-stage tech startups with resources and mentorship from Google.
- UN Principles for Responsible Investment (UNPRI)coreIndico Capital Partners is a signatory and member of UNPRI, demonstrating commitment to responsible investment practices and ESG integration.
- Forum OceanominorMember of Forum Oceano, Portugal's ocean economy association, supporting blue economy ecosystem development.
- Invest EuropeminorMember of Invest Europe, the European Private Equity and Venture Capital Association, adhering to industry best practices.
- Hope Zones FoundationminorIndico Blue Fund is a proud supporter of Hope Zones Foundation, which is committed to establishing and promoting Maritime Protected Areas and surrounding communities through sustainability and education.
Scale indicators16 records
Recent moves7 records
Expansion highlights6 records
Indico Capital Partners competitors and assessment
Company assessmentBroad incumbents
- Speedinvest: Pan-European early-stage VC with multiple sector-focused funds. Overlaps with Indico on SaaS, AI, and deep tech investment themes across Europe but at a larger scale.
- Partech: Larger Pan-European venture capital firm with broad stage and sector coverage. Comparable in fund structure and LP base, but at significantly greater scale and broader geography than Indico.
- Earlybird: Pan-European venture capital firm active across multiple tech themes and stages. Comparable institutional LP profile and European tech deal flow, though with broader geography and larger fund vintages.
- HV Capital: German venture capital firm with a long-running early-stage tech focus. Comparable as a regional European tech VC operating multiple funds, though at substantially larger AUM.
Direct peers
- United Ventures: Italian venture capital firm investing in Italian tech startups across multiple stages. Closely mirrors Indico's Iberia+Italy geographic strategy and similar stage focus.
- 360 Capital: Paris-based VC with deep Italian and French tech roots, making it a direct peer in Pan-Southern European early-stage tech investing with similar fund sizes.
- P101: Italian early-stage venture capital firm focused on digital and tech startups. Comparable Southern European regional VC with similar Pre-Seed to Series A check sizes and diaspora angle.
- Caixa Capital: Portuguese venture capital firm historically active in the Iberian tech ecosystem. Direct comparable as a long-standing domestic VC where multiple Indico partners (de Moraes, Torgal, Rodrigues, Jerónimo) previously worked.
- Elaia Partners: Paris-based early-stage VC investing in deep tech, AI, and SaaS across Europe. Comparable stage and sector focus, with similar check sizes for Pre-Seed through Series A.
- Kibo Ventures: Spain-based venture capital firm investing in tech and deep tech across Iberia. Indico co-invested alongside Kibo Ventures in FOSSA Systems, reflecting comparable deal sourcing and stage focus.
Market position
Strengths5 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Indico Capital Partners social profiles
Digital presenceIndico Capital Partners compliance and trust
Trust signalCompliance3 records
Indico Capital Partners financial estimates
Financial estimateRevenue estimate
Valuation estimate
Indico Capital Partners leadership team
Management profileNumber of profiles
Profiles11 records
Indico Capital Partners funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Indico Capital Partners M&A and investment
M&A and investmentM&A
Investments86 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Indico Capital Partners
What does Indico Capital Partners do?
Indico Capital Partners is an independent venture capital firm managing multiple funds that invest equity capital (€250K to €10M per company) into tech and sustainable startups from Pre-Seed to Series A stages, with selective later-stage participation. Their investment focus covers Portuguese, Spanish, and Italian companies and their diasporas across SaaS, AI, Deep Tech, Spacetech, Healthtech, Fintech, Consumer, and blue economy sectors.
Is Indico Capital Partners a public or private company?
Indico Capital Partners is a private company. It is classified as management employee owned and is currently operating.
When was Indico Capital Partners founded?
Indico Capital Partners was founded in 2017. It employs 11 to 50 people.
Where is Indico Capital Partners based?
Indico Capital Partners is headquartered in Lisbon, Portugal, in the Europe region.
How does Indico Capital Partners make money?
Three revenue lines are on record. Management Fees are the primary driver. The others are carried Interest (Performance Fees) and SIFIDE II Tax Credit Administration.
Who are Indico Capital Partners's main competitors?
Broad incumbents on record are Speedinvest, Partech, Earlybird and HV Capital. Direct peers are United Ventures, 360 Capital, P101, Caixa Capital, Elaia Partners and Kibo Ventures.
Does Indico Capital Partners have an API?
No public API is recorded for Indico Capital Partners.
What industry is Indico Capital Partners in?
Indico Capital Partners's product category is Venture Capital Management. Its primary akta.pro industry code is FSANAAAD, Sector-Focused Venture Capital (Vertical Specialists), with a secondary code of FSAAALAG, Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure). Its NAICS code is 5239 and its SIC code is 6282.