Indico Capital Partners
ABOUT INDICO CAPITAL PARTNERS
Indico Capital Partners is an independent venture capital firm founded in Lisbon in 2017, managing €244M across roughly 56 investments. It writes checks of €500K to €10M at pre-seed, seed, and Series A, typically as the first institutional investor for founders in Portugal and Southern Europe. Indico Capital Partners backs B2B companies in SaaS, AI, fintech, marketplaces, and cybersecurity, favouring teams with strong product-market fit and a global go-to-market plan. Its portfolio includes Anchorage Digital, Remote, Sword Health, TIER, Rows, Preply, Dealroom, Infraspeak, Indie Campers, Barkyn, and Unbabel, alongside exits such as Cargofive and Zenklub, both acquired. The firm led Bizay's €48.75M Series D in July 2026. Fund III launched in November 2025, EIF-anchored, raising €125M. The team is led by Managing General Partner Stephan de Moraes, with General Partner and CFO Ricardo Torgal, General Partner Cristina Fonseca, and Partner Rui Rodrigues.
INVESTMENT THESIS
Invests in B2B companies with strong product-market fit and global go-to-market strategies. Prioritizes AI, SaaS, fintech, and cybersecurity.
RECENT DEALS
(4)INVESTMENT DETAILS
TEAM
FREQUENTLY ASKED QUESTIONS
What stage does Indico Capital Partners invest at?
Indico Capital Partners invests at Pre-Seed, Seed, Series A stages.
What is Indico Capital Partners's typical ticket size?
Indico Capital Partners typically writes cheques of €500K–€10M.
What sectors does Indico Capital Partners invest in?
Indico Capital Partners focuses on B2B SaaS, AI, FinTech, Marketplaces, Cybersecurity.
Where is Indico Capital Partners based?
Indico Capital Partners is a VC based in Lisbon, Portugal, founded in 2017.
Who are the partners at Indico Capital Partners?
Key people at Indico Capital Partners include Stephan de Moraes (Managing General Partner), Ricardo Torgal (General Partner and CFO), Cristina Fonseca (General Partner), Rui Rodrigues (Partner).
What companies has Indico Capital Partners invested in?
Indico Capital Partners's portfolio includes Anchorage, Arborea, Barkyn, BioMimetx, Bizay, Cargo.one, Conexa, Data4Deals, among others.
How much does Indico Capital Partners manage?
Indico Capital Partners manages €244M in assets / fund commitments.
Is Indico Capital Partners actively investing?
Fund III (2025), raising €125M.
Can I invest in Indico Capital Partners's funds as an external investor?
Indico Capital Partners is currently raising: Fund III (2025), raising €125M. Qualified investors can contact the firm about subscribing; minimum tickets and investor-qualification rules (CMVM) apply.
How do I contact or pitch Indico Capital Partners?
You can reach Indico Capital Partners via their website (indicocapital.com). You can also submit your startup through Portugal VC's pitch tool to be forwarded to matching investors.