Agência para o Investimento e Comércio Externo de Portugal


Indico Capital Partners, a venture capital company based in Portugal, has launched a €46 million fund to invest in technology companies in Spain and Portugal with global promise.

In a statement, Indico Capital Partners claimed that it was “the first independent and private Portuguese venture capital fund focussed on investing in the early stages of technological startups, and headquartered in Lisbon, one of the technological centres on the rise in Europe.”

The new fund aims to “identify, invest and provide capital for the most promising Iberian startups, particularly those based in Portugal” and will direct investments to companies that operate in areas such as SaaS (Software as a Service), B2B (business-to-business), artificial intelligence (AI), fintech and cybersecurity, as well as in marketplaces and B2C digital platforms. 

The €46 million, the company said, comes from more than a score of institutional and individual investors based in eight different countries, with the European Investment Fund (EIF) being Indico’s the largest.

Among the investors are the Financial Development Institution (IFD), through Portugal Tech, as well as Draper Esprit, one of the world’s largest venture capital funds, pension funds, educational and research institutions, private fund management entities, entrepreneurs and local and international tech executives.

The fund is to invest between €150,000 and €5 million per company during its 10-year life span.

“The target companies of the fund’s portfolio aim to become global leaders in their category,” the company said, adding that “Indico’s first investments have already been completed and will be announced shortly.”

Indico’s management team consists of Stephan Morais (a former executive director of Caixa Capital, a unit of state bank Caixa Geral de Depósitos), Ricardo Torgal (former investment manager at Caixa Capital) and Cristina Fonseca (co-founder and shareholder of Talkdesk).

The new fund, Morais said, “is a milestone for the Portuguese ecosystem” and “will continue to support the most promising Portuguese technology startups, but now with a larger and independent stable investment platform supported by a global and diversified investor base.”