We are the first institutional independent VC fund in Portugal aiming to cherry pick the best tech startups and help them scale to become global category winners.

About UsOur focus and mission

Who We Are

Headed by the two most senior former Caixa Capital VC Team members, supported by a successful and experienced entrepreneur and a strong group of advisors, top entrepreneurs, we raised our first fund (authorized by the Portuguese Securities Market Commission - CMVM) from a cornerstone institutional investor (EIF) and international family/multi-family offices from Europe, and US. Indico Capital Partners invests solely through Indico VC Fund I, a registered fund within CMVM.

The Opportunity

In addition to Silicon Valley, London, and Berlin, cities like Lisbon, Porto, Madrid or Barcelona have emerging startup ecosystems. Portugal and Spain went through a difficult macro environment years ago which led to a growth in the entrepreneurship culture and investment. We have excellent tech graduates and a global mindset.

Highly innovative companies like luxury eCommerce platform Farfetch, YC graduate machine learning translation platform Unbabel or the leading student accommodation marketplace Uniplaces have a strong portuguese DNA and went to raise international rounds in the UK and the US - we want to back the next success stories of the ecossystem.

These success cases have raised local rounds in Portugal and Spain and have been invested later by major international funds to support further development and expansion.

Our current portfolio has raised over 500 million USD in the last two years.

We leverage professional and personal relationships to enable a continuous deal flow as well as ensure a proper cross boarder strategy relying on a strong group of co-investment partners with potential to lead later stage rounds.

Investment Thesis

The Portuguese ecosystem has a strong backbone of engineering talent and its track record is on the enterprise tech and digital companies. Our focus is to support the best, high tech companies going from local to global and invest from €100k to €5M in areas like blockchain, artificial intelligence, big data, enterprise SaaS, fintech, marketplaces, among others.

Our step by step decision making process has been done by the team in dozens of past investments. We look for potentially unique global winners with amazing products, solving a big problem and a clear business model.

We back ambitious founding teams solving big problems.