About Us


We believe the Portuguese, Spanish and Italian ecosystems have incredibly strong engineering talent that can generate innovative businesses and sustainable solutions at a global scale. Due to their limited local markets, Iberian entrepreneurs are forced to have an international mindset from day one. We set our mission to be providing an exceptional pool of local talent with the capital and the knowledge to assist them in their quest for global expansion.

Our complementary Partners group and dedicated team have been behind almost the entirety of the successful tech stories and unicorns in Portugal over the last decade, both as investors and as entrepreneurs. Since we became the first sizable independent VC firm in Portugal in 2018, we proved this unique experience mix can successfully propel Iberian startups into international markets. We have since expanded from tech into climate action with the launch of an ocean related fund in 2022 - a theme we are personally highly passionate about and professionally experienced.

Our continuous growth is driven by our core mission: leveraging Iberian talent for global impact.

Our Investment Philosophy

We back entrepreneurs going from local to global. We invest from €100k to €10M in areas like Web3, Artificial Intelligence (AI), big data, enterprise SaaS, fintech and marketplaces, among others. We also focus on ocean related startups and SMEs with the aim of giving them scale and enabling their global expansion and positive impact in terms of climate action. Ocean-related startups can be tech, biotech or hardware focused but also aim to back innovative industrial SMEs with global expansion potential.

Our focus is to support the best, most unique and scalable high tech and sustainable companies. The best means we look for teams that are highly ambitious, excepcional at execution and that are willing to partner with us, working side-by-side. This often means working hard, being creative, being totally honest and also realistic, while shooting for the stars.
We only back businesses that have a huge potential addressable market. Certainly in startups, we must believe the company can become a global category winner, and that such a category can produce sizable companies. With the Indico Founders Program to series A and beyond, occasionally directly in a Series B or C opportunity.

When we invest in climate action related SMEs we look for growth potential as well so that our expansion capital can multiply the revenues and margins of the business considerably. We can invest up to 5M Euros into each SME seeking expansion capital.

Ambition and team are the key elements in building any company. Our entrepreneurs must be able to attract top talent to achieve the growth we all expect to become reality.

Tech Areas of Focus

Artificial Intelligence
Big Data
Enterprise SaaS
IOT / Robotics
Security and Privacy

Sustainable Ocean Areas of Focus

Coastal Tourism
Sustainable Aquaculture
Blue Biotech / Engineered Marine Biology
Sustainable Fisheries
Software (digital ocean)
Ocean Renewable Energy
Maritime Operations (inc. Ports)
Shipbuilding & Repair
Ocean Security
Waste & Circular Economy
Green Shipping

Our Team

Stephan Morais

Managing General Partner
20+ years of investment and CEO experience, VC, Executive Board Member of Caixa Capital. Harvard Business School, MBA

Ricardo Torgal

General Partner and CFO
20+ years of investment experience, VC at Caixa Capital. Previously InterRisco (PE of BPI Group)

Cristina Fonseca

General Partner
Co-Founder of Talkdesk and Cleverly. Galp Board Member. Forbes 30 Under 30 in Enterprise Technology

Rui Rodrigues

10+ years of investment and M&A experience, VC at Caixa Capital, M&A at PwC Spain

André Almeida Santos

+20 years of investment experience. Fellow at Harvard Kennedy School. Previously African Development Bank Principal Country Economist

João Martins

Head of Platforms
10+ years of Marketing and Management experience in China

Rafael Conceição

VC Investor at Indico. Previously Investment Manager at Portugal Ventures

Álvaro Furtado

Investment Analyst
Masters in Sustainability, Bachelors in Economics and Management from Universitá Bocconi

Marta Fernandes

Financial Controller
15+ years of Financial Controlling and Auditing experience. Previously Head of Finance at a social impact start-up.

Gabriela Cordeiro

Compliance Officer
15+ years of Office and Operations Management and Compliance

Partnerships and Collaborations

At Indico Capital Partners we live by the strength of our ecosystem. We place strong emphasis in the collaborative power of partnerships and the communities that carry our founders and companies through their growth process.

Member of:

Indico Blue Fund Partners

Indico Capital has established a network of local and international partners along the Ocean ecosystem, in our commitment to support the most exceptional entrepreneurs while ensuring a thriving Ocean.
The Hope Zones Foundation is committed to establish and promote Maritime Protected Areas and surrounding communities, through sustainability and education. The Indico Blue Fund is a proud supporter of HZP.