Multi-stage VC, Lisbon

Indico Capital Partners

Venture capital firm · Lisbon · Founded 2017

Quick read

Indico Capital Partners is a multi-stage VC firm founded in 2017 and headquartered in Lisbon, Portugal. It's Portugal's leading independent VC, having backed 53+ companies across SaaS, AI, fintech, deeptech, and ocean-related businesses, with 5 unicorns in its portfolio including Remote and Anchorage Digital. In November 2025 it launched its €125M Fund III, anchored by the European Investment Fund.

Key facts

Founded
2017
Founders
Stephan de Moraes, Cristina Fonseca, Ricardo Torgal
Employees
25
Sectors
saas, ai, fintech, security, generalist, climate
Website
www.indicocapital.com

Investment thesis

Indico backs pre-seed to Series A technology companies — SaaS, AI, fintech, deeptech, spacetech, and ocean-related businesses — originating from Portugal, Spain, and Italy, with a focus on teams building global category leaders. Fund III extends selective coverage to Series B and C, with the EIF as anchor LP.

Recent activity

  • Mar 2026investment
    Portfolio company Cargofive was acquired by German logistics firm Cargo.one — Indico's latest exit from its Blue Fund. cbinsights.com
  • Jan 2026investment
    Indico participated in Preply's $150M round, valuing the edtech platform at unicorn status; the deal was reported at ~€130M. cbinsights.com
  • Nov 2025fundraise
    Launched Indico VC Fund III, a €125M fund targeting tech companies from Portugal, Spain, and Italy, with the EIF as anchor investor. tech.eu
  • Oct 2025investment
    Backed WSense in a €10M round to expand underwater Wi-Fi technology. tracxn.com
  • Sep 2025investment
    Participated in Workfully's €4M+ funding round alongside Shilling and Pitchdrive. tracxn.com
  • Oct 2023fundraise
    AuM reached €141M across 4 funds as of October 2023, up from €102M at end of 2021. indicocapital.com

Notable investments

Key people

Named individuals at the firm. We don't expose direct email or phone — use their LinkedIn for outreach.

  • Stephan de Moraes · Managing General Partner
    LinkedIn
  • Cristina Fonseca · General Partner
  • Ricardo Torgal · Partner
  • Rui Jerónimo · Principal
    LinkedIn
  • Stephan Morais · Founder & Managing Partner

Sources

Other VCs in Portugal

Explore VCs by sector

Globally

Frequently asked

What is Indico Capital Partners?+

Indico Capital Partners is a multi-stage VC firm founded in 2017 and headquartered in Lisbon, Portugal. It's Portugal's leading independent VC, having backed 53+ companies across SaaS, AI, fintech, deeptech, and ocean-related businesses, with 5 unicorns in its portfolio including Remote and Anchorage Digital.

Where is Indico Capital Partners headquartered?+

Indico Capital Partners is headquartered in Lisbon, Portugal.

When was Indico Capital Partners founded?+

Indico Capital Partners was founded in 2017 by Stephan de Moraes, Cristina Fonseca, Ricardo Torgal.

What sectors does Indico Capital Partners invest in?+

Indico Capital Partners focuses on saas, ai, fintech, security, generalist, climate. They primarily invest in these sectors.

How do I prepare for a meeting with Indico Capital Partners?+

Brief generates a structured pre-meeting briefing on any person at Indico Capital Partners — quick read, recent activity, points of view, and conversation openers tailored to what you sell. Sign in to get personalised openers for your product.

Meeting with someone at Indico Capital Partners?

Brief generates a structured pre-meeting briefing on any person in seconds.

Try Brief →

Generated by briefthecall.com from public web sources on May 27, 2026. Each claim is linked to its source above.