Indico Capital Partners

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
  Cargofive, an Indico portfolio company, was acquired by German firm Cargo.one on 25 February 2026, marking an exit for the firm. cbinsights.com
• Jan 2026investment
  Indico led a $7M round in Dealroom.co, the global startup and VC data platform, alongside Rabobank, Beringea, Shoe Investments, and Knight Capital. crowdfundinsider.com
• Jan 2026investment
  Indico participated in Preply's €130M round, which pushed the language-learning platform to unicorn status. cbinsights.com
• Dec 2025fundraise
  The European Investment Fund committed €30M to Indico's €125M VC Fund III, anchoring the firm's sixth fund overall. vcwire.tech
• Nov 2025fundraise
  Indico launched VC Fund III at a €125M target, its sixth fund overall, focused on Seed through Series B investments in Portugal, Spain, and Italy. vestbee.com
• Nov 2025investment
  Indico invested €5M in PandaDoc's Series C round. The document automation unicorn, which has a Lisbon European hub, will use the capital for AI product development and team growth in Portugal. euis.eu
• Mar 2026investment
  Cargofive, an Indico Blue Fund portfolio company, was acquired by German firm Cargo.one on February 25, 2026, marking Indico's latest portfolio exit. cbinsights.com
• Jan 2026investment
  Indico participated in Preply's €130 million round alongside WestCap, with the edtech company reaching unicorn status on the back of the deal. cbinsights.com
• 2025investment
  Indico made 5 new investments in the 12 months to December 2025, bringing its total portfolio to 53 companies across Portugal, the US, Spain, and 9 other markets. tracxn.com
• 2025investment
  Indico participated in a Series C round for PandaDoc, the document automation platform, though the deal size was not disclosed in available sources. tracxn.com
• 2025press
  Managing General Partner Stephan de Moraes appeared on the Aulium podcast, discussing why small spray-and-pray funds can't lead deals effectively and why Indico takes a multi-stage approach to maximise LP returns. pt.linkedin.com
• 2023fundraise
  Indico launched a €70 million SIFIDE 2 fund offering up to 82.5% immediate tax credit on invested capital, targeting ANI-accredited IT startups with global growth potential. uk.linkedin.com

Notable investments

• CargofiveExit (acquired by Cargo.one)Feb 2026cbinsights.com
• Dealroom.coUndisclosed ($7M round)Jan 2026crowdfundinsider.com
• PreplyUndisclosed (€130M round)Jan 2026cbinsights.com
• PandaDocSeries CNov 2025euis.eu
• PreplyUnicorn round (€130M)Jan 2026cbinsights.com
• BITCLIQUnknownUnknowntracxn.com
• Oceano FrescoUnknownUnknowntracxn.com
• PreplyLate StageJan 2026cbinsights.com
• CargofiveBlue Fund investment2024linkedin.com
• WSenseGrowthOct 2025tracxn.com
• WorkfullySeed/EarlySep 2025tracxn.com
• RemoteSeries B2021tracxn.com

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

• Indico Capital Partners — Official Website
• Índico Capital Partners launches €125M Fund — Tech.eu
• Indico Capital Partners — Crunchbase
• Indico Capital Partners — Tracxn
• Indico Capital Partners — CB Insights
• About Us — Indico Capital Partners
• Spotlight — Indico Capital Partners
• https://pt.linkedin.com/company/indico-capital-partners
• https://uk.linkedin.com/company/indico-capital-partners?trk=public_profile_experience-item_profile-section-card_subtitle-click
• https://www.crowdfundinsider.com/tag/dealroom/
• https://vcwire.tech/tag/indico-capital-partners/
• https://www.vestbee.com/insights/articles/indico-capital-partners-launches-125-m-vc-fund
• https://euis.eu/ndico-capital-partners-invests-5m-in-pandadoc/

Other VCs in Portugal

• Faber Ventures · Multi-stage VC, Lisbon·
• Armilar Venture Partners · Multi-stage VC, Lisbon·
• Iberis Capital · Growth equity, Lisbon

Explore VCs by sector

• Generalist in Portugal
• SaaS in Portugal

Globally

• Generalist worldwide
• SaaS worldwide

Frequently asked