Investor profile
Indico Capital Partners
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Indico Capital Partners backs the most globally promising Portuguese, Spanish, and Italian tech and sustainable companies, investing from €250k to €10M in areas including AI, Deep Tech, SaaS, Fintech, IoT/Robotics, Spacetech, Healthtech, and Consumer. The firm's mission is to provide Southern European founders — who are forced to have an international mindset from day one due to limited local markets — with the capital and knowledge to achieve global expansion. Indico typically leads or co-leads rounds from Pre-Seed to Series A, acting as a highly hands-on partner. In parallel, through its Blue Fund, Indico invests €100k–€5M in ocean-related startups and SMEs focused on sustainable aquaculture, blue biotech, ocean renewable energy, and maritime operations, targeting companies with headquarters or significant operations in Portugal.
Notable quotes
“Entrepreneurs may not realize that this is a 'Winner takes it all' game: you're either going to win the lottery or you're busted. You can have ambitions.”
“Dificilmente investimos com primas donas, mesmo que a oportunidade nos pareça boa. Porque tem de haver esse fator de parceria, de uma relação boa.”
“It's a reputation game: you're just as good as your track record. Of course, we are in the media as well. It's like a snowball: you get known and then founders talk about you, allowing other founders to get to know us.”
Recent investments
| Company | Round | Size | Date |
|---|---|---|---|
| Remote | Growth | — | 2022 |
| Sword Health | Series A | $40m | 2025 |
| Preply | Series B+ | $128m | — |
| Hercules AI | Seed | $27m | 2024-12 |
| Relive | Series A | $6m | 2025-02 |
| Oscar | Pre-Series A | $7m | 2025-04 |
| Lyzer | Series A | $10m | 2025-07 |
| Dealroom | Series A | $6m | 2025 |
| Infraspeak | Seed | $10m | 2019 |
| Indie Campers | Series A | $35m | 2024 |
Frequent co-investors
| VC firm | Deals together |
|---|---|
| Lince Capital | 5 |
| Shilling VC | 4 |
| Iberis Capital | 3 |
| Portugal Ventures | 3 |
| Armilar Venture Partners | 3 |
| Bynd Venture Capital | 2 |
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