AIEnterprise SoftwareSaaSFintechRobotics & AutomationDefense & SpaceHealthcareConsumerCybersecurityE-Commerce & Marketplace
Indico Capital Partners is the leading independent venture capital firm in Portugal, investing in global technology companies across Southern Europe. The firm focuses on SaaS, AI, Deep Tech, Fintech, Spacetech, Cybersecurity, and ocean-related sectors, investing from seed to Series B.
Average disclosed round size is $30.6M (across 28 rounds with reported amounts).
Portfolio
40
Fund Size
—
Top Stage
Seed
Last 12 Mo
5
Team
CF
Cristina Fonseca
General Partner
SD
Stephan de Moraes
Managing General Partner
RT
Ricardo Torgal
Partner
JP
João Pedro Roque
Principal
RJ
Rui Jerónimo
Principal
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
57 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Eleos Life | Seed | $3M | Apr 2026 |
 Dealroom.co | Series A | $7M | Jan 2026 |
 Preply | Series D | $150M | Jan 2026 |
 Bizay | Series D | $55M | Jan 2026 |
 Nutrium | Series A | $12M | Sep 2025 |
 Nutrium | Series A | $12M | Sep 2025 |
 Sword | Series B | $40M | Jun 2025 |
 Gazelle Wind Power | Unknown | — | May 2025 |
 Oscar | Seed | — | May 2025 |
 Seaentia | Unknown | — | Feb 2025 |
| Sword | Series E | $40M | Jan 2025 |
| Nutrium | Series A | $12M | Jan 2025 |
| Nutrium | Series A | $12M | Jan 2025 |
 Arborea | Seed | — | Dec 2024 |
 Infraspeak | Series B | — | Oct 2024 |
 Membrion | Seed | $20M | Oct 2024 |
 FRVR | Unknown | — | Aug 2024 |
 Oceano Fresco | Seed | — | Jul 2024 |
 Indie Campers | Growth | — | Jul 2024 |
 FOSSA Systems | Series A | — | Jun 2024 |
| Sword | Growth | $30M | Jun 2024 |
 Rows | Series A | $8.8M | May 2024 |
 Cargofive | Unknown | — | Mar 2024 |
 Relive | Series A | $5.5M | Jan 2024 |
| Oceano Fresco | Series B | — | Jan 2024 |
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Top Co-Investors
Lince Capital14 shared
Portugal Ventures8 shared
Shilling Capital Partners7 shared
Armilar Venture Partners5 shared
General Catalyst5 shared
Vesalius Biocapital4 shared
Oxy Capital3 shared
Khosla Ventures3 shared
Comcast Corporation3 shared
Kibo Ventures3 shared
Bright Pixel Capital3 shared
Innovation Nest3 shared
Fuel Ventures3 shared
Blockchain Capital3 shared
Andreessen Horowitz3 shared
Techstars2 shared
Goodwater Capital2 shared
Speedinvest2 shared
Mubadala Ventures2 shared
Last updated: 7 October 2026