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    Indico Capital Partners

    Lisbon, PortugalFounded 2018

    Indico Capital Partners is an early-stage venture capital firm investing in tech companies, primarily in Portugal and the Iberian Peninsula. Their strategy focuses on supporting these companies to scale internationally.

    Their most common stage is series-a (41% of deals). Average disclosed round size is $21.5M (across 17 rounds with reported amounts).

    Find people at Indico Capital Partners on Goldilocks AI

    Portfolio

    17

    Fund Size

    Top Stage

    Series A

    Last 12 Mo

    4

    Team

    RT

    Ricardo Torgal

    General Partner and CFO

    SD

    Stephan de Moraes

    Managing General Partner

    Portfolio Breakdown

    Stage Distribution

    Sector Distribution

    Investment Activity

    DealsAvg Round Size

    Portfolio

    17 investments
    CompanyRoundAmountDate
    DDealroom.coSeries A$7MJan 2026
    NNutriumSeries A$12MSep 2025
    GGazelle Wind PowerSeed$2MMay 2025
    Oscar logoOscarSeries A$6MMay 2025
    SSEAentiaSeries A$16MFeb 2025
    Infraspeak logoInfraspeakSeries B$18MOct 2024
    FFRVRSeries A$11.6MAug 2024
    IIndie CampersSeries B$35MJul 2024
    CCargofiveSeed$2.5MMar 2024
    BBizaySeries C$19.8MDec 2023
    SSpotliteSeed$1.5MJul 2022
    Kencko logoKenckoSeries A$10MJan 2022
    Unbabel logoUnbabelSeries C$60MSep 2019
    Kencko logoKenckoSeries A$10M
    Eleos logoEleosSeed$3.3M
    Eleos logoEleosPre-Seed$750K
    Preply logoPreplySeries D$150M

    Top Co-Investors

    Lince Capital4 shared
    Siddhi Capital2 shared
    NextView Ventures2 shared
    Riverside Ventures2 shared
    Silas Capital2 shared
    Shilling2 shared
    NextBlue2 shared
    e.ventures1 shared
    Greycroft1 shared
    Bright Pixel1 shared
    Innovation Nest1 shared
    Boost Capital Partners1 shared
    APX1 shared
    Magic Fund1 shared
    Hiro Capital1 shared
    GE Ventures1 shared

    Last updated: 5 March 2026