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    Indico Capital Partners logo

    Indico Capital Partners

    Lisbon, PortugalFounded 2018
    www.indicocapital.comLinkedIn
    Climate & EnergyAIFood & AgricultureData & AnalyticsHealthcareInfrastructure & Cloud

    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.

    Average disclosed round size is $19.6M (across 26 rounds with reported amounts).

    Find people at Indico Capital Partners on Goldilocks AI

    Portfolio

    26

    Fund Size

    $278.4M

    Top Stage

    Series A

    Last 12 Mo

    7

    Team

    Stephan de Moraes

    Stephan de Moraes

    Managing General Partner

    RT

    Ricardo Torgal

    General Partner and CFO

    Portfolio Breakdown

    Stage Distribution

    Sector Distribution

    Investment Activity

    DealsAvg Round Size

    Portfolio

    26 investments
    CompanyRoundAmountDate
    Dealroom logoDealroomUnknown$7MJan 2026
    DDealroom.coSeries A$7MJan 2026
    Preply logoPreplySeries D$150MJan 2026
    NNutriumSeries A$12MSep 2025
    Sword Health logoSword HealthSeries B$40MJun 2025
    GGazelle Wind PowerUnknown$2MMay 2025
    Oscar logoOscarSeed$6MMay 2025
    SSEAentiaUnknown$16MFeb 2025
    Arborea logoArboreaSeed$5MDec 2024
    Infraspeak logoInfraspeakSeries B$18MOct 2024
    FFRVRUnknown$11.6MAug 2024
    IIndie CampersGrowth$35MJul 2024
    FOSSA Systems logoFOSSA SystemsSeries A$6.3MJun 2024
    Rows logoRowsSeries A$8.8MMay 2024
    Cargofive logoCargofiveUnknown$2.5MMar 2024
    Bizay logoBizaySeries C$19.8MDec 2023
    Nortech AI logoNortech AISeed$2.5MOct 2023
    Spotlite logoSpotliteSeed$1.5MJul 2022
    Kencko logoKenckoSeries A$10MJan 2022
    Infraspeak logoInfraspeakSeries A$10MDec 2021
    BBarkynSeries A$9.6MApr 2021
    NNutriumSeed$4.9MOct 2020
    Tier Mobility logoTier MobilitySeries B$60.5MOct 2019
    Unbabel logoUnbabelSeries C$60MSep 2019
    Eleos logoEleosSeed$3.3M—
    Page 1 of 2

    Top Co-Investors

    Lince Capital5 shared
    Shilling3 shared
    Innovation Nest2 shared
    Armilar2 shared
    Portugal Ventures2 shared
    Rabobank2 shared
    Beringea2 shared
    Fuel Ventures2 shared
    Point72 Ventures1 shared
    e.ventures1 shared
    Greycroft1 shared
    Bright Pixel1 shared
    Siddhi Capital1 shared
    NextView Ventures1 shared
    Riverside Ventures1 shared
    Silas Capital1 shared
    Cheyenne Ventures1 shared
    NextBlue1 shared
    Boost Capital Partners1 shared
    General Catalyst1 shared

    Last updated: 15 April 2026