Lisbon, Portugal · Venture Capital Indico Capital Partners is Portugal's first and leading independent early-stage venture firm, founded in Lisbon in 2017 by Stephan Morais and Ricardo Torgal (both ex-Caixa Capital) and Cristina Fonseca (co-founder of Talkdesk). Since its first fund close in 2019 it has built a >€244M multi-fund platform spanning six vehicles, including VC Fund I (€54M), an Acceleration Fund, an Opportunity Fund, the €50M Indico Blue ocean-economy fund, VC Fund II, and the newly launched VC Fund III (€125M target with a €30M EIF anchor, 2025).
The firm invests from pre-seed to Series B with €100K–€10M cheques, focused on Portugal, Spain and Italy and the Southern European diaspora, across enterprise SaaS, AI, deep tech, fintech, cybersecurity, spacetech and the blue economy. Backed by the European Investment Fund, Banco Português de Fomento and Draper Esprit (now Molten), Indico bridges Southern Europe's talent to global capital. Its portfolio includes unicorns Anchorage Digital, Sword Health, TIER Mobility and Remote, with exits including Unbabel (TransPerfect, 2025) and Cargofive (cargo.one, 2026).