Indico Capital Partners VC Fund Reaches
54 Million Euros

Dear Friends and Supporters,

It is with great pleasure that we share with you the result of several years of hard work - the final closing of our fund, and also the opening of our office in Madrid. More good news soon. Hope all and respective families and friends are safe and in good health during these challenging times! 

Best regards,

Stephan Morais
Managing General Partner
Indico Capital Partners

In 2019 the team invested 17 million Euros in 9 companies creating more than 600 jobs

Lisbon and Madrid, 9th of March – Indico Capital Partners recently completed fundraising for it´s VC fund that aims to invest in early stage Portuguese and Spanish tech disruptors. With a total of 54 million euros, the fund has 46 investors from 12 countries with the vast majority of capital coming from asset managers, family offices, endowments, pension funds, and HNW individuals.

In its first year, the investment team analyzed roughly 1200 companies and invested in 9 companies that fulfilled the fund’s selection criteria. The fund’s investment team is led by partners Stephan Morais, Ricardo Torgal and Cristina Fonseca. In addition to the 17 million euros deployed by Indico, over 205 million was raised by the portfolio and more than 600 new jobs were created. The fund, therefore, saw a substantial increase in its value given the follow-on rounds in some of its companies.

The Lisbon based VC fund manager has also announced the opening of its office in Madrid which is headed up by an experienced venture capital investor in the Spanish capital. Indico decided to open in Madrid after a year of steady deal flow from Spanish entrepreneurs reaching out to the team.

Stephan Morais stated that “We are thankful to all the global investors, in particular to those that invested in venture capital for the first time, that backed our belief that Portuguese and Spanish tech companies with global aspirations can deliver good returns to investors”.

About Indico Capital Partners
Launched by Indico Capital Partners, the Indico Capital Partners VC I fund is dedicated to early stage tech start-ups. The management team is composed of Stephan Morais (former Executive Director of Caixa Capital), Ricardo Torgal (former investment manager at Caixa Capital) and Cristina Fonseca (co-founder and shareholder of Talkdesk). With commitments totaling 54 million euros, the fund’s objective is to find, invest and capitalize on the most promising Iberian start-ups, investing between 150 thousand to 5 million euros.

Horizon 2020, EFSI and Portugal Tech
Indico VC Fund I is supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Funds for Strategic Investments (EFSI) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing. It is also co-financed by Fundo de Capital e Quase Capital (FC&QC) managed by IFD - Instituição Financeira de Desenvolvimento, S.A. through the Portugal Tech facility managed by the European Investment Fund (EIF).

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