Indico Capital Partners launches €12 million pre-seed fund to invest in Portuguese startups selected for joint Accelerator with Google for Startups

Dear Friends and Supporters,

After a few months in the making we are happy to report that our partnership with Google for Startups has started with the arrival of sextuplets!

Enjoy below,

Stephan Morais
Managing General Partner
Indico Capital Partners



Lisbon, 14th of July 2020 – Following the announcement of its launch in April, Indico Capital Partners (“Indico” or “the Firm”) announced the first batch of startups selected to participate in their Lisbon-based accelerator powered by Google for Startups. After reviewing more than 130 applications from across the country, six companies were selected of which three are led or co-founded by female entrepreneurs.

Alongside the accelerator, Indico has announced the launch of a €12 million pre-seed fund which will invest in all program participants - up to 10 of the startups per year over the next five years. The new fund will be managed alongside Indico’s flagship, €54 million fund which, has invested in ten companies since its inception in 2019.

The 6 companies selected for the Accelerator are:

● APiS – Saas solution for the management and remote monitoring of beehives.

● InnovationCast – Saas solution for innovation management aimed at organizations looking to improve their productivity and growth.

● Modatta – marketplace of services based on personal data.

● Onalytics – Saas platform for the logistical and quality management of beer kegs.

● Playbox – Digital health platform for couples who are looking to make their   relationship more intimate and fun.

● Skoach – Saas solution that promotes alignment of vision, culture and objectives between companies and their remote and in-office teams.

Each of these companies will be receiving an initial €100,000 investment from the new fund and will be eligible for additional funding from the flagship Indico Capital Fund.  The companies will embark on a pre-seed program which will last six months followed by an incubation period which will conclude in June 2021. The program, which includes extensive mentorship, training, masterclasses, fundraising support, recruitment, customer and product segmentation from both Google and Indico, will be conducted both online and whenever possible, at Indico´s headquarters in Lisbon.

Commenting on the launch of the fund, Stephan Morais, CEO and Founder of Indico Capital Partners said, “We launched this new fund with the specific aim of addressing what we view as a critical market gap in the Portuguese venture capital funding ecosystem. The number of exceptional startups that have applied to our accelerator reveals the lack of capital available to the development of start-ups in their initial (and often, most critical) phases of development. We have selected six companies which we believe have great potential to compete on a global scale and look forward to welcoming up to four others into our exciting program.”

"We are determined to level the playing field for Portuguese startups to ensure that - with the help of Google - they can tackle big challenges and create economic opportunities. We couldn’t be more excited in matching our global network of mentors with Indico’s impressive team and capabilities”, said Nuno Pimenta, Industry Head - Start Ups, Retail & Travel at Google Portugal.

For more information please review:
What are the Principles for Responsible Investment?


About Indico Capital Partners
Founded in 2017 by Stephan Morais, Ricardo Torgal and Cristina Fonseca, Indico Capital Partners is the leading independent venture capital firm in Portugal. The firm invests primarily in Pre-seed to Series A companies across artificial intelligence, software as a service, internet of things, fintech, cybersecurity and digital marketplaces and makes commitments between €100,000 - €5 million per company. Current companies in Indico’s portfolio, which includes Tier, Unbabel and Barkyn, have raised more than €255 million to date.  Indico is a signatory of the Principles for Responsible Investment.  

About Google for Startups
Google for Startups is Google’s initiative to help startups thrive across every corner of the world. We bring the best of Google's products, connections, and best practices to enable startups to build something better.

Copyright © 2020 Indico Capital Partners, All rights reserved.

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