Indico Capital Partners

Indico Capital Partners is a venture capital firm based in Lisbon, Portugal that backs technology startups at the Seed to Series A stage. The firm focuses on software as a service, artificial intelligence, internet of things, fintech and cybersecurity, among other digital technologies, with a global growth orientation. Founded in 2017, the team comprises experienced investors and entrepreneurs credited with helping Portugal's tech ecosystem produce notable success stories and with the ability to support portfolio companies as they scale internationally. Indico seeks to partner with ambitious teams aiming to extend their reach beyond Portugal, offering hands-on support in product development, market entry and expansion.
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Rafael Conceição

Associate

Cristina Fonseca

Venture Partner

Stephan Morais

Managing Partner

Ricardo Torgal

General Partner

André Almeida Santos

Partner

Past deals in Portugal

Oceano Fresco

Venture Round in 2024
Oceano Fresco S.A., founded in 2015 and based in Mira, Portugal, specializes in the development and production of bivalve varieties for shellfish farmers. The company focuses on enhancing the performance of these species while maintaining competitive costs and adhering to environmental sustainability principles. By employing a multi-disciplinary approach that incorporates molecular biology, genetics, animal physiology, and computational biology, Oceano Fresco selects traits that add value for shellfish farmers and bolster the sustainability and profitability of the aquaculture sector. The company collaborates with hatcheries, nurseries, and research centers to test and validate its solutions, ensuring they meet the specific needs of customers in various technical and environmental contexts. Through its vertically integrated operations and selective breeding programs, Oceano Fresco aims to provide naturally healthy and flavorful seafood while promoting responsible aquaculture practices.

Primetag

Venture Round in 2024
Primetag S.A., founded in 2016 and headquartered in Aveiro, Portugal, specializes in developing a software platform that transforms online images into sales channels. The company focuses on influencer marketing, providing tools for influencer analytics, recruitment, and collaboration, thereby simplifying the process for brands and influencers to connect and enhance their business opportunities. Its platform enables businesses to create dynamic points of sale within images, facilitating consumer engagement and driving purchase impulses. By consolidating relationships with advertisers and publishers, Primetag aims to make influencer marketing more manageable, scalable, and focused on return on investment.

Modatta

Seed Round in 2023
Founded in 2018, Modatta operates from Lisbon, Portugal. It offers a mobile application marketplace facilitating consent-based private data transactions between companies and consumers. The platform enables users to monetize their personal data while ensuring compliance with privacy regulations like GDPR.

BioMimetx

Seed Round in 2022
BioMimetx is a biotechnology startup based in Cantanhede, Portugal, dedicated to developing environmentally friendly antifouling solutions to combat marine biofouling. The company focuses on harnessing environmental bacteria that secrete beneficial molecules, which serve as natural antimicrobials, algaecides, and larvicides. By incorporating these bio-based compounds into marine paints and coatings, BioMimetx aims to protect surfaces such as hulls and nets, thereby minimizing fuel consumption and reducing the risk of introducing invasive species. This innovative approach not only addresses critical challenges in marine industries but also prioritizes the preservation of marine ecosystems.

Spotlite

Seed Round in 2022
Spotlite develops infrastructure monitoring systems using remote sensing and satellite imagery to assess structural health and prevent risks and damages. Based in Coimbra, Portugal, the company provides continuous large-scale monitoring from space, enabling early detection of potentially harmful events and delivering analytics for asset management and maintenance operations. This supports infrastructure managers and operators in minimizing the occurrence of critical situations, damages, and losses across multiple industries by informing timely preventive measures.

Exclusible

Seed Round in 2021
Exclusible is a company that operates a curated Web3 platform focused on luxury digital assets. Founded in 2021 by Pierre Guigourese in Lisboa, Portugal, Exclusible enables brands and communities to explore the potential of both the physical and digital realms. The platform facilitates the buying, trading, and showcasing of exclusive branded non-fungible tokens (NFTs) and digital goods tailored for luxury brands. By pushing the boundaries of the Metaverse and Web3, Exclusible aims to create a culturally relevant and accessible environment that fosters creativity and innovation in the luxury sector.

Modatta

Pre Seed Round in 2020
Founded in 2018, Modatta operates from Lisbon, Portugal. It offers a mobile application marketplace facilitating consent-based private data transactions between companies and consumers. The platform enables users to monetize their personal data while ensuring compliance with privacy regulations like GDPR.

Nutrium

Seed Round in 2020
Nutrium is a provider of online nutrition software for health professionals. The platform enables dietitians to assess patients, monitor progress, and deliver personalized dietary guidance. It combines health records, meal planning, nutritional analysis, and telehealth with appointment scheduling and a mobile app, helping practitioners streamline consultations and patients track outcomes. Founded in 2015 and based in Braga, Portugal, Nutrium aims to make nutrition guidance more accessible by enabling remote, continuous care and empowering individuals to adopt healthier eating habits.

Unbabel

Series C in 2019
Unbabel Inc., established in 2013, specializes in online translation services. Headquartered in San Francisco with additional offices in New York, Pittsburgh, and Lisbon, the company combines machine translation with human editing to facilitate global business communication. Unbabel translates user-generated content like emails, wikis, and forums, offering solutions for customer service, tickets, and chat. Its services enable enterprises to serve customers in their native languages, bridging language barriers and fostering multilingual understanding.

Bitcliq

Seed Round in 2019
Bitcliq operates a blockchain-based marketplace connecting fishing fleets with buyers. Its platform enables real-time purchase of freshly caught fish by retailers and restaurants, promoting efficiency and sustainability in the seafood industry.
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