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Indico Capital Partners

Rua Bacelar e Silva, 5, Lisboa, 1000-068, Portugal

Overview

Independent venture capital firm investing in global technology companies.

Founded

2017

Deals · 12mo

7

Links

WebsiteLinkedInX (Twitter)

Stage focus

Seed
Series A

Geographic focus

Portugal
Spain
United Kingdom
United States

Sector focus

Financial Services
Marketplace
Software
Venture Capital

Investment portfolio

51rounds
NAMEDATESIZE
Cascade
Jul 2026Participated
$4 MSeed
BIZAY
Jul 2026Led
$55 MSeries D
FOSSA Systems
Jun 2026Participated
$11 MOther Equity
Dealroom.co
Jan 2026Led
$7 MOther Equity
PandaDoc
Dec 2025Led
$6 MOther Equity
Spotlite
Dec 2025Led
$4 MSeed
W•SENSE
Oct 2025Participated
$12 MSeries B
Membrion
Oct 2025Participated
$20 MSeries B
Workfully
Sep 2025Participated
$5 MSeed
Nutrium
Sep 2025Participated
$12 MSeries A
Lyzer
Jul 2025Participated
$12 MOther Equity
Sword Health
Jun 2025Participated
$40 MOther Equity
Cascade
Jul 2026Participated
$4 MSeed
BIZAY
Jul 2026Led
$55 MSeries D
FOSSA Systems
Jun 2026Participated
$11 MOther Equity
Dealroom.co
Jan 2026Led
$7 MOther Equity
PandaDoc
Dec 2025Led
$6 MOther Equity
Spotlite
Dec 2025Led
$4 MSeed
W•SENSE
Oct 2025Participated
$12 MSeries B
Membrion
Oct 2025Participated
$20 MSeries B
Workfully
Sep 2025Participated
$5 MSeed
Nutrium
Sep 2025Participated
$12 MSeries A
Lyzer
Jul 2025Participated
$12 MOther Equity
Sword Health
Jun 2025Participated
$40 MOther Equity
51
Items
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Insights

Time horizon

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Deal Distribution

Indico Capital Partners: 51 funding rounds are recorded in the selected participation categories.All available history.
Indico Capital Partners: 51 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Seed125
Series A44
Series B05
Series C+32
Other Equity115

Monthly Deal Activity

Indico Capital Partners: 51 deals are recorded across 94 months.All available history.
Indico Capital Partners: 51 deals are recorded across 94 months. All available history
MonthDeals
Jan '191
Feb '192
Mar '190
Apr '191
May '190
Jun '190
Jul '190
Aug '190
Sep '191
Oct '192
Nov '190
Dec '190
Jan '200
Feb '200
Mar '200
Apr '200
May '201
Jun '201
Jul '200
Aug '200
Sep '200
Oct '201
Nov '200
Dec '201
Jan '210
Feb '212
Mar '210
Apr '211
May '210
Jun '210
Jul '210
Aug '210
Sep '210
Oct '210
Nov '210
Dec '211
Jan '222
Feb '220
Mar '220
Apr '220
May '221
Jun '220
Jul '221
Aug '220
Sep '220
Oct '220
Nov '220
Dec '220
Jan '230
Feb '231
Mar '230
Apr '230
May '230
Jun '230
Jul '230
Aug '231
Sep '230
Oct '234
Nov '230
Dec '231
Jan '241
Feb '240
Mar '240
Apr '241
May '243
Jun '241
Jul '241
Aug '241
Sep '240
Oct '241
Nov '241
Dec '241
Jan '250
Feb '252
Mar '250
Apr '250
May '250
Jun '251
Jul '251
Aug '250
Sep '252
Oct '252
Nov '250
Dec '252
Jan '261
Feb '260
Mar '260
Apr '260
May '260
Jun '261
Jul '262
Aug '260
Sep '260
Oct '260

Sector Breakdown

Indico Capital Partners: Networks, Cloud & Communication is the largest displayed sector by deal count (16 deals).All available history.

A deal can appear in multiple sectors, so sector totals may overlap. Capital represents disclosed total round sizes, not fund cheque sizes.

Indico Capital Partners: Networks, Cloud & Communication is the largest displayed sector by deal count (16 deals). All available history
SectorDeals
Networks, Cloud & Communication16
Enterprise Software13
E-Commerce & Retail10
Real Estate & Construction9
Health & Life Sciences9
Professional Services9
Marketing & Advertising6
Fintech6
Clean Energy & Sustainability5
Hardware & Robotics5
Manufacturing5
Media & Entertainment5
Food & Agriculture5
Data, Analytics & IT4
Transportation & Logistics4
AI & Machine Learning4
AR/VR2
Space & Frontier Tech2
Travel & Hospitality1
Government & Defense1
Cybersecurity & Privacy1
Consumer & Lifestyle1
Crypto & Blockchain1
Gaming & eSports1
Social & Community Platforms1
Developer Tools1

Deal Size Distribution

Indico Capital Partners: 51 rounds have a disclosed size in the displayed size bands.All available history.

Undisclosed round sizes are excluded. Capital represents total round sizes, not fund cheque sizes.

Indico Capital Partners: 51 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M22
$5M-$10M10
$10M-$25M12
$25M-$50M3
$50M-$100M4
$100M-$250M0
$250M-$500M0
$500M-$1B0
$1B+0

Deals By Geography

Indico Capital Partners: Europe has the largest recorded deal count among the displayed regions (39 deals).All available history.

Top 4 of 4 regions; European countries are grouped as Europe.

Indico Capital Partners: Europe has the largest recorded deal count among the displayed regions (39 deals). All available history
RegionDeals
Europe39
United States9
Brazil2
Australia1
Indico Capital Partners: 20 co-investors are shown, with Shilling sharing 8 recorded deals.All available history.

Co-Investors

Bubble size = shared deals

Click a bubble to open that fund in a new tab.

Shows up to 20 co-investors ranked by shared deals. Deals may be shared with multiple funds, so rows overlap. Capital is total round size, not fund cheque size.

Indico Capital Partners: 20 co-investors are shown, with Shilling sharing 8 recorded deals. All available history
Co-investorShared deals
Shilling8
Lince Capital7
Iberis Capital5
All Iron Ventures4
Portugal Ventures4
200M Fund2
Accel2
Andreessen Horowitz2
APX2
Armilar Venture Partners2
Banco Portugu s de Fomento2
Bynd2
Caixa Capital2
CDP Venture Capital2
Cedrus Private Equity2
Fuel Ventures2
GiantLeap Capital2
Innovation Nest2
Kibo Ventures2
Knight Capital2

Investment Strategy

Indico Capital Partners: Led accounts for 59% and participating for 41% of round participation.All available history.
Indico Capital Partners: Led accounts for 59% and participating for 41% of round participation. All available history
CategoryDeals (count)Share (%)
Led3059%
Participating2141%
Indico Capital Partners: Single-lead accounts for 57% and co-led for 43% of lead dynamics.All available history.
Indico Capital Partners: Single-lead accounts for 57% and co-led for 43% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead1757%
Co-led1343%

Team

Brianna Bao

MBA Consultant

Cristina Fonseca

Co-founder and General Partner

Ricardo Torgal

General Partner

Rui Rodrigues

Partner

Stephan Morais

Managing General Partner