Indico Capital Partners
Rua Bacelar e Silva, 5, Lisboa, 1000-068, Portugal
Overview
Indico Capital Partners is the leading independent Venture Capital firm in Portugal investing in global technology companies. Indico focuses on software as a service, artificial intelligence, internet of things, fintech, cybersecurity and digital companies, targeting investments at Seed to Series A level. Founded in 2017, the team at Indico were previously behind the majority of the Portuguese global tech success stories, as investors and entrepreneurs. Headed by the two most senior former Caixa Capital VC Team members, supported by a successful and experienced entrepreneur and a strong group of advisors, top entrepreneurs, they raised our first fund (authorized by the Portuguese Securities Market Commission - CMVM) from a cornerstone institutional investor (EIF) and international family/multi-family offices from Europe, US, and Australia. In addition to Silicon Valley, London, and Berlin, cities like Lisbon have emerging startup ecosystems. Portugal went through a difficult macro environment years ago which led to a growth in the entrepreneurship culture and investment. We have excellent tech graduates and a global mindset. Highly innovative companies like luxury eCommerce platform Farfetch, YC graduate machine learning translation platform Unbabel or the leading student accommodation marketplace Uniplaces have a strong Portuguese DNA and went to raise international rounds in the UK and the US - we want to back the next success stories of the ecosystem.
- Total investments
- 51
- Lead investments
- 30
- Investments · 12mo
- 10
- Active investors
- 5
Sector focus
- Financial Services
- Marketplace
- Software
- Venture Capital
Investment portfolio
- Cascade
Participated · Seed · Jul 2026
Cascade leverages AI to surface engineering, architecture and construction project opportunities by reading signals such as bond filings, permits, budget announcements, capital plans, property transactions, earnings transcripts and meeting minutes. The company says its platform has surfaced more than $10 billion in project opportunities for clients, including firms that build for major projects at JFK and LaGuardia airports. Cascade was founded by Hannia Zia and Joana Ferreira, who previously worked at Google and met at UnlikelyAI. The startup plans to use the seed funding to deepen its network and accelerate customer adoption. The company positions itself as reducing reliance on manual prospecting processes for architecture, engineering and construction firms. No revenue, valuation or prior financing details were disclosed in the article.
- BIZAY
Led · Series D · Jul 2026
Founded in 2014 and headquartered in Lisbon, BIZAY operates a digital platform that offers a broad catalogue of customised products—marketing materials, packaging, promotional items and business essentials—to small and medium-sized businesses in over 50 countries. The platform combines technology and AI with a network of production partners to support the end-to-end process from product customisation and ordering to production, fulfilment and customer service. BIZAY is expanding its AI capabilities to automate catalogue management, manufacturing operations and customer support. The company plans to use its new funding to accelerate US expansion and pursue acquisitions in the fragmented customised products market. Management projects that 2026 will be its first profitable year, with annual revenue expected to exceed $100 million.
- FOSSA Systems
Participated · Equity · Jun 2026
FOSSA Systems uses a vertically integrated model to design and deploy low Earth orbit (LEO) satellite constellations, which the company says reduces constellation costs by an order of magnitude. Its approach is positioned to enable governments and corporations to deploy secure space strategies in months rather than years. The company has operational roots in Spain and Portugal and is led by founder Julián Fernández. Recent commercial and strategic traction includes selection into NATO’s DIANA program and expansion into the Japanese defense market. Financially, FOSSA announced a roughly €9.25 million financing round co-anchored by Índico Capital Partners to accelerate expansion and defense-market activities. Índico characterized its investment as a follow-on to earlier backing as part of a plan to scale the team into a global category leader.
- Dealroom.co
Led · Equity · Jan 2026
Founded in 2013, Dealroom operates a data and analytics platform that tracks millions of companies worldwide, providing insights on funding rounds, valuations, business models, and emerging trends. Its proprietary dataset and AI-driven predictive analytics are used by leading venture capital firms, corporates, and government policymakers to source deals and make data-driven decisions. The company differentiates itself through direct partnerships with more than 100 global tech ecosystems, enabling richer, hard-to-find data and real-time benchmarking. Revenues or user counts were not disclosed, but the platform is positioned as a primary source of record for innovation data. With fresh capital, Dealroom plans to deepen its data assets, enhance AI-powered intelligence tools, and expand product capabilities. International growth is a key focus, beginning with an expanded U.S. presence and the build-out of a team in Lisbon to serve the Portuguese ecosystem. Ultimately, the firm aims to map the world’s tech ecosystems with greater depth, accuracy, and impact.
- PandaDoc
Led · Equity · Dec 2025
Founded in 2013 by Mikita Mikado and Serge Barysiuk, PandaDoc tackles inefficiencies in traditional document workflows by offering a cloud-based document automation platform. The software enables teams in sales, operations, HR, legal, and revenue to generate, send, e-sign, and track proposals, contracts, quotes, invoices, and payments. Its product integrates with numerous CRM, payment, and productivity tools, replacing manual, paper-based tasks with end-to-end digital workflows. PandaDoc reached unicorn status in September 2021 with a valuation exceeding $1 billion, underscoring strong market adoption and investor confidence. The company operates a European hub in Lisbon, which supports its global expansion efforts. Current plans center on accelerating AI-driven product features and expanding the Lisbon team. This strategic focus aligns with growing demand for intelligent document management solutions across small and mid-sized businesses.