Indicator Capital
VC Fund
São Paulo, Brazil
Indicator Capital is a VC fund in São Paulo focused on Software and Information Technology. Founded in 2014, Indicator Capital is a Brazilian venture capital firm operating in Sao Paulo and the Silicon Valley. The partnership formed by Derek Lundgren Bittar, Fabio Iunis de Paula, and Thomas Lundgren Bittar, promotes the convergence between the dream of the entrepreneur and the financial return for the investor, tropicalizing American bestpractices to national startups. With more than R$ 270MM under management, Indicator Capital is the largest early-stage venture capital firm in Latin America specialized in Internet of Things (IoT). In their investments, the partners apply value-adding, proprietary methodology Building Value Together®, besides acting as Investors for Good, a concept reinforced by the firm`s certification as a B System™ company.
- Total investments:
- 48
- Last investment:
- Lead investor:
- 58%
- Fund size:
- $63M
- Last fund:
Last updated:
For AI agents: llms.txt
Industries Indicator Capital invests in
Stages Indicator Capital invests in
Countries Indicator Capital invests in
Round sizes
Contacts
| Name | Phone | Socials | |
|---|---|---|---|
Round size
- Seed
- $563k–$2M
- Series A
- $1.5M–$12M
- Venture - Series Unknown
- $1M–$5M
Investment Focus
Industry
- Software 10 (21%)
- Information Technology 6 (13%)
- Artificial Intelligence 6 (13%)
- Health Care 5 (10%)
- FinTech 3 (6%)
Stage
- Seed 20 (42%)
- Series A 9 (19%)
- Venture - Series Unknown 6 (13%)
- Pre-Seed 3 (6%)
- Funding Round 3 (6%)
Country
- Brazil 26 (54%)
- United States 6 (13%)
- Uruguay 1 (2%)
- United Kingdom 1 (2%)
Team
| Name | Title | Investments | Links | |
|---|---|---|---|---|
Derek Bittar
General Partner
|
General Partner | Total investments: 8 | Find email | |
Fabio Iunis de Paula
General Partner
|
General Partner | Total investments: 8 | Find email | |
Mauro Percinoto
COO
|
COO | Total investments: 0 | Find email | |
Thomas Bittar
General Partner
|
General Partner | Total investments: 10 | Find email | |
|
Gabriele Fischer
Associate
|
Associate | Total investments: 0 | Find email | |
| See all 7 team members → | ||||
Investments
| Company | Description | Round | Links |
|---|---|---|---|
AIMIRIM
|
AIMIRIM provides integrated technology solutions for simulation and visualization of industrial processes. It was created in 2010 with the main goal to offer a complete solution in engineering projects for industry, involving Computational Fluid Dynamics (CFD). Aside from this, AIMIRIM also offers turbulence problem solving or modeling. | $2M / Seed / May 15, 2026 | |
Doji
|
Doji enables retailers in emerging markets to turn used devices into instant purchasing power through AI-driven trade‑in. | $562.6K / Seed / Nov 26, 2025 | |
Lumx
|
From stablecoin on/off-ramps to virtual accounts and wallets, we provide tools for seamless cross-border banking with instant settlements and unmatched liquidity. | $3.4M / Seed / Oct 15, 2025 | |
Infleet
|
Infleet is an integrating center involving the main logistics and equipment management verticals of route planning, maintenance, supply, monitoring, and telemetry. The company provides transparency and agility. Infleet requires immediate responses and require consolidated data. | $7.5M / Series A / Sep 18, 2025 | |
Axenya
|
Axenya leverages the power of data to deliver personalized health, greater control, and cost savings. They design solutions for managing a company's corporate health. | $12M / Series A / Aug 25, 2025 | |
fu2re
|
fu2re specializes in the development of state-of-the-art solutions in artificial intelligence. | $2.3M / Venture - Series Unknown / Jul 23, 2025 | |
Multiledgers
|
Who we AreIn a world of complex technology offers, we want to integrate and simplify to empower organizations with robust IT infrastructure and cutting-edge security. A group of different technology companies to support our business goals focusing on Infrastructure such as multicloud IaaS, BaaS and other complementary technologies. GlobalPresence from developing our proprietary platform to providing services.First In The WorldDeveloping its main technology in research by its founders since 2016, Multiledgers was born as the first company in the world to use Blockchain for IT infrastructure management bringing unprecedented transparency and resilience. Its internal infrastructure is supported by a private Blockchain network that is distributed by several cloud providers, bringing a robust profile to its activities. | $1M / Venture - Series Unknown / Nov 05, 2024 | |
CTA Smart
|
CTA Plus is a company that specializes in the production and sale of measuring instruments. Their product range includes measurement instruments, indicators, solenoid valves, and robotics. They also offer a solution for internal supply automation for fleets, which can potentially save companies up to 20% on fuel costs. Their products, such as theShaft Type Rotary Torque Transducer, utilize strain gauge technology and offer digital display, analogue, and relay output functions. These products can be used with various types of sensors, including load and torque sensors. | $2.9M / Venture - Series Unknown / Jul 17, 2024 | |
|
Infleet
|
Infleet is an integrating center involving the main logistics and equipment management verticals of route planning, maintenance, supply, monitoring, and telemetry. The company provides transparency and agility. Infleet requires immediate responses and require consolidated data. | $1.9M / Seed / May 24, 2024 | |
umgrauemeio
|
We developed a methodology to tackle wildfires in their early stages by providing specific and proper technology to assist the main 5 operational pillars of wildfire combat and turned it into a tangible cycle that monitors and provides real-time solutions to act on prevention, detection, communication, mobilization, and fire combat planning. | $3.6M / Venture - Series Unknown / Mar 26, 2024 | |
| See all 48 investments → | |||
Co-Investors
DOMO.VC
7 deals together
Canary
4 deals together
Bossa Invest
3 deals together
Citrino Ventures
3 deals together
MONASHEES
3 deals together
Alchemist Accelerator
2 deals together
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FAQ
What does Indicator Capital invest in?
Indicator Capital invests primarily in Software, Information Technology and Artificial Intelligence startups, most often at Seed and Series A stage. Most of the 48 investments tracked by Shizune back companies in Brazil. The Investment Focus section breaks down every industry, stage and country in the portfolio.
What is Indicator Capital's check size?
Indicator Capital typically joins rounds of $563k–$2M at Seed, $1.5M–$12M at Series A and $1M–$5M at Venture - Series Unknown. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds Indicator Capital participates in.
How do I contact Indicator Capital?
Public channels for Indicator Capital include LinkedIn, X (Twitter) and the website linked on this profile. For a verified work email and phone number, create a free Shizune account — contact data is searched across 20+ sources and validated before delivery, so your outreach lands in the right inbox.
Who are the partners at Indicator Capital?
The team at Indicator Capital includes Derek Bittar (General Partner), Fabio Iunis de Paula (General Partner) and Mauro Percinoto (COO), among 7 team members tracked by Shizune. The Team section lists each member with their title, investment count and links.
Is Shizune's investor data accurate?
Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.
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