Indico Capital Partners
VC Fund
Lisbon, Portugal
Indico Capital Partners is a VC fund in Lisbon focused on Information Technology and Software. 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 werepreviously 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:
- 109
- Last investment:
- Lead investor:
- 74%
- Fund size:
- $27M
- Last fund:
Last updated:
For AI agents: llms.txt
Industries Indico Capital Partners invests in
Stages Indico Capital Partners invests in
Countries Indico Capital Partners invests in
Contacts
| Name | Phone | Socials | |
|---|---|---|---|
Investment Focus
Industry
- Information Technology 11 (10%)
- Software 10 (9%)
- Artificial Intelligence 8 (7%)
- Biotechnology 6 (6%)
- SaaS 5 (5%)
Stage
- Seed 24 (22%)
- Pre-Seed 12 (11%)
- Series A 10 (9%)
- Venture - Series Unknown 10 (9%)
- Series B 5 (5%)
Country
- Portugal 32 (29%)
- United States 10 (9%)
- United Kingdom 4 (4%)
- Italy 3 (3%)
- Spain 3 (3%)
Team
| Name | Title | Investments | Links | |
|---|---|---|---|---|
|
Rui Rodrigues
Partner
|
Partner | Total investments: 0 | Find email | |
Stephan Morais
Managing General Partner
|
Managing General Partner | Total investments: 26 | Find email | |
Brianna Bao
MBA Consultant
|
MBA Consultant | Total investments: 0 | Find email | |
Cristina Fonseca
Co-founder and General Partner
|
Co-founder and General Partner | Total investments: 5 | Find email | |
Ricardo Torgal
General Partner
|
General Partner | Total investments: 0 | Find email |
Investments
| Company | Description | Round | Links |
|---|---|---|---|
Cascade
|
Cascade is an AI platform that helps engineering, architecture, and construction firms predict upcoming projects and automatically find, score, and write proposals for high‑fit contracts, so they can win more work with less manual effort. | $3.5M / Seed / Jul 21, 2026 | |
BIZAY
|
Bizay enables the world’s largest catalogue of customizable products. Its technology platform operates across Europe, South and North America, and digitalizes the booming and huge industry of product customization by empowering brands, people and societies to self-express. It enables local manufacturers, brands, and wholesalers to offercustomization on any product in the world and reduces the cost of production by half through batching and supply-chain optimization technologies. Our platform/technology is aimed at three customer targets:(i) B2B2C provides a platform for businesses to design and sell customized products from Bizay’s existing product catalogue, with the four main customer segments: Resellers, Content Creators (Independent artists, influencers or event or managers that want to sell customized merchandise with their branding, designs or artwork), e-Commerce entrepreneurs (Small entrepreneurs that aim to expand their catalogue and upgrade their business by adding customized products to their online stores), as well as big household brands & enterprises (well-established business in need of a partner that is capable of handling large volume of customized products orders or to expand their existing offer)(ii) B2B, which is focused on SMBs, provides an extensive product catalogue for customized products to be used in several industries (ex: uniforms for restaurants and bags for retail shops) (iii) Customization-as-a-Service (CaaS), where clients (typically major brands) capitalize on Bizay’s technology, expertise, customization options, techniques and offline suppliers to customize their own products | $55.7M / Series D / Jul 07, 2026 | |
Dealroom.co
|
Dealroom.co serves as a platform that facilitates connections between new investors and technology companies, allowing them to exchange data. The platform functions across all stages of investment, ranging from seed-stage to late growth-stage.Dealroom.co empowers investors to monitor the progress of companies and determine the optimal timing fortheir investments. Entrepreneurs can manage investment interests and utilize Dealroom.co as their primary channel for disseminating information to prospective investors. | $6.9M / Venture - Series Unknown / Jan 28, 2026 | |
Preply
|
Preply is a provider of an online tutoring marketplace intended to promote faster learning with one-on-one online tutors. The company's marketplace helps to find and book professional private tutors online from over 185 countries, enabling users to achieve their goals and speak confidently. | $150M / Series D / Jan 21, 2026 | |
PandaDoc
|
PandaDoc is a document automation software as a service with built-in electronic signatures, workflow management, and document builder.PandaDoc is an all-in-one software to create, deliver, and manage your team’s quotes, proposals, contracts, and other sales collateral. The company is a team of techy rebels building tools that help our customerssell more and better connect with their customers. It collaborates, learns, and strives to achieve great things. | $5.9M / Venture - Series Unknown / Dec 16, 2025 | |
Spotlite
|
Spotlite develops monitoring systems using remote sensing for various types of infrastructure. It provides structural assessment to prevent risks and damages. Spotlite is based in Coimbra, Portugal. | $4.1M / Seed / Dec 03, 2025 | |
W•SENSE
|
W•SENSE is a telecommunications company that specializes in underwater monitoring and communication systems based on IoUT solutions. | $11.6M / Series B / Oct 22, 2025 | |
Membrion
|
Membrion™ is a 2016 spin-out from the laboratories of the University of Washington (UW). Commercialization funding from the UW, the Murdock Charitable Trust, Amazon, the National Science Foundation (Award #1648517) and a consortium of California utilities (Rocket Fund) has helped to bridge the translation gap to a commercial product. In total, 11different funding organizations have evaluated and financially supported Membrion's product development and commercialization plan. Most recently, that support has translated to private investment by angel investors as they scale their technology into commercial production. | $20M / Series B / Oct 07, 2025 | |
Workfully
|
Workfully is a human resource e agency that prices employment, recruitment and upskillng services for candidates and companies. | $4.7M / Seed / Sep 23, 2025 | |
Lyzer
|
The groceries marketplace where you can find everthing you need. Buy online groceries as fast as in 4 hours with personalized picking. | $11.7M / Series A / Jul 22, 2025 | |
| See all 109 investments → | |||
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FAQ
What does Indico Capital Partners invest in?
Indico Capital Partners invests primarily in Information Technology, Software and Artificial Intelligence startups, most often at Seed and Pre-Seed stage. Most of the 109 investments tracked by Shizune back companies in Portugal. The Investment Focus section breaks down every industry, stage and country in the portfolio.
How do I contact Indico Capital Partners?
Public channels for Indico Capital Partners 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 Indico Capital Partners?
The team at Indico Capital Partners includes Rui Rodrigues (Partner), Stephan Morais (Managing General Partner) and Brianna Bao (MBA Consultant). 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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