Indico Capital Partners has announced the launch of its sixth investment fund, marking a new phase for the Lisbon-based venture capital firm as it continues backing high-growth startups across Southern Europe and the global Southern European diaspora. The new vehicle, Indico VC Fund III (VCIII), follows a portfolio that has already grown to 53 investments with companies collectively raising €2.5 billion to date.
Co-Founder and Managing General Partner Stephan de Moraes highlighted the milestone in a public statement, noting that the firm’s expansion arrives after years of momentum since its inaugural fund. The European Investment Fund (EIF) is serving as the cornerstone investor of the new fund, continuing its ongoing relationship with Indico following commitments to previous vehicles. Additional investors are now subscribing to the fund as it moves toward its next close.
In his message, de Moraes also addressed SIFIDE-eligible investors, noting that Indico will accept only €12.5 million under that program until December 31, with €7.5 million already confirmed. The firm plans to continue channeling capital into exceptional founders building in Portugal, Spain, and Italy, reaffirming its focus on enterprise technology, emerging sectors, and innovation emerging from the region.
The announcement underscores Indico’s continued role in shaping Southern Europe’s startup landscape as it scales its investment platform for the next generation of founders.
Indico VC Fund III will invest in enterprise SaaS, artificial intelligence and deep tech companies, along with businesses operating in spacetech and oceantech. The fund will target Seed through Series B stages while also backing companies founded in Southern Europe but operating abroad, including in the United States and the United Kingdom.
The EIF’s involvement aligns with the EIB Group’s 2024 to 2027 Strategic Roadmap, which prioritizes digitalization and technological advancement across Europe. The investment is supported by InvestEU, the European Union program designed to mobilize more than €372 billion in investment by 2027, and by Portugal Blue, which focuses on strengthening Portugal’s growing blue economy ecosystem.
Indico Capital Partners currently manages over €240 million across five funds and has invested in 53 companies that have collectively raised more than €2.5 billion. The firm has been instrumental in the growth of several leading technology companies in Southern Europe, including four that have reached unicorn status.
Indico’s team of 14 professionals supports its portfolio companies in talent acquisition, product strategy, sales and marketing development, fundraising, and M&A initiatives. Since 2019, the firm has deployed more than €123 million into startups across the region.
The EIF’s commitment reinforces its ongoing mission to expand access to finance for Europe’s SMEs and mid-caps through venture and growth capital instruments. Founded as part of the EIB Group, the EIF plays a pivotal role in supporting EU priorities across innovation, digital development, human capital, social impact, and environmental sustainability.
KEY QUOTES
“We are excited to join forces with Indico Capital Partners to support the vibrant ecosystem of technological innovators in Portugal, Spain and Italy. Through this operation the EIF will support equity investments in companies that are making a difference in AI, deep tech and blue economy.”
Marjut Falkstedt, Chief Executive, European Investment Fund
“We are incredibly proud to launch the third generation of Indico funds, with Indico VC Fund III. Securing the anchor commitment from the EIF, a major investor in some of our previous funds, shows strong institutional support for Indico’s strategy of backing world-class teams creating global category winners and is a strong validation of our track record and strategy to focus on Enterprise SaaS, AI, and Deep Tech across Southern Europe and its diaspora. We are strategically positioned to identify and scale the best global companies, leveraging the region’s top talent and bringing them into the international capital spotlight. We believe that by providing smart capital and hands-on support, we are truly shaping the next wave of European technological leadership with a global scale.”
Stephan de Moraes, Managing General Partner, Indico Capital Partners
