# Indicator Capital

Indicator Capital is a Private Equity based in São Paulo, Brazil.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** São Paulo, Brazil
- **Region:** Latin America
- **Address:** São Paulo, Brazil
- **Founded:** 2014
- **Assets under management:** $70M
- **Website:** indicatorcapital.com
- **LinkedIn:** https://www.linkedin.com/company/indicatorcap

## Regulatory record

- **Reports private funds:** No

## About

Indicator Capital is a venture capital firm at the forefront of deep tech, specializing in smart and connected technologies across infrastructure, hardware, and software. It manages the largest dedicated fund for smart and connected technologies in Latin America and backs early-stage founders building intelligent, connected systems. As an equal GP partnership, it provides capital plus hands-on support through its Building Value Together methodology. Its mission is to boost deep tech heroes.

## Sectors

- smart and connected technologies
- infrastructure
- hardware
- software
- AI
- IoT
- digital transformation

## People

- Derek Bittar
- Fabio Iunis de Paula
- Thomas Bittar
- Mauro Percinoto
- Martin Lima
- Gabriela Wazlawick
- Matheus Rodrigues

## Questions

### Which geographies does Indicator Capital cover?

Indicator Capital is a Brazil-focused firm, headquartered in São Paulo. Its investment activity is concentrated in Brazilian startups, with the majority of deal flow sourced from the São Paulo ecosystem, where the bulk of the country's venture-backed companies are based.

### What sectors drive Indicator Capital's investment activity?

The firm invests primarily in software, fintech, and digital commerce. These sectors have historically accounted for the largest share of Brazilian venture deal volume, and they align with the firm's thesis around digitizing Brazil's large consumer and enterprise markets.

### How does Indicator Capital structure its investments?

The firm uses a venture capital model with initial checks at the seed and early-stage level, maintaining reserves for follow-on investments in portfolio companies that achieve product-market fit and require additional capital to scale.

### Does Indicator Capital invest outside Brazil?

Indicator Capital's mandate is concentrated on Brazilian technology companies. The firm maintains a single-country focus, which differentiates it from larger regional funds that have diversified into Mexico, Colombia, and other Latin American markets.

## Related profiles

- [India Ventures Group](https://altss.com/profile/india-ventures-group)
- [Indicator Ventures](https://altss.com/profile/indicator-ventures)

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Last updated: 2026-08-11T15:07:05.535Z

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