Indico Capital

Stephan Morais and Ricardo Torgal co-lead the investment committee as Managing General Partner and General Partner, respectively. Morais served previously on the board of the European Investment Fund and as a non-executive director at Caixa Capital, giving Indico unusually deep public-institutional ties for a venture firm of its scale.

Indico draws strongly from the Lisbon and broader Iberian technical ecosystem, where it is often the first institutional check available to startups graduating from local accelerators. Partners also leverage their network of angel investors, university spinouts, and co-investor relationships to see deals before they formally market across Europe.

Indico invests across Portugal and Spain, with portfolio companies typically headquartered in Lisbon, Porto, Barcelona, or Madrid. Several of its companies are incorporated in Delaware or operate globally, reflecting the firm's thesis that Iberian SaaS startups should scale internationally from inception.

Indico is exclusively a direct-investment venture capital firm, not a fund-of-funds. It writes primary equity checks into operating companies and occasionally acquires secondary positions. The firm does not allocate capital to other venture managers.

Indico invests from seed through Series B, with initial check sizes between €500K and €5M. The firm reserves significant capital for follow-on rounds, typically co-leading or participating alongside US and pan-European co-investors in later-stage rounds for its highest-conviction positions.

Indico does not invest in hardware, deep-tech labs, or capital-intensive life sciences. The firm stays focused on capital-efficient software and platform models in fintech, enterprise SaaS, AI, and climate-tech markets where product-market fit can be demonstrated before large Series B rounds.

Indico actively syndicates, particularly at Series B and beyond, when portfolio companies require larger rounds than the firm can lead internally. It has co-invested alongside global funds such as a16z and Pantera Capital, acting as the local anchor that de-risks the Iberian allocation for international investors.