- Portugal
- Spain
- United Kingdom
- Germany
- France
- Deeptech
- Fintech
- AI
- Software
- B2B SaaS (Portugal)
About
Indico Capital Partners is a leading Portuguese VC founded by Stephan Morais. Their focus spans software, AI, marketplaces, fintech, and B2B SaaS across Portugal, Spain, the UK, Germany, and France. The firm combines €160M+ AUM across two funds to support founders from seed through Series A.
Indico Capital Partners is a seed and Series A-focused venture capital firm deploying capital across software, AI, marketplaces, fintech, and B2B SaaS sectors. They invest in Iberian tech founders building category-defining companies across Portugal, Spain, and broader Europe. The firm differentiates itself through Stephan Morais (ex-Caixa, ex-Goldman) and Cristina Fonseca (Talkdesk co-founder) leadership, EIF backing, and notable Sword Health unicorn investment.
Indico combines venture investing with operational experience, supporting startups in scaling internationally, particularly from Southern Europe.
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