Indico Capital Partners
About Indico Capital Partners
Indico Capital Partners is a Lisbon venture capital firm founded in 2017. Stephan de Moraes, who is its Managing General Partner, co-founded the firm with Ricardo Torgal and Cristina Fonseca, a Talkdesk co-founder who is listed as a venture partner. In 2020 Google for Startups chose Indico as the partner fund for its accelerator program. The firm says it manages over 240 million euros across six funds, five tech funds and one ocean sustainability fund, and has invested in more than 56 companies since 2019. Its latest fund, Indico VC Fund III, was announced in November 2025 with a 125 million euro target and a 30 million euro anchor commitment from the European Investment Fund.
Indico's tech funds list artificial intelligence among their target sectors, alongside enterprise SaaS, deep tech, spacetech, healthtech, oceantech and fintech. Fund III is described as focused on enterprise SaaS, AI and deep tech companies, with the European Investment Fund saying its support is aimed at companies working in AI, deep tech and the blue economy. The Lounge deals desk records a 3.5 million dollar seed round in Cascade in July 2026. Tracxn describes Sword Health, a unicorn in the portfolio, as a provider of AI-powered digital care.
The firm's website says its tech investments mostly range from pre-seed to Series A, from 500k to 10M euros, and that it selectively backs Series B and C companies. Fund III is set to invest from seed through Series B. The firm targets companies in Portugal, Spain and Italy, including founders from those countries who are now based in the US or UK.
- Cascade: AI company that raised a 3.5 million dollar seed round in July 2026, per the Lounge deals desk
- Sword Health: AI-powered digital care provider and a unicorn in the Indico portfolio
- indicocapital.com
- indicocapital.com/invest-in-indico
- eu-startups.com/2025/11/portuguese-vc-indico-capital-partners-launches
- tech.eu/2025/11/28/indico-capital-partners-launches-eur125m-fund
- pulse2.com/indico-capital-partners-launches-new-e125-million-venture-f
- en.wikipedia.org/wiki/Stephan_Morais
- en.wikipedia.org/wiki/Cristina_Fonseca
- tracxn.com/d/venture-capital/indico-capital-partners/__sXgrQ9sVz3S4_P-
Investing activity
Indico Capital Partners appears in 1 AI deal tracked by the AI Lounge deals desk. The rounds are mostly Seed, with a median round size of $4M. The most recent is Cascade (Seed, $3.5M, Jul 2026).
Indico Capital Partners most often invests alongside Andreessen Horowitz Speedrun, Blitzscaling Ventures, Snowball VC and G2C Ventures, and the companies it backs on AI Lounge are mostly in AI.
Deals
Frequently asked questions about Indico Capital Partners
Where is Indico Capital Partners based and when was it founded?
Indico Capital Partners is based in Lisbon, Portugal. It was founded in 2017 by a team that includes Stephan de Moraes, Ricardo Torgal and Cristina Fonseca.
Does Indico Capital Partners invest in AI startups?
Yes. Artificial intelligence is one of the sectors its tech funds target, and Fund III names AI as a core focus. The Lounge deals desk lists a seed round in Cascade in July 2026.
What stages does Indico Capital Partners invest in?
The firm says it mostly invests from pre-seed to Series A, with checks from 500k to 10M euros, and selectively backs Series B and C companies. Fund III targets seed through Series B.
How large is the latest Indico Capital Partners fund?
Indico VC Fund III was launched in November 2025 with a target of 125 million euros. The European Investment Fund committed 30 million euros as anchor investor.
Which countries does Indico Capital Partners invest in?
Indico focuses on companies from Portugal, Spain and Italy, and it also considers companies from those countries that are now based in the US or UK. Its stated focus is on founders with a Southern European connection.
What AI companies has Indico Capital Partners invested in?
Indico Capital Partners's AI investments include Cascade. The 1 round on AI Lounge are listed on this page with amounts, dates and co-investors.
Where is Indico Capital Partners based?
Indico Capital Partners is based in Lisbon, Lisbon, Portugal.
What stage does Indico Capital Partners invest at?
In the rounds tracked on AI Lounge, Indico Capital Partners has invested at Seed, with a median round of $4M.
Who does Indico Capital Partners co-invest with?
Indico Capital Partners's most frequent co-investors on AI Lounge are Andreessen Horowitz Speedrun (1 deal), Blitzscaling Ventures (1 deal), Snowball VC (1 deal), G2C Ventures (1 deal) and Ada Ventures (1 deal).
How can founders reach Indico Capital Partners?
Founders on AI Lounge can see Indico Capital Partners's contact details in AI Investor Contacts (paid plans), check for a warm introduction through members who worked with the firm under Warm Paths, and add Indico Capital Partners to their Investor Pipeline to track the conversation.