Índico Capital Partners Launches €125M Fund

Indico Capital Partners, supporting the best, most unique, and scalable high-tech and sustainable companies, led by Stephan de Moraes, Ricardo Torgal, Cristina Fonseca, Rui Rodrigues, Sofia Egídio, André Almeida Santos, and others, launched its 6th fund, Indico VC Fund III, with a capital target of €125 million, a pivotal moment for the firm and the entire Southern European VC ecosystem. 

The fund has successfully secured a major anchor commitment of €30 million from The European Investment Fund (EIF), the arm of the European Investment Bank Group (EIB Group) specialised in equity investments in small and medium firms (SMEs) and mid-cap.

Indico VC Fund III will focus on innovative technology companies originating in Portugal, Spain, and Italy, while also pursuing opportunities involving founders from these countries operating in the US, UK, and other markets. The fund will invest from Seed to Series B, targeting enterprise SaaS, AI, Deep Tech, spacetech, and oceantech ventures.

Stephan de Moraes, Managing General Partner at Índico, noted that the launch of Indico VC Fund III marks a significant milestone for the firm. He highlighted that the EIF’s anchor commitment, alongside major returning LPs, reflects strong institutional confidence in Índico’s strategy of backing world-class teams building global category leaders. He added that Índico is well-positioned to scale standout companies from Southern Europe and its diaspora, particularly in Enterprise SaaS, AI, and Deep Tech, by combining regional talent with international capital access and hands-on, value-added support.

Marjut Falkstedt, EIF Chief Executive, emphasized the importance of the partnership with Índico Capital Partners in strengthening the technological innovation landscape across Portugal, Spain, and Italy. She noted that the EIF’s commitment will channel equity investment into companies advancing AI, deep tech, and the blue economy, supporting ventures that are driving meaningful technological progress.

Índico Capital Partners manages more than €240 million in assets across five funds and has backed 53 companies that have collectively raised over €2.5 billion. The firm has played a key role in scaling several of Southern Europe’s most prominent technology businesses, including four unicorns supported through earlier funds.

The EIF investment aligns with the EIB Group’s 2024–2027 Strategic Roadmap, which prioritizes technological innovation and digitalization. The operation is supported by InvestEU, the EU programme targeting more than €372 billion in mobilized investment by 2027, as well as Portugal Blue, which strengthens Portugal’s blue economy by providing equity financing for startups, SMEs, and midcaps.