# Indico Capital Partners: portfolio, investments and team

> Indico Capital Partners is an accelerator based in Portugal. 50 investments on record, 8 in the last 12 months, latest Oct 2026.

Source: https://millionrounds.com/fund/indico-capital-partners (Millionrounds; every figure on the page links to its filing or article)

Portugal · [Investor](https://millionrounds.com/investors)

# Indico Capital Partners

Last cheque observed Oct 2026; 50 cheques on record.

Email

Deploying now Accelerator

Pre-seed Seed Series A SaaS AI Deeptech

Follow Indico Capital Partners and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Findico-capital-partners)

Deploying now

**53%** of best year **8** **cheques in 12 months**, 50 on record

Since the last cheque **8** days **00** hrs **00** min **00** sec

Median round **$5.1M** Cheque size, as they say **$110K – $11M** Rounds led **3 of 50** Sole investor **6 rounds** Mostly in **Portugal, 50%**

Pitch Indico Capital Partners

## Indico Capital Partners highlights

- 01 8 cheques in the last 12 months
- 02 Mostly Seed and Venture: 64% of its rounds
- 03 Sole investor in 6 rounds, median $3.6M

## What they do

> We invest in the most globally promising Portuguese, Spanish and Italian related companies From their own website

- **Type:** Accelerator (from a list, unverified)
- **Cheque size:** $110K – $11M as they say
- **Stages:** Pre-seed Seed Series A Series B Growth
- **Sectors:** SaaS AI Deeptech
- **Based in:** Lisbon, Portugal
- **Cold pitches:** Accepted

## The record

Every round we can evidence, newest first **50 appearances**

- **2026** 6 rounds
- **Oct** **[Beyond Vision](https://millionrounds.com/company/beyond-vision)** Series A · PT · Google News search **$31M** *Led*
- **Jul** **[Cascade](https://millionrounds.com/company/cascade)** Seed · US · TechCrunch **$3.5M** With 3 others
- **Jul** **[BIZAY](https://millionrounds.com/company/bizay)** Series D · PT **$56M** With 3 others
- **Jun** **[FOSSA Systems](https://millionrounds.com/company/fossa-systems)** Venture · ES **Undisclosed** With 2 others
- **Jan** **[Preply](https://millionrounds.com/company/preply)** Series D · US · Cogito Capital Partners **$150M** With 7 others
- **Jan** **[Dealroom.co](https://millionrounds.com/company/dealroom-co)** Venture · GB **$6.9M** With 2 others
- **2025** 13 rounds
- **Dec** **[PandaDoc](https://millionrounds.com/company/pandadoc)** TechStartups **$5.9M** With 3 others
- **Dec** **[Spotlite](https://millionrounds.com/company/spotlite)** Seed · PT **$4.1M** With 2 others
- **Oct** **[WSENSE](https://millionrounds.com/company/wsense)** Series B · IT **$12M** With 3 others
- **Oct** **[Membrion](https://millionrounds.com/company/membrion)** Series B · US **$20M** With 2 others
- **Sept** **[Workfully](https://millionrounds.com/company/workfully)** Seed · ES **$4.7M** With 2 others
- **Sept** **[Nutrium](https://millionrounds.com/company/nutrium)** Series A · PT **$12M** With 2 others
- **Jul** **[Gazelle Wind Power](https://millionrounds.com/company/gazelle-wind-power)** Venture · IE **$1.7M** With 2 others
- **Jul** **[Lyzer](https://millionrounds.com/company/lyzer)** Series A · PT **$12M** With 2 others
- **Jun** **[Sword Health](https://millionrounds.com/company/sword-health)** PT · Firms' own news pages **$40M** With 11 others
- **May** **[Indie Campers](https://millionrounds.com/company/indie-campers)** Venture · PT **$31M** With 1 other
- **May** **[OSCAR](https://millionrounds.com/company/oscar)** Seed · PT **$6.8M** With 2 others
- **Feb** **[SEAentia](https://millionrounds.com/company/seaentia)** Venture · PT **$17M** Sole investor
- **Feb** **[Relive](https://millionrounds.com/company/relive)** Series A · US **$5.5M** With 3 others
- **2024** 11 rounds
- **Dec** **[Arborea](https://millionrounds.com/company/arborea)** Venture · GB **$5.2M** With 3 others
- **Oct** **[Infraspeak](https://millionrounds.com/company/infraspeak)** Series B · PT · TechCrunch **$20M** With 6 others
- **Sept** **[Conexa Saude](https://millionrounds.com/company/conexa-saude)** Venture · BR **Undisclosed** With 4 others
- **Aug** **[FRVR](https://millionrounds.com/company/frvr)** Venture · GB **$13M** With 2 others
- **Jul** **[Oceano Fresco](https://millionrounds.com/company/oceano-fresco)** Venture · PT **$18M** Sole investor
- **Jun** **[FOSSA Systems](https://millionrounds.com/company/fossa-systems)** Series A · ES · Nabtesco Technology Ventures **$6.8M** *Led*
- **May** **[HerculesAI](https://millionrounds.com/company/herculesai)** Series B · US **$26M** With 5 others
- **May** **[Eleos](https://millionrounds.com/company/eleos)** Seed · GB **$4.1M** With 4 others
- **May** **[Rows](https://millionrounds.com/company/rows)** Venture · DE **$8.6M** With 3 others
- **Mar** **[Cargofive](https://millionrounds.com/company/cargofive)** Seed · PT **$2.7M** With 3 others
- **Jan** **[Primetag](https://millionrounds.com/company/primetag)** Venture · PT **$3.8M** Sole investor
- **2023** 5 rounds
- **Oct** **[Nortech AI](https://millionrounds.com/company/nortech-ai)** Seed · PT **$2.7M** With 1 other
- **Oct** **[FlexSea](https://millionrounds.com/company/flexsea)** Grant · GB **$1.6M** With 2 others
- **Jul** **[Bam & Boo](https://millionrounds.com/company/bamboo)** Seed · PT **$500K** With 1 other
- **Jun** **[Bildia](https://millionrounds.com/company/bildia)** ES **$652K** With 2 others
- **Feb** **[Ittinsect](https://millionrounds.com/company/ittinsect)** Pre-seed · IT **$668K** With 3 others
- **2022** 7 rounds
- **Dec** **[Data4Deals](https://millionrounds.com/company/data4deals)** Pre-seed · PT **$1.1M** With 1 other
- **Dec** **[Framedrop.ai](https://millionrounds.com/company/framedrop-ai)** Pre-seed · PT **$1.2M** With 1 other
- **Dec** **[BioMimetx](https://millionrounds.com/company/biomimetx)** Seed · PT **$533K** With 1 other
- **Dec** **[Inclita Seaweed](https://millionrounds.com/company/inclita-seaweed)** Seed · PT **$3.4M** Sole investor
- **Dec** **[Ittinsect](https://millionrounds.com/company/ittinsect)** Seed **$640K** With 1 other

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

We hold **7** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

## What they claim to have backed

From their own portfolio page (on their website)

**0** of 1 we have independently watched raise

Web3

Weaker than a round we watched, stronger than a list somebody sold us. A firm is far less willing to put a company on its own site that it never funded.

## The cheque

Pre-seed Seed Series A

Median round joined **$5.1M** the round, not its cheque Alone, median **$3.6M**

Led 3 of 50 rounds **6%**

- **Said size:** $110K – $11M
- **Sole investor:** 6 rounds
- **Last cheque:** Oct 2026

Rounds by stage said on their site

- Seed said *15*
- Venture *14*
- Series A said *6*
- Series B said *5*
- Pre-seed said *3*
- Series D *2*
- Growth said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [LINCE CAPITAL](https://millionrounds.com/fund/lince-capital) 9
- [Shilling VC](https://millionrounds.com/fund/shilling) 9
- [Portugal Ventures](https://millionrounds.com/fund/portugal-ventures) 6
- [Google for Startups](https://millionrounds.com/fund/google-for-startups) 4
- [Techstars](https://millionrounds.com/fund/techstars) 3
- [CDP Venture Capital](https://millionrounds.com/fund/cdp-venture-capital) 2

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## Who they invest alongside

The investors most often in the same rounds as Indico Capital Partners. A count of rooms they were both in, not a relationship either has claimed.

[**LINCE CAPITAL** VC firm **9** rounds together](https://millionrounds.com/fund/lince-capital)[**Shilling VC** VC firm **9** rounds together](https://millionrounds.com/fund/shilling)[**Portugal Ventures** VC firm **6** rounds together](https://millionrounds.com/fund/portugal-ventures)[**Google for Startups** Accelerator **4** rounds together](https://millionrounds.com/fund/google-for-startups)[**Techstars** VC firm **3** rounds together](https://millionrounds.com/fund/techstars)[**CDP Venture Capital** VC firm **2** rounds together](https://millionrounds.com/fund/cdp-venture-capital)[**Caixa Capital** Corporate VC **2** rounds together](https://millionrounds.com/fund/caixa-capital)[**Katapult** VC firm **2** rounds together](https://millionrounds.com/fund/katapult)[**Sabadell Venture Capital** Corporate VC **2** rounds together](https://millionrounds.com/fund/sabadell-venture-capital)[**White Star Capital** VC firm **2** rounds together](https://millionrounds.com/fund/white-star-capital)

## Recently backed

The latest companies Indico Capital Partners put money into.

[**Beyond Vision** $31M · Oct 2026](https://millionrounds.com/company/beyond-vision)[**BIZAY** $56M · Jul 2026](https://millionrounds.com/company/bizay)[**Preply** $150M · Jan 2026](https://millionrounds.com/company/preply)[**Dealroom.co** $6.9M · Jan 2026](https://millionrounds.com/company/dealroom-co)[**PandaDoc** $5.9M · Dec 2025](https://millionrounds.com/company/pandadoc)[**Membrion** $20M · Oct 2025](https://millionrounds.com/company/membrion)

## Mentioned on podcasts

Episodes that name Indico Capital Partners in their description, not their title.

- [EU-Startups Podcast](https://millionrounds.com/podcasts/eu-startups) 4 Jan 2024 · 35 min Episode 48: Cristina Fonseca: Saving the World from Becoming the Next Atlantis With [Cristina Fonseca](https://millionrounds.com/person/cristina-fonseca) Mentions [Indico Capital Partners](https://millionrounds.com/fund/indico-capital-partners) Apple PodcastsShow page
- [This Much I Know](https://millionrounds.com/podcasts/this-much-i-know) 12 Jun 2019 · 51 min Cristina Fonseca, VP @ Indico Capital, on scaling enterprise SaaS & the future of European VC With [Cristina Fonseca](https://millionrounds.com/person/cristina-fonseca) Mentions [Indico Capital Partners](https://millionrounds.com/fund/indico-capital-partners) Apple PodcastsShow page

## Quick answers about Indico Capital Partners

### What does Indico Capital Partners invest in?

Indico Capital Partners invests most often at Seed and Venture (64% of the rounds on record), in sectors such as SaaS, AI and Deeptech.

### How active is Indico Capital Partners?

50 investments on record, 8 of them in the last 12 months, and it led 3. The most recent was in Oct 2026.

### What has Indico Capital Partners invested in recently?

Its most recent investments on record: Beyond Vision (Series A, Oct 2026), Cascade (Seed, Jul 2026) and BIZAY (Series D, Jul 2026).

### How big are Indico Capital Partners's cheques?

The median round it joins is $5.1M. It says it writes cheques of $110K to $11M.

### Does Indico Capital Partners lead rounds?

Sometimes: it led 3 of its 50 investments on record (6%).

### Where does Indico Capital Partners invest?

Most of the companies it backs are in Portugal (50%), the United States (13%) and the United Kingdom (13%).

### Is Indico Capital Partners investing now?

Yes: it is actively investing, with 8 investments in the last 12 months.

### Who does Indico Capital Partners invest alongside?

Most often LINCE CAPITAL (9 rounds together), Shilling VC (9 rounds together) and Portugal Ventures (6 rounds together).

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