Lisbon, Portugal-based venture capital firm Indico Capital Partners completed the first closing of €41m of its debut early stage fund.
LPs in Indico Capital Partners VC I include cornerstone investor European Investment Fund, joined by over 20 other institutional and individual investors such as the IFD (Instituição Financeira de Desenvolvimento) through the Portugal Tech facility, Draper Esprit (a major global quoted VC fund based in the UK), pension funds, education and research institutions, wealth managers, high net worth individuals and many local and international tech entrepreneurs.
The fund has a final target of €46m.
Led by Managing General Partner Stephan Morais, General Partner Ricardo Torgal and Venture Partner Cristina Fonseca, Indico Capital Partners aims to identify, invest and nurture the most promising Iberian early stage startups, in particularly those based out of Portugal.
The fund will target investments in such areas as:
– B2B SaaS,
– Artificial Intelligence,
– Marketplaces, and
– B2C Platforms.
The fund will invest typically between €150k and €5m per portfolio company over their lifetime – pre-seed to series A, plus follow-on rounds.
The first investments have already been concluded and will be announced soon.