Fund profile / Portugal

Indico Capital Partners Fund III

Geography: Portugal
Stage: Pre-Seed
Fund size: €125M
Focus: AI/ML, Climate & Sustainability, Cybersecurity and Deep Tech
Signals: Published

N°01 / About

About Indico Capital Partners Fund III

Lisbon-based third fund backed by €30M EIF anchor. Invests from pre-seed to Series B across Southern Europe in SaaS, AI, deeptech, fintech, Web3, and more.

N°02 / Thesis

Investment Focus

Location / RegionPortugal

Funding StagePre-Seed

Industry Focus

AI/ML

Climate & Sustainability

Cybersecurity

Deep Tech

Enterprise Software

FinTech

IoT

Space

Web3 Infrastructure

Investor Signals Profile

active

Sweet Spot

Ambitious category-leader founders building resilient urban tech

Southern/Eastern Europe focus

resilience founders

early-stage VC

urban innovation

sustainable infrastructure

category leaders

clarity & focus

Bullish Signals

Active content, podcast, 16K followersexternal

GP speaking IST urban innovation eventlinkedin

GP roundtable: 'Cities of Tomorrow' May 5linkedin

GP roots: IST civil engineering alumnilinkedin

Partner keynoting SIM Conference 2026linkedin

Public thesis: category leaders + resilience emphasislinkedin

Backing Preply: human-led learning tech modellinkedin

Red Chair podcast: partner deep-dive contentlinkedin

André Santos: 25y dev finance + institutional expertiselinkedin

Índico Monthly newsletter: active communication cadencelinkedin

André Santos featured Índico Monthly 2 weeks agolinkedin

16,627 followers, consistent newsletter engagement signallinkedin

Contrarian Signals

No contrarian signals recorded.

Founder Do's

Show real-world perseverance, not just talk

Building in urban tech / smart cities? Strong fit

Deep tech with infra angle welcomed

Aim for category leadership, not just MVP

Seek long-term partner, not just capital

Founder Don'ts

Vague problem statements or unclear scaling path

Founders expecting capital alone, not guidance

22 signals on Indico Capital Partners Fund III

12 bullish · 5 pitch do's · 2 don'ts · 3 GP profiles, each with its source. From €9/month, cancel anytime.

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Facts

Fund Overview

Fund Size€125M

Saves0

Website

People

Key People

Cristina Fonseca, Stephan Morais

Stephan de MoraesManaging General Partner

Cristina FonsecaPartner

André SantosPartner

N°04 / See also

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