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Indico Capital Partners Fund III

Portugal
Pre Seed
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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.

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

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

Key GPs & Partners

SM
Stephan de Moraes
Managing General Partner
civil engineer turned VCurban innovationspeaker
CF
Cristina Fonseca
Partner
category leader mindsetfounder-firstresilience advocate

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Fund Overview

Fund Size€125M
Saves0
Website
LinkedIn

Key People

Cristina Fonseca, Stephan Morais

Stephan de MoraesManaging General Partner
Cristina FonsecaPartner

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