Indico VC I

Indico Capital Partners is a prominent independent venture capital firm based in Lisbon, Portugal, founded in 2017. The firm specializes in investing in early-stage technology companies across various sectors, including software as a service, artificial intelligence, fintech, cybersecurity, and the internet of things. Indico VC I, established in 2019, specifically targets investments between EUR 0.15 million and 5 million in consumer non-durables, retail, cryptocurrency, blockchain, and other related fields. The firm aims to support innovative startups that have the potential to become successful global players, drawing on the rich entrepreneurial landscape of Portugal and Spain. Indico Capital Partners is backed by a team with a strong track record in both investment and entrepreneurship, having contributed to many of the country’s notable tech success stories. The firm has garnered support from cornerstone institutional investors and family offices from Europe, the U.S., and Australia, positioning itself as a key player in the evolving European startup ecosystem.

Rafael Conceição

Associate

Cristina Fonseca

Co-Founder and General Partner

André Almeida Santos

Partner

Ricardo Torgal

General Partner

Past deals in Lisbon

kencko

Series A in 2022
Kencko Foods, Inc. specializes in producing and selling organic fruit and vegetable products across the United States, the United Kingdom, and Canada. Founded in 2017 and headquartered in New York, the company operates a processing facility in Lisbon, Portugal. Kencko focuses on reinventing fresh organic produce into convenient, hassle-free products, including sachet-based instant smoothies that come in various pack sizes. These smoothies contain no added sugar, chemicals, or colorants, preserving the nutritional content of the ingredients. Kencko aims to make it easy for consumers to incorporate healthy and tasty organic fruits and vegetables into their daily routines.

Lyzer

Seed Round in 2021
Operator of an e-commerce platform intended to deliver groceries to customers home. The company partners with local, offline, brick-and-mortar grocery stores to offer personal shopping service with online orders, enabling customers to easily replenish grocery supplies.

360imprimir

Series C in 2020
• Bizay has empowered more than 1 Million SMB’s to grow their businesses during the last 5 years. • Bizay is a tech-based B2B Marketplace for made-to-order products. Running a fabless business model (no capex), it leverages on the idle capacity of production partners to meet the needs of the SMB’s. • Started on printing, packaging, textile and professional products and now applying the same model in furniture, food and 3D printing (amongst others). • 360imprimir / 360onlineprint - rebranded to Bizay - Your bussiness your way - to reflect the unlimited product categories. • Bizay is the customer facing brand (the SMB’s do not meet the production partners) and its tech platform manages the production by: o Using data and algorithms to aggregate different orders and to decide in which suppliers to produce them, driving huge efficiency and speed gains. o Enabling full tracking of the orders in the different production partners and automating pre-production processes. • Bizay differentiates themselves from other players by offering: o Online configuration of the products (options to customize and personalize). o Competitive pricing for small and medium orders (similar price per unit as for large orders), 48 hours of delivery time (instead of several weeks) and guaranteed quality (customer-facing brand ensuring high quality levels). o Integrated value chain in a single offer (on-demand design services provided by external providers). • Originally selling in Portugal, Spain, Brazil and México, the company raised B round of 18m€ one year ago (communicated in April) in order to launch new countries. • 17 new countries were launched in 2019 simultaneously (including DE, FR, UK and USA). • In 2019, 8 months of trading in the new countries confirm: o Competitiveness pricing of their offer in all the market. o Market deepness and sound acquisition metrics.

Modatta

Pre Seed Round in 2020
Modatta provides a mobile application that serves as a marketplace for consented private data empowered solutions, where companies and consumers connect and negotiate on the usage of personal data. The company was founded in 2018 and is based in Lisbon, Portugal.

Lyzer

Pre Seed Round in 2020
Operator of an e-commerce platform intended to deliver groceries to customers home. The company partners with local, offline, brick-and-mortar grocery stores to offer personal shopping service with online orders, enabling customers to easily replenish grocery supplies.

Unbabel

Series C in 2019
Unbabel Inc. offers online translation services that bridge language gaps for businesses, allowing them to communicate effectively with customers worldwide. Established in 2013 and headquartered in San Francisco, the company employs a combination of advanced AI technology and a global network of human translators to deliver high-quality translations. Unbabel's platform focuses on user-generated content, including emails, customer service interactions, and digital communications, ensuring that enterprises can provide support in their customers' native languages. With offices in New York, Pittsburgh, and Lisbon, Unbabel serves prominent brands like Facebook, Microsoft, Booking.com, and EasyJet, enhancing customer satisfaction and streamlining support operations. The company has raised over $31 million in funding and employs more than 200 individuals across its locations.

EatTasty

Seed Round in 2019
Producing every-day tasty food through a decentralized model, aiming to deliver the best food through the biggest community of producers.
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