Portuguese VC Índico Capital Partners launches €125 million Fund III with EIF as anchor investor

Lisbon-based Índico Capital Partners announced today the launch of its 6th fund, Indico VC Fund III, with a capital target of €125 million in order to invest in early-stage technology companies across Portugal, Spain and Italy.

The fund has successfully secured an anchor commitment of €30 million from The European Investment Fund (EIF), the arm of the European Investment Bank Group (EIB Group) specialised in equity investments in SMEs and mid-cap.

Stephan de Moraes, Managing General Partner at Índico, said: “We are incredibly proud to launch the third generation of Índico funds, with Indico VC Fund III. Securing the anchor commitment from the EIF, our major LPs in previous funds, shows strong institutional support for Índico’s strategy of backing world-class teams creating global category winners and is a strong validation of our track record and strategy to focus on Enterprise SaaS, AI, and DeepTech across Southern Europe and its diaspora.”

The launch of Indico VC Fund III comes against a clear upswing in European VC activity in DeepTech, AI and software. That trend is visible in several notable 2025 funding moves tracked by EU-Startups:

• Armilar Venture Partners closed the first tranche of its Fund IV with over €120 million to back B2B DeepTech and digital-transformation ventures across Iberia and Europe.

• Future Energy Ventures concluded its Fund II at €205 million, focusing on digital and asset-light energy-tech solutions for the energy transition across Europe.

These developments show that Indico’s new fund is part of a broader flow of capital into tech-enabled, high-innovation segments across Southern Europe and beyond.

Armilar’s Iberia-focused fund and Future Energy Ventures’ pan-European CleanTech vehicle both reflect similar investor confidence in early-to-growth-stage DeepTech, SaaS and AI companies – the same sectors Indico targets.

Indico VC Fund III therefore appears well-positioned to leverage rising momentum in European DeepTech and SaaS investment.

“We are strategically positioned to identify and scale the best global companies, leveraging the region’s top talent and bringing them into the international capital spotlight. We believe that by providing smart capital and hands-on support, we are truly shaping the next wave of European technological leadership at a global scale,” adds de Moraes.

Founded in 2017, Índico Capital Partners is an independent VC fund manager, investing in Southern European related global and sustainable technology companies. Índico funds invest in DeepTech, software as a service, marketplaces, AI, SpaceTech, FinTech, cybersecurity and ocean related companies.

Índico ́s range of investments goes, mostly, from Seed to Series B (€500k and €10 million) in Portuguese, Spanish and Italian related startups.

Indico VC Fund III will primarily focus its investment strategy on innovative technology companies built in Portugal, Spain, and Italy, while also actively seeking opportunities with companies from these countries currently located in the US, UK and elsewhere.

Marjut Falkstedt, EIF Chief Executive says: “We are excited to join forces with Índico Capital Partners to support the vibrant ecosystem of technological innovators in Portugal, Spain and Italy. Through this operation the EIF will support equity investments in companies that are making a difference in AI, deeptech and blue economy.”

Índico Capital Partners currently manages over €240 million in AUM across five funds and has supported 53 companies that together have raised more than €2.5 billion.

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