Indico launches €46 million venture capital tech fund

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Indico Capital Partners has launched the largest venture capital fund in Portugal with €46 million to invest in technology startups in Portugal and Spain.

The announcement was made on Friday by the Lisbon-based fund managed by Stephan Morais, Cristina Fonseca and Ricardo Torgal.

The fund is aimed at early-stage technology startups with a focus on the Iberian market. The ground work on the fund was made over several months by Stephan Morais, former CEO of Caixa Capital, Cristina Fonseca, co-founder and shareholder of Talkdesk, and Ricardo Torgal, former investments manager at Caixa Capital.

The venture capital sector in Portugal has grown over the past decade from around €2.6Bn in 2008 to 4.5Bn in 2017.

Stephan Morais, who Essential Business interviewed in 2018, says that Indico mainly wants to invest in Portugal because the majority of startups are in early stage and need a lot of guidance.

Indico Capital Partners is the first national independent venture capital private fund and aims to invest in the initial phases of technology startups in Portugal and Spain.

In Portugal, the largest venture capital fund is the public-managed Portugal Ventures led by Rita Marques which Essential Business will be featuring in Edition 8 of its magazine in March/April 2019.