Indico and Google launch startups programme

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The Portuguese venture capital company Indico has joined forces with Google to launch a programme to accelerate startups.

Both have pledged to invest €100,000 in each of the 6 to 10 startups to take them to the next stage of development and help them to grow.
Together they have launched ‘Indico Accelerator Powered by Google for Startups’. This programme will select between 6 and 10 startups a year to invest €100,000 in each one.
“There continue to be startups with big projects in Portugal” said Nuno Pimenta, who heads Google Portugal’s area for startups, retail and travel.
Both Nuno Pimenta and Stephan Morais who is founder and CEO of Indico Capital Partners, say that the partnership was already under preparation before the pandemic.
“We thought that it made sense to continue to invest in these companies”, said Pimenta.
The accelerator programme has a six month duration and “will be part of the 12 month incubation period undertaken at Indico’s offices in Lisbon,” said Stephan Morais in an interview with Observador.
Morais went on to say that there had been slight changes which had to be implemented, but the basis continues the same.
“To the extent that the pandemic allows us, they will be in an office next to ours,” he said adding that the programme “can be a physical or virtual incubation when necessary”.
“We can’t control what’s happening, but we’re not stopping” said Pimenta adding he would prefer things to be in person rather than virtually, but either way the focus would continue to be on projects.
The startups will get advice from the founders of “successful international technology companies and from recognised executives in addition to support from Indico’s investment team”.
The acceleration programme will be based in Lisbon and its goal will be to invest in companies with excellent products and services which could go on to have a global scale, with clear business models and exceptional teams.
Indico will have task of choosing the startups that have been selected by June this year. “We have studied 1,300 companies over the past two years (for other programmes). Many of them were not suitable for what we wanted,” explained Morais.
The new fund created for the startups chosen, however, is called Indico Acceleration Fund I. The companies that put themselves forward for the €100,000 may also receive investment by Indico’s main fund.
Indico Capital Partners was founded in 2017 by Stephan Morais (ex-CEO of Caixa Capital), Ricardo Torgal (Investments Manger Caixa Capital) and Cristina Fonseca (co-founder and shareholder of Talkdesk).