Portuguese VC firm Índico Capital Partners has launched its €125 million Fund III, with the EIF as the main anchor investor

The fund has already secured a major first commitment of €30 million from the European Investment Fund (EIF), which is part of the European Investment Bank Group and focuses on supporting small and medium-sized businesses.

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 at a time when European venture capital activity in DeepTech, AI, and software is clearly picking up. Several major funding announcements in 2025 highlight this trend:

• Armilar Venture Partners raised the first part of its Fund IV, securing more than €120 million to invest in B2B DeepTech and digital-transformation startups across Iberia and Europe.
• Future Energy Ventures closed its Fund II at €205 million, focusing on digital and asset-light energy-tech solutions that support Europe’s energy transition.

These moves show that Indico’s new fund is part of a wider wave of investment flowing into high-innovation technology sectors across Southern Europe and the broader region.

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Like Armilar and Future Energy Ventures, Indico is targeting strong-growth areas such as DeepTech, SaaS, and AI. This puts Indico VC Fund III in a strong position to benefit from the growing momentum in European tech 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 venture capital firm that invests in global and sustainable tech companies connected to Southern Europe. Their funds focus on areas like DeepTech, SaaS, marketplaces, AI, SpaceTech, FinTech, cybersecurity, and ocean-related technologies.

Índico usually invests in startups from Seed to Series B, with investment amounts ranging from €500k to €10 million, mainly across Portugal, Spain, and Italy.

With Indico VC Fund III, the firm plans to continue backing innovative tech companies from these three countries. They will also look for investment opportunities in Portuguese, Spanish, and Italian founders who are building companies abroad, including in the US and the UK.

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 manages over €240 million across five funds. They’ve backed 53 companies, and those companies have raised more than €2.5 billion in total.

About Indico Capital Partners

Índico Capital Partners is a Portuguese venture capital firm that invests in tech startups across Southern Europe and around the world, mainly from Seed to Series A. It focuses on areas like software, AI, fintech, and cybersecurity. The firm also runs a special “Blue Fund” dedicated to sustainable, ocean-related technologies. Founded in 2017 and based in Lisbon, Índico is known for helping companies grow internationally and for its strong commitment to sustainability.