BPF invests €50M in Indico VC Fund II

Banco Português de Fomento (BPF), manager of the Capitalization and Resilience Fund (FdCR), announced today an increase from €35 million to €50 million in the Indico VC Fund II, managed by Indico Capital Partners. 

This enhancement was approved following the surpassing of established performance targets, confirming the dynamism of Indico in selecting and supporting startups and growing companies. 

Banco Português de Fomento (BPF) aims to support the economic and social development of Portugal by creating and providing innovative and competitive solutions tailored to the needs and challenges of the business ecosystem. 

Indico VC Fund II supports early-stage tech startups, fostering innovation and the growth of high-potential companies. To date, the fund has made 4 investments totaling €14.8 million, and a few other investments are in analysis and decision stages. Indico VC II brings together institutional, individual and corporate investors, as well as Golden Visa and SIFIDE2 investors.

Stephan de Moraes, Managing General Partner of Indico Capital Partners stated: "This investment increase allows the fund to immediately reach €76 million in investment capacity, considering the private capital already invested in it. Since the beginning of the year, approximately €15 million has been committed to 4 companies: Rows, Indie Campers, Oscar, and FRVR, with other operations in the final stages of analysis and completion.”

Indico Capital Partners is an independent venture capital fund management company, a leader in Southern Europe, based in Portugal, that invests in companies with a strong presence in Portugal, Spain, and Italy in the areas of technology and ocean sustainability. Indico’s funds invest in deep tech, software, marketplaces, artificial intelligence, the Internet of Things, fintech, cybersecurity, web3, and ocean-related companies.

The range of Indico’s investments typically spans from Pre-Seed to Series B (from €100,000 to €10 million). Indico often acts as the first investor in a startup, leading the investment operations in which it participates, and subsequently works closely with the companies in its portfolio. Since 2019, Indico has invested €90 million in 49 companies, which have raised over €1.9 billion from global investors.