Indico Capital Partners, the Portuguese investment firm that has backed the likes of Tier Mobility and Unbabel, says it has recently completed fundraising for its latest fund.

Having already deployed €17 million across 9 companies after a year in business, Indico has now closed €54 million in financing from a group of 46 rather diverse investors to back more early-stage startups in Portugal and Spain.

In fact, Indico has set up an office in Madrid, after what it says was “a year of steady deal flow from Spanish entrepreneurs”. It’s unclear who will be leading investments in Spain, but the Indico fund is managed by a pair of former Caixa Capital VCs – Stephan Morais and Ricardo Torgal – and Talkdesk co-founder Cristina Fonseca.

The firm says it will invest between €150,000 and €5 million in Iberian startups.

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