Google and Lisbon-based VC Indico launch new accelerator for Portuguese tech scene

Indico Capital Partners and Google have teamed up to launch an accelerator for the Portuguese tech ecosystem. Based in Lisbon and managed by Indico, the six-month accelerator program will be part of a year-long incubation period at the Portuguese VC firm. Organisers will select between six and ten pre-seed startups that are trying to address global market needs with a top product and clear business model. Indico will invest €100,000 in each business for an equity stake. Google for Startups will match the chosen companies with its resources, from industry mentors to technologies. Other actors in the Portuguese tech scene will get involved as well, such as universities, investors, incubators and Startup Portugal, an entrepreneurship hub. Portugal’s Secretary of State André de Aragão Azevedo said the new accelerator is “aligned with the objectives set forth in the Digital Transformation Agenda” for the country. The accelerator hopes to run a new batch each year. Participating startups have the chance to receive follow-up investment from Indico’s Fund I, which recently closed at €54 million. Applications for the first edition of the program can be submitted here.