Blue Economy

Indico VC Fund III is the third flagship venture capital fund raised by Índico Capital Partners, a Lisbon-based investment firm founded in 2017 that backs technology and sustainability entrepreneurs across Southern Europe. Launched in November 2025 with a target of €125 million, the fund secured a cornerstone commitment of €30 million from the European Investment Fund (EIF), the equity investment arm of the European Investment Bank Group, reflecting robust institutional confidence in Índico's strategy and track record. The fund also benefits from co-financing by Banco Português de Fomento under the Portugal Blue programme, extending the investment mandate to include ocean-related technology and blue economy ventures alongside the broader technology thesis. Fund III targets early-stage technology companies from Seed through Series B, with individual ticket sizes ranging from €500,000 to €10 million. The strategy centres on three core innovation verticals — Enterprise SaaS, Artificial Intelligence, and Deep Technology — alongside Spacetech and Oceantech as emerging sector extensions. Geographic coverage prioritises companies headquartered in Portugal, Spain, and Italy, as well as founders from these countries building internationally in the United States, United Kingdom, and other global markets. The fund's thesis emphasises strong product differentiation and global ambition, continuing Índico's mission of supporting "the best tech and sustainable companies going from local to global." With the EIF as anchor LP, Fund III is positioned to attract co-investors from the broader European institutional ecosystem, including funds-of-funds, development finance institutions, and leading family offices that have backed previous Índico vehicles. Índico Capital Partners manages over €240 million across five fund vehicles and has deployed €134 million into 53 portfolio companies since its 2019 first deployment, with those companies collectively raising €2.5 billion. The firm's track record spans notable portfolio companies including Preply (global language learning platform), Anchorage Digital (institutional crypto infrastructure), Remote (global HR platform), Sword Health (AI-powered physical therapy), and Superhuman (productivity email client). The EIF's commitment to Fund III comes via the InvestEU programme and marks a continuation of the Bank Group's support for Southern European venture ecosystems, signalling growing recognition of Portugal, Spain, and Italy as maturing startup markets capable of producing globally competitive technology companies.