Lisbon, characterised from time to time by way of some tech scene observers as ‘the warm Berlin’, has been threatening to generate extra startups in the previous few years, now not least as a result of it’ll now have the huge Web Summit convention there for the subsequent 10 years, and as it’s a affordable and good spot to reside. But the startups showing have now not reasonably been as a large number of as many would love.
It’s subsequently improbable to look a new VC fund showing in the town, arrange by way of 3 skilled stalwarts of the scene.
Indico Capital Partners VC has now finished its first remaining of €41M out of the €46M of commitments from buyers from 8 other international locations. The fund will likely be aimed toward Iberian early degree startups (that implies Spain and Portugal), however of route the ones in in particular the ones based totally out of Portugal.
The fund says it’ll make investments usually between €150,000 and €5M in keeping with portfolio corporate over their lifetime – pre-seed to sequence A, plus follow-on rounds. They say the first Indico investments have already been concluded and will likely be introduced quickly.
It’s some distance and away the first sizable, impartial and personal early-stage, tech-focused fund to be based totally in Lisbon and can center of attention on investments in B2B SaaS, Artificial Intelligence, Fintech and Cybersecurity to Marketplaces and B2C Platforms.
The fund incorporates of 3 companions: Managing General Partner, Stephan Morais (former head of the main company VC Caixa Capital), General Partner Ricardo Torgal (additionally former Caixa Capital senior investor) and Venture Partner Cristina Fonseca (co-founder and shareholder of Talkdesk).
Collectively the staff has in the previous invested in Farfetch, Unbabel, Codacy and plenty of different luck tales originating from Portugal over the previous 6 years, in addition to Talkdesk itself.
The EIF (European Investment Fund), is the cornerstone investor of Indico, and has been joined by way of 20 different institutional and person buyers reminiscent of the IFD (Instituição Financeira de Desenvolvimento) via the Portugal Tech facility, Draper Esprit (a main world quoted VC fund based totally in the UK), pension price range, schooling and analysis establishments, wealth managers, prime web price people and plenty of native and world tech marketers.
The fund is supported by way of InnovFin Equity, with the monetary backing of the European Union underneath Horizon 2020 Financial Instruments and the European Funds for Strategic Investments (EFSI) arrange underneath the Investment Plan for Europe.
Stephan Morais, Managing General Partner, stated: “This is a milestone for the Portuguese ecosystem, we will keep on supporting the most promising Portuguese, and increasingly Iberian, early-stage tech startups, but now with an independent stable investment platform backed by a diversified global LP base.”
Ricardo Torgal, General Partner added that “VC is not hype, it’s about building a balanced portfolio and being there for the companies to help them grow to the next stage”.
Cristina Fonseca, Venture Partner, commented that “I have been backing many companies over the past few years as an angel investor and mentor, so it was an obvious decision to join the best investment team in the market with a solid track record. Early stage tech is where my heart is and this is a local nurturing activity before it becomes globally investable and scalable.”