Indico VC Fund III launches with EIF backing to accelerate early-stage deep-tech and AI startups across Southern Europe

Indico VC Fund III launches with EIF backing to accelerate early-stage deep-tech and AI startups across Southern Europe

(IN BRIEF) Indico Capital Partners has launched Indico VC Fund III with a targeted size of €125 million, supported by a €30 million anchor investment from the European Investment Fund. The new fund will back early-stage enterprise SaaS, AI, deep-tech, spacetech and oceantech startups, particularly those originating from Portugal, Spain and Italy, as well as founders from these regions working in overseas markets. EIF Chief Executive Marjut Falkstedt noted that the partnership aligns with efforts to boost European innovation and strengthen emerging technology sectors, while Managing General Partner Stephan de Moraes described the commitment as a strong endorsement of Indico’s strategy and track record. With more than €240 million already under management and 53 companies supported to date, Indico continues to grow its influence in Southern European technology investment. The initiative also supports EU innovation policies under the InvestEU programme and the EIB Group’s roadmap through 2027, along with Portugal Blue’s blue-economy objectives.

(PRESS RELEASE) LUXEMBOURG, 28-Nov-2025 — /EuropaWire/ — Indico Capital Partners has announced the launch of Indico VC Fund III, a new investment vehicle designed to accelerate high-growth technology ventures across Southern Europe and its global diaspora. Backed by a €30 million anchor investment from the European Investment Fund (EIF), the fund aims to reach a total size of €125 million and will concentrate on early-stage enterprise SaaS, artificial intelligence, deep-tech, spacetech, and oceantech innovators.

The EIF — the specialist equity investment arm of the European Investment Bank Group — confirmed its commitment as part of its ongoing mission to strengthen European technology leadership and provide growth capital to SMEs and mid-caps. This new contribution illustrates the institution’s continued support for breakthrough innovation in key European regions.

With a core geographical focus on Portugal, Spain and Italy, the fund will invest from Seed through Series B, while also considering founders and teams from these countries operating internationally in markets such as the US and UK. Indico’s objective is to help Europe-born startups succeed on a global scale through both financial backing and hands-on strategic support.

Marjut Falkstedt, Chief Executive of the EIF, highlighted the strategic relevance of this partnership, noting that the organisation is pleased to collaborate with Indico in advancing AI, deep-tech, and blue-economy progress. She added that this investment builds on a shared vision to nurture technology ecosystems that can compete globally while delivering long-term value for Europe.

Stephan de Moraes, Managing General Partner at Indico Capital Partners, expressed confidence in the firm’s ability to identify and scale the next generation of market-leading technology companies. He emphasised the significance of EIF’s renewed commitment, describing it as validation of Indico’s strategy to support top-tier engineering talent and founders capable of becoming global category leaders.

Indico Capital Partners now manages more than €240 million in assets across five funds and has backed 53 companies that have collectively raised over €2.5 billion, including four unicorn-status successes. The launch of Fund III builds on that momentum and reinforces Indico’s role in shaping technological growth within Southern Europe.

The EIF investment is closely aligned with the EIB Group’s 2024-2027 Strategic Roadmap, which emphasises innovation, digitalisation, and the scaling of technological excellence across the continent. The operation is further supported by the InvestEU programme — designed to unlock over €372 billion in investment by 2027 — and by Portugal Blue, which promotes the development of Portugal’s oceantech and blue-economy sectors.

Background information

About the European Investment Fund

The EIF is part of the EIB Group. Its central mission is to support Europe’s microenterprises and SMEs by helping them access finance. The EIF designs and develops venture and growth capital, guarantees and microfinance instruments that specifically target this market segment. In this role, it contributes to the achievement of key EU policy goals such as competitiveness and growth, innovation and digitalisation, social impact, skills and human capital, climate action and environmental sustainability.

About InvestEU

The InvestEU programme provides the European Union with crucial long-term funding by mobilising substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investment for EU policy priorities, such as the European Green Deal and the digital transition. InvestEU brings together under one roof the multitude of EU financial instruments available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that invest in projects, leveraging on the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increasing their risk-bearing capacity and mobilising at least €372 billion in additional investment.

About Indico Capital Partners

Indico Capital Partners is a leading independent Venture Capital fund manager based in Portugal, investing in Southern European related global and sustainable technology companies. Indico funds invest in deep tech, software as a service, marketplaces, artificial intelligence, space tech, fintech, cybersecurity and ocean related companies. Indico´s range of investments goes, mostly, from Seed to Series B (500k and 10M euros) in Portuguese, Spanish and Italian related startups. Indico mostly leads and co-leads the rounds in which it participates and is extremely often a very hands-on investor with its portfolio companies.

The Indico team, currently consisting of 14 professionals, works with companies in talent acquisition, product roadmap, sales and marketing strategies and introductions, M&A projects and strategic financing in new investment rounds. Since 2019, Indico has invested more than 123 million euros in 53 companies, which have raised more than 2.5 billion euros from global investors. www.indicocapital.com

Press contacts

EIF

Maite Cordero: m.corderomunoz@eib.org | Tel.: +34 606 66 82 62

Website: www.eif.org | Press Office: +352 4379 21000 | press@eib.org

X: @eif_eu

Indico Capital Partners

Maria Amaral: maria@indicocapital.com  | Tel.: +351 938912514

Website: www.indicocapital.com | press@indicocapital.com

SOURCE: European Investment Fund