The European Investment Fund (EIF) has put €30 million into Indico VC Fund III, a new €125 million venture capital fund targeting early-stage tech companies in Portugal, Spain, and Italy, the organizations announced. The fund will focus on startups developing enterprise software, artificial intelligence, deep tech, and solutions in space and ocean technology.
Managed by Portuguese firm Indico Capital Partners, the fund will invest from seed to Series B stages, backing both companies based in southern Europe and those founded by entrepreneurs from the region who are now working in the US, UK, or elsewhere. EIF is acting as anchor investor, showing its commitment to supporting European tech champions.
“We’re excited to join forces with Indico to support the vibrant ecosystem of tech innovators in Portugal, Spain, and Italy,” said Marjut Falkstedt, EIF Chief Executive. “Through this operation, EIF will back companies making a difference in AI, deep tech, and the blue economy.”
Stephan de Moraes, managing general partner at Indico, said the EIF’s backing validates the firm’s strategy. “Securing the anchor commitment from EIF—a major investor in some of our previous funds—shows strong institutional support for our approach of backing world-class teams creating global category winners. We’re positioned to identify and scale the best global companies, using the region’s top talent and bringing them into the international capital spotlight.”
Indico currently manages over €240 million across five funds and has backed 53 companies that together have raised more than €2.5 billion. The firm has helped grow several leading tech businesses in southern Europe, including four unicorns.
The investment supports the EIB Group’s focus on tech innovation and digitalization, as set out in its 2024–2027 Strategic Roadmap. The deal is backed by InvestEU, an EU program aiming to unlock over €372 billion in investment by 2027, and Portugal Blue, a program supporting startups, SMEs, and mid-caps in Portugal’s blue economy.
