Lisbon VC Indico Capital Companions is launching a local weather tech fund – dubbed the Indico Blue Fund. The €50 million VC and progress fairness fund will goal ‘Blue Financial system’ (expertise to help the oceans) startups and SMEs working out of Portugal. To date €36 million has been raised with the €50 million goal anticipated later this 12 months. Greater than half of the LPs are from exterior Portugal, notably from the USA.
The fund will make investments from pre-seed to progress levels, investing between €100,000 and €5 million per firm, in tech that can have a constructive measurable contribution in the direction of the UN’s Sustainable Improvement Targets (SDGs), particularly SDG 14 geared toward “Life underwater”.
For pretty apparent causes (being a coastal state, and having an extended maritime historical past), Portugual has a extremely developed maritime ecosystem consisting of universities, analysis facilities, incubators and firms. Indico Blue Fund will use its fund to scale up options popping out of that ecosystem throughout ocean-related value-chains.
Stephan Morais, Managing Normal Associate of Indico Capital mentioned: “With the present urgency in addressing local weather change the time is correct for Indico to increase its dedication in the direction of sustainability with the Blue Fund, whereas on the similar time instantly supporting such an progressive and dynamic, in addition to essential financial sector for Portugal and Europe.”
Verticals for the fund will embody Sustainable Aquaculture and Fisheries, Blue BioTech, Digital Ocean, Waste and Round Financial system, Inexperienced delivery, Ocean Renewable Vitality and different sectors. Indico Associate Andre de Almeida Santos will lead the Blue Fund.
Based by Stephan Morais, Ricardo Torgal and Cristina Fonseca, Indico Capital Companions was the primary personal institutional early-stage enterprise capital fund setup in Portugal. It now manages over €102 million euros throughout three funds. It’s invested €33 million since 2019, in 28 corporations, which have collectively raised over €1.1 billion Euros.
This traction has enabled Indico to lift the preliminary €36 million euros (of the overall €50 million goal) for the Blue Fund within the second half of 2021. Indico can also be the associate of Google for Startups in Portugal.