Lisbon, characterized occasionally by some tech scene observers as ‘the warm Berlin’, has been threatening to generate more startups in the last few years, not least because it will now have the enormous Web Summit conference there for the next 10 years, and because it’s a cheap and great place to live. But the startups appearing have not quite been as numerous as many would like.
It’s therefore fantastic to see a new VC fund appearing in the city, set up by three experienced stalwarts of the scene.
Indico Capital Partners VC has now completed its first closing of €41M out of the €46M of commitments from investors from eight different countries. The fund will be aimed at Iberian early stage startups (that means Spain and Portugal), but of course those in particularly those based out of Portugal.
The fund says it will invest typically between €150,000 and €5M per portfolio company over their lifetime – pre-seed to series A, plus follow-on rounds. They say the first Indico investments have already been concluded and will be announced soon.
It’s far and away the first sizable, independent and private early-stage,