Portugal’s Indico Capital Partners launches €50M Ocean tech ‘Blue economy’ fund

The Indico Blue Fund is a climate tech fund. The Blue Economy will be the target of the 50 million VC and growth equity fund. So far 36 million has been raised and the 50 million target is expected later this year. The majority of theLPs are from outside Portugal.

The fund will invest from pre-seed to growth stages, investing between €100,000 and €5 million per company, in tech that will have a positive measurable contribution towards the UN’s Sustainable Development Goals (SDGs), in particular SDG 14 aimed at “Life underwater”.For fairly obvious reasons (being a coastal state, and having a long maritime history), Portugual has a highly developed maritime ecosystem consisting of universities, research centers, incubators and corporations. Indico Blue Fund will use its fund to scale up solutions coming out of that ecosystem across ocean-related value-chains.

Stephan Morais, Managing General Partner of Indico Capital said: “With the current urgency in addressing climate change the time is right for Indico to expand its commitment towards sustainability with the Blue Fund, while at the same time directly supporting such an innovative and dynamic, as well as important economic sector for Portugal and Europe.”