Lisbon VC Indico Capital Partners is launching a climate tech fund – dubbed the Indico Blue Fund. The €50 million VC and growth equity fund will target ‘Blue Economy’ (technology to assist the oceans) startups and SMEs operating out of Portugal. So far €36 million has been raised with the €50 million target expected later this year. More than half of the LPs are from outside Portugal, notably from the United States.
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”.