Indico closes first Portugal-focused climate action fund to invest in its blue economy

Indico Capital has surpassed the €100m benchmark of assets under management thanks to the closing of the new climate action fund.

The Indico Blue Fund attracted €50m of private capital to be invested across the Portuguese blue economy and relating sectors. It will invest from pre-seed to growth stages in innovative, sustainable solutions that have a positive and measurable contribution towards the sustainable development goals, in particular for life underwater.

Never miss a story – click to sign up to AltAssets’ free daily PE newsletter

It will invest between €100,000 and €5m per company across sectors including sustainable aquaculture and fisheries, blue biotech, digital ocean, waste and circular economy, green shipping and ocean renewable energy.

The firm said it will work with universities, research centers, incubators and corporates to scale up the impact of entrepreneurs across ocean-related value-chains.

Stephan Morais, managing general partner of Indico Capital, “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.”

Indico is the first private institutional early-stage venture capital fund set up in Portugal. It currently manages over €102m across three funds.

The firm typically makes investments from €100k to €10m in tech businesses including Web3, AI, big data, enterprise SaaS, fintech and marketplaces, according to its website.

Copyright © 2022 AltAssets

Source: https://www.altassets.net/private-equity-news/by-news-type/fund-news/indico-closes-first-portugal-focused-climate-action-fund-to-invest-in-its-blue-economy.html