As the climate crisis accelerates, the ocean is rapidly emerging as both a threatened habitat and an opportunity for solutions. From sustainable aquaculture to marine biotechnology and ocean data systems, the blue economy is emerging as a frontier for innovation, resilience, and long-term growth.

Indico Capital Partners, a Lisbon-based venture capital firm, is committed to this transformation – championing ocean-based innovation and scaling it into global impact.

From Lisbon to the world: investing in blue innovation

Founded in 2017, Indico pioneered early-stage tech VC fund in Portugal. Since then, it has grown into a powerhouse of innovation, launching multiple funds and investing over €105 million in 51 companies, which have collectively raised more than €2 billion from global investors.

In 2021, Indico launched its dedicated Blue Fund, a fully privately funded VC fund for the Blue Economy. This fund focuses on scalable technologies that tap into the ocean’s potential – solutions that not only address environmental challenges but also unlock new markets in food, packaging, biochemicals, and beyond

This investment thesis is simple but powerful: From ocean, for the ocean, to the global market. By leveraging Southern Europe’s deep talent pool, especially in Portugal, Indico helps startups scale impactful innovations to the world stage.

Spotlight on scalable blue solutions

Indico’s blue portfolio is a testament to the diversity and promise of the sector. It includes BlueInvest-backed companies such as Biomimetx, Gazelle Wind Power, Inclita Seaweed Solutions, Ocean Twist Biotechnology, and SEAentia. These companies are not just solving ocean-related problems, they are creating cross-sectoral value with global relevance.

Indico and BlueInvest

Behind many of Indico’s most promising investments lies a common thread: BlueInvest.

“Some of our best blue economy deals didn’t come from cold emails, they came from conversations at BlueInvest events,” says Andre Almeida Santos, Partner at Indico. “The impact that BlueInvest has created has been instrumental in maturing the industry and shaping an ecosystem. It’s not just about discovering start-ups, but also about connecting with other funds and investors.”

BlueInvest events serve as vital convening spaces where investors, startups and policymakers meet, exchange ideas, and build connections. These gatherings are especially valuable in the hardware-heavy and still fragmented blue economy, where face-to-face interaction can make or break a deal.

BlueInvest: a sea of opportunity

BlueInvest is the EU's innovation and investment platform for the blue economy, offering business coaching, fundraising support, and networking opportunities for ocean technology companies. Interested individuals can register with the BlueInvest Community to explore programme features and opportunities or contact lu-blueinvest@pwc.lu

The InvestEU programme supports the European economy's green and digital transition, including the InvestEU Blue Economy Fund for sustainable blue economy SMEs and start-ups. It is made possible by a top-up contribution from the European Maritime, Fisheries and Aquaculture Fund matched with additional InvestEU resources and EIF/EIB own funds.

More information

Article on EIF support to Indico Capital Partners: EIF supported Indico Capital Partners launches EUR 46 million Venture Capital fund

Website: Indico Capital Partners Website

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