Indico Capital Partners has announced the creation of a new fund that once again focuses on Portuguese companies. Indico R&D Fund is, as the name suggests, an investment fund that focuses on software companies in the national market.

This new fund comes as a result of the nomination of director Indico Capital Partners to membership in the Board of Directors Venture capital From Banco Português de Fomento, Capitalization and Flexibility Fund.

Currently, the fund already has €57.5 million of capital subscribed by Portuguese and global private investors and could reach €70 million, according to a statement from the venture capital fund manager.

“The Indico R&D Fund has a particular focus on Portuguese technology companies, preferably accredited by the National Innovation Agency, which seeks to invest up to five million euros per company,” the statement by the manager led by Stephane Moraes said.

To demonstrate the commitment to national companies, the manager revealed that the first to be covered by this new fund is Rows, a startup with Portuguese DNA that has created an AI spreadsheet with more than 950,000 users. Rows, founded by Torben Schulz and Humberto Ayres Pereira in 2017, has raised a total of eight million euros in this round of financing, including five million from this fund.

Now, this is the fifth investment fund launched by Indico Capital Partners, which brings Indico's total assets under management to approximately €200 million.