Stephan Morais is the co-founder and Managing General Partner of Indico Capital Partners. See sector focus and contact routes.
Stephan Morais is the co-founder and Managing General Partner of Indico Capital Partners, a Lisbon-based venture capital firm he launched in 2019 after serving as an executive board member at Caixa Capital and holding leadership roles at Grupo Caixa Bank and Temahome. His investment thesis targets Pre-Seed to Series B companies in SaaS, artificial intelligence, web3, climate tech, fintech, cybersecurity, and digital marketplaces, with a focus on global and sustainable technology startups in Portugal and Southern Europe. Indico manages over €100 million across three funds and is the largest venture capital firm in Portugal, though specific check sizes and lead/follow behavior are not publicly detailed. Notable portfolio companies include Temahome, which Morais previously led as CEO, and other tech startups supported through Indico’s funds, though the firm’s full portfolio list is not explicitly named in available sources. Morais has publicly emphasized that entrepreneurship is a “Winner takes it all” game, where entrepreneurs either win significantly or fail, reflecting his high-stakes view on venture outcomes. He is also an Entrepreneurship Expert at
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