The maritime industry today faces critical challenges ranging from climate change and carbon emissions to marine biodiversity loss and regulatory tightening. As global ocean industries seek solutions that are both profitable and sustainable, venture capital firms like Indico Capital Partners have emerged as key enablers of transformation. Founded in 2017 and based in Lisbon, Portugal, Indico Capital Partners focuses on investing in “blue economy” and ocean technology startups that aim to revolutionize the maritime sector. 

Their Indico Blue Fund, launched with a target of €50 million, directly addresses the funding gap for early-stage marine technology ventures, providing much-needed capital and strategic guidance to companies innovating in ocean sensing, renewable energy, aquaculture, and sustainable materials. The maritime domain’s complexity, harsh environments, high costs, and long R&D cycles has traditionally limited innovation. Indico bridges this gap by supporting startups that can introduce practical solutions to long-standing challenges such as fuel inefficiency, biofouling, pollution, and resource overexploitation. By channeling investment into marine biotech, offshore renewable systems, and smart port operations, Indico accelerates the decarbonization and digitalization of the maritime ecosystem, which is essential to achieving global sustainability goals.

Founded by managing general partner Stephan Morais, alongside other experienced partners such as Ricardo Torgal (General Partner & CFO), Cristina Fonseca (General Partner), Gabriela Cordeiro (Compliance) and Marta Fernandes (Finance), Indico brings together a team of financial strategists, engineers, and sustainability experts with deep knowledge of venture building. Their expertise allows Indico to not only provide funding but also guide portfolio companies through technical, regulatory, and market challenges unique to the maritime domain. The firm has over €102 million in assets under management (AUM) and has backed more than 51 companies across Europe, many of which operate in the maritime or blue economy sector. In 2024, Banco Português de Fomento expanded its investment in Indico’s VC Fund II from €35 million to €50 million, showing strong institutional confidence in Indico’s approach. Other key investors include the European Investment Fund (EIF) and private European investors, collectively positioning Indico as one of Southern Europe’s most active blue-economy venture investors. The Indico Blue Fund itself had raised €36 million of its €50 million target as of 2022, supporting projects in ocean technology and sustainability. Across its portfolio, Indico backed companies have collectively raised more than €2 billion in follow-on funding, indicating strong performance and scalability.

Maritime Portfolio
Indico’s portfolio showcases how venture investment can fuel innovation and sustainability across the maritime and ocean economy. Each company brings a unique contribution to transforming the Blue Economy:

🌿 Arborea – Redefining the future of nutrition, Arborea pioneers multi-functional proteins and nutrient-rich ingredients through a revolutionary microalgae production system.

🧫 BioMimetx – Harnessing biotechnology for cleaner seas, BioMimetx develops non-toxic, biodegradable coatings that combat biofouling while protecting marine ecosystems.

🐟 Bitcliq – The digital “Boat-to-Buyer” marketplace connecting fishing fleets directly with seafood buyers, Bitcliq enhances traceability and transparency from sea to plate.

🚢 Cargofive – Powering the digital revolution in freight forwarding, Cargofive simplifies logistics operations and boosts competitiveness in global shipping.

🛰️ FOSSA – Offering global IoT connectivity through a constellation of pico-satellites, FOSSA enables real-time monitoring of maritime and industrial assets anywhere on Earth.

🌊 FlexSea – A blue biotech innovator turning seaweed into sustainable bioplastics, FlexSea develops eco-friendly films and polymers to replace single-use plastics.

💨 Gazelle Wind Power – Accelerating the clean energy transition, Gazelle is commercializing next-generation floating offshore wind platforms for scalable renewable power.

🧬 Inclita – Pioneering marine biotechnology, Inclita sustainably produces functional seaweed extracts for food, health, and cosmetic applications.

💧 Membrion – Transforming industrial water treatment, Membrion’s electro-ceramic desalination technology cleans harsh effluents efficiently and sustainably.

⚙️ Nortech AI – Empowering maritime intelligence through Industrial IoT, Nortech connects onboard sensors, unlocks real-time insights, and drives predictive maintenance across fleets.

🐠 Ocean Twist Biotechnology – Innovating sustainable aquaculture feed, Ocean Twist uses insect-based and by-product ingredients to improve quality and reduce environmental impact.

🦪 Oceano Fresco – A pioneer in large-scale sustainable clam cultivation, Oceano Fresco advances responsible aquaculture and ocean restoration.

🐡 SEAentia – Combining aquaculture engineering and science, SEAentia produces safe, sustainable, and nutritious seafood for the next generation of ocean consumers.

Companies such as Gazelle Wind Power, Biomimetx, Inclita Seaweed Solutions, SEAentia, and Ocean Twist Biotechnology represent the Blue Fund’s diverse focus on marine renewables, biomaterials, antifouling solutions, and aquaculture sustainability. For example, Gazelle Wind Power develops floating offshore wind platforms capable of generating renewable energy in deep waters, potentially supplying cleaner power for maritime operations. Biomimetx creates natural antifouling coatings that reduce drag and fuel consumption for vessels, enhancing efficiency and cutting CO₂ emissions. Inclita Seaweed Solutions and FlexSea use seaweed biomass to produce biodegradable plastics and packaging, addressing the maritime industry’s pollution footprint. Ittinsect and SEAentia focus on developing sustainable aquaculture feed and biotech processes that reduce reliance on wild fish resources. Together, these startups strengthen the resilience of maritime businesses by introducing cost-efficient, environmentally responsible technologies that can be applied onboard vessels, in aquaculture farms, and in port operations. Through its investments, Indico indirectly empowers seafarers and marine companies by providing them access to cleaner technologies, reduced operational costs, and safer, more sustainable working environments.

Indico’s investment model operates through a systematic process rooted in the “who, what, when, where, why, and how” approach. The firm identifies promising startups mainly in Portugal, Spain, and Italy that demonstrate strong technical foundations and global scalability. It typically invests between €100,000 and €5 million in early stage companies, guiding them from prototype development to commercialization. The process starts with sourcing potential investments through the Founders Program and BlueInvest partnerships, followed by rigorous due diligence evaluating technology readiness, market potential, and ESG impact. Once selected, startups receive milestone-based funding, strategic mentoring, and access to Indico’s network of investors, research institutions, and industry partners. This ecosystem based model ensures that innovations such as smart sensors for port monitoring, bio inspired hull coatings, or autonomous inspection drones are not only funded but integrated into real maritime operations. Indico’s active engagement helps these technologies transition from pilot projects in Portuguese ports to global markets. This strategic approach addresses the maritime sector’s most pressing need: innovation that is both economically viable and environmentally sustainable.

Final Thoughts

Indico Capital Partners plays a pivotal role in accelerating the maritime industry’s transition toward sustainability, innovation, and resilience. By investing in early stage ocean technologies from biomaterials and antifouling coatings to offshore renewables and aquaculture biotech, Indico provides the capital, expertise, and partnerships required to bring ideas from laboratories to the oceans. For seafarers, port operators, and maritime companies, Indico’s ecosystem driven model creates access to cleaner technologies, more efficient vessels, and sustainable business opportunities. While challenges remain, chiefly long development timelines and high costs, the firm’s strategic collaboration with European institutions ensures ongoing momentum for blue innovation. Through its portfolio and partnerships, Indico Capital Partners is not just financing the future of ocean technology, it is actively shaping the maritime industry’s sustainable evolution.

References

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Indico Capital Partners. (n.d.). Sustainability Renovation. Retrieved from https://www.indicocapital.com/sustainability-renovation
Oceans and Fisheries (EU). (2025, June 11). Indico Capital Partners & BlueInvest: Harnessing the ocean’s potential. Retrieved from https://oceans-and-fisheries.ec.europa.eu/news/indico-capital-partners-blueinvest-harnessing-oceans-potential-2025-06-11_en
Parsers VC. (n.d.). Indico Capital Partners – Portfolio, Partners, Reviews, News. Retrieved from https://o.parsers.vc/fund/indicocapital.com/
TechCrunch. (2022, January 27). Portugal’s Indico Capital Partners launches €50M ocean tech ‘Blue Economy’ fund. Retrieved from https://techcrunch.com
World Economic Forum – UpLink. (n.d.). Venture and Growth Climate Action / Ocean Fund: Indico Capital Partners. Retrieved from https://uplink.weforum.org/uplink/s/uplink-contribution/a012o00001pUClIAAW/venture-and-growth-climate-action-ocean-fund