Indico Capital Partners is the leading independent Venture Capital firm in Portugal investing in global technology companies. Indico focuses on software as a service, artificial intelligence, internet of things, fintech, cybersecurity and digital companies, targeting investments at Seed to Series A level. Founded in 2017, the team at Indico were previously behind the majority of the Portuguese global tech success stories, as investors and entrepreneurs. Headed by the two most senior former Caixa Capital VC Team members, supported by a successful and experienced entrepreneur and a strong group of advisors, top entrepreneurs, they raised our first fund (authorized by the Portuguese Securities Market Commission - CMVM) from a cornerstone institutional investor (EIF) and international family/multi-family offices from Europe, US, and Australia. In addition to Silicon Valley, London, and Berlin, cities like Lisbon have emerging startup ecosystems. Portugal went through a difficult macro environment years ago which led to a growth in the entrepreneurship culture and investment. We have excellent tech graduates and a global mindset. Highly innovative companies like luxury eCommerce platform Farfetch, YC graduate machine learning translation platform Unbabel or the leading student accommodation marketplace Uniplaces have a strong Portuguese DNA and went to raise international rounds in the UK and the US - we want to back the next success stories of the ecosystem.

Indico Capital Partners

Inclita Seaweed

INCLITA SEAWEED SOLUTIONS (ISS) is a marine biotech start-up focused on the sustainable development, production, valorization, and commercialization of functional seaweed extracts tailored to the needs of our customers in the food and beverage, nutraceutical, pet care, and cosmetic industries.

Inclita Seaweed Solutions (ISS) is a biotechnology company specializing in the research, development, and production of seaweed-based bioactive ingredients. Founded in 2018 in Matosinhos, Portugal, ISS emerged as a spin-off from CIIMAR (Interdisciplinary Centre of Marine and Environmental Research). The company utilizes sustainably harvested or produced seaweed biomass to create low-carbon, science-based natural ingredients for the cosmetic, nutraceutical, and petceutical markets. ISS employs a biorefinery concept to extract specific compounds from seaweed, transforming them into functional, sustainable ingredients for everyday consumer products. The company's technology allows for the extraction of minerals, colors, and bioactive properties such as antioxidants from seaweed. ISS aims to become the European reference for natural marine-origin ingredients in cosmetics and nutraceuticals. In 2023, the company was in the process of setting up a pilot plant to further its production capabilities.

Cluster Transfronterizo Biotecnológico

Start-up de Matosinhos entre as 10 mais inovadoras em Blue Economy

Indico invests €4.4M in 5 startups

Inclita Seaweed Solutions: Retomar as tradições do mar

Indico Capital Partners is publicising five new investments — it's invested €4.4 million altogether

Founders Interviews: Ana Catarina Guedes of Inclita Seaweed Solutions

Unlocking nature's benefits for elevated wellness

Functional Ingredients

Inclita Seaweed Solutions

Inclita Seaweed Solutions (ISS) is a biotechnology company specializing in the research, development, and production of seaweed-based bioactive ingredients. Founded in 2018 in Matosinhos, Portugal, ISS emerged as a spin-off from CIIMAR (Interdisciplinary Centre of Marine and Environmental Research). The company utilizes sustainably harvested or produced seaweed biomass to create low-carbon, science-based natural ingredients for the cosmetic, nutraceutical, and petceutical markets. ISS employs a biorefinery concept to extract specific compounds from seaweed, transforming them into functional, sustainable ingredients for everyday consumer products. The company's technology allows for the extraction of minerals, colors, and bioactive properties such as antioxidants from seaweed. ISS aims to become the European reference for natural marine-origin ingredients in cosmetics and nutraceuticals. In 2023, the company was in the process of setting up a pilot plant to further its production capabilities.
Key customers and partnerships
ISS works closely with seaweed farmers and harvesters to source its raw materials. The company's customer base includes industries such as food and beverage, cosmetics, nutraceuticals, and pet care. In 2022, ISS received investment from Indico Capital Partners through its Indico Founders Program Powered by Google for Startups, which aimed to support ocean-related technologies. This partnership has provided the company with financial backing and strategic support to accelerate its growth in the marine biotechnology sector.

Certified Nutraceuticals specializes in developing bio-active ingredients for foods, beverages, and supplements. The company holds 16 US patents for ingredients and extraction processes related to pomegranate, olive leaf, grapevine extracts, and jellyfish collagen. The company pioneered the introduction of Collagen Types I, II, and III as nutritional supplements and developed three collagen ingredients: KollaGen II-xs, kollaGen I.V.X.HEM, and TendoGuard Joint and Tendon Support, which contains collagen types I, II, V, and X. In 2001, the company patented a unique method to extract collagen from chicken sternums, used in products for joint pain relief and mobility restoration. Their ingredients support healthy aging, joint health, brain health, and cognitive function. The company's manufacturing processes comply with Fair Trade criteria, eco and dietary regulations, FDA guidelines, and Kosher and Halal requirements. All products undergo analysis in accordance with the Federal Drug Administration and Cosmetics Act and the Fair Packaging and Labelling Act. The company provides comprehensive services from initial product development to manufacturing, filling, and product launch, including logistics and disposition.
Key customers and partnerships
The company maintains an international network of distributors, wholesalers, and manufacturing partners. Among these partnerships is a collaboration with Nutraceuticals Agriceuticals Technology Company (NATCO), a leading supplier of organic monk fruit and persimmons, which operates farms and factories in Guilin, China.

Certified Nutraceuticals

Nupromic is a biotechnology company that specializes in developing functional ingredients and next-generation nutraceutical products for the food industry. The company operates Mexico's first Beta Glucan production facility and manufactures differentiated ingredients used in fortified food production.

Nupromic

Beneo is a manufacturer of functional ingredients derived from natural sources including chicory root, sugar beet, rice, and wheat for food, feed, and pharmaceutical products. The company specializes in producing functional carbohydrates, fibers, and proteins that improve nutritional and technical properties of various products. Its portfolio includes Isomalt and Palatinose (sugar beet-derived carbohydrates), Orafti Inulin and Oligofructose (chicory root fibers), and wheat and rice proteins. These ingredients are used across multiple applications including dairy, confectionery, bakery, cereals, baby food, and beverages to enhance taste, texture, and nutritional benefits. In May 2022, Beneo acquired Meatless B.V., a Dutch supplier of textured plant-based ingredients, expanding its capabilities in meat and fish alternatives. The company has six production facilities located in Belgium, Chile, Germany, Italy, and the Netherlands. Beneo invested EUR 7.7 million in March 2022 to quadruple storage capacity at its Offstein, Germany facility with a new automated warehouse capable of storing over 8,500 pallets. In 2022, the company also announced a EUR 50 million investment in a new fava bean processing plant in Offstein to produce protein concentrates, starch-rich flour, and hulls, scheduled for completion in late 2024.

Beneo

AlgaeCytes is a biotechnology company specializing in the cultivation of algae to produce health and wellness ingredients. The company utilizes an advanced photobioreactor system for algae cultivation, featuring enclosed glass tubing and LED lighting to stimulate photosynthesis. AlgaeCytes' patented process optimizes the photosynthetic process, allowing microalgae to flourish and produce valuable compounds. The system regulates light, nutrient supply, and temperature, enabling efficient and consistent production year-round, regardless of external weather conditions.
The company's primary focus is on producing omega-3 oils from microalgae as an alternative to fish-derived sources. This approach offers several advantages, including suitability for vegetarian diets, reduced pressure on fish stocks, and the ability to avoid potential contamination with trace heavy metals sometimes found in fish oil supplements. AlgaeCytes' method allows for the production of high-quality omega-3 oils with variable EPA:DHA ratios, catering to different formulation requirements.
In February 2018, AlgaeCytes joined the ProFlow consortium, which secured an Innovate UK grant of nearly GBP 630,000 for a two-year development program. The consortium aims to scale up a novel acoustic cell harvesting technology developed by LabXero, which could significantly reduce the costs associated with separating algal biomass from its culture medium. This technology uses resonant sound waves to create an acoustic barrier, separating water from microalgae without the need for energy-intensive centrifugation techniques. The development of this technology could potentially lower downstream processing costs, which constitute a substantial portion of total processing expenses in algae-based omega-3 production.

AlgaeCytes

Seed Health is a microbiome science company founded in 2015 by Ara Katz and Raja Dhir. The company focuses on developing probiotics and living medicines to impact both human and planetary health. Seed Health's flagship product is DS-01, a daily synbiotic (probiotic + prebiotic) supplement formulated with 24 clinically studied bacterial strains targeting digestive, cardiovascular, dermatological, and immune health. In May 2024, the company launched vs.-01, a vaginal synbiotic clinically validated to establish an optimal vaginal microbiome dominated by Lactobacillus crispatus.
Seed Health utilizes a full-stack platform that encompasses discovery, product development, and clinical research. The company employs bioinformatics and computational analyses to interrogate the role of the microbiome in overall health and design targeted probiotics. In April 2024, Seed Health introduced CODA, a computational biology platform powered by the Human Phenotype Project, which integrates over three million phenotypic data points from more than 13,000 individuals. This platform aims to develop next-generation precision probiotics and microbiome-directed interventions for areas including metabolic health, brain health, menopause, and longevity.
The company's research extends beyond human health to environmental applications through its SeedLabs division. This includes developing probiotics for honeybees to enhance their resilience against climate change-related stressors, as well as exploring microbial solutions for plastic degradation and soil health. Seed Health collaborates with leading scientists and research institutions to advance its work across various health domains, including vaginal health, skin health, oral hygiene, pediatrics, mental health, and nutrition.
Key customers and partnerships
The company has established partnerships with several academic and research institutions to further its scientific endeavors. In 2023, Seed Health announced a collaboration with the Swiss Institute of Allergy and Asthma Research (SIAF) to develop non-toxic, microbiome-safe home and personal care products. The company also partnered with Axial Therapeutics in 2022 to launch a Gut-Brain Development Program, focusing on translating research from Caltech into probiotic innovations for neuropsychiatric health.

Seed Health

Live beneficial microorganisms and non-digestible fibers to promote a balanced gut microbiome and improve digestive health

Plant-based extracts, fibers, and herbal ingredients with health-promoting properties like anti-inflammatory, adaptogenic, and antioxidant effects

Essential fatty acids and structured lipids such as omega-3 and amino acids that support heart health, cognitive function, and energy metabolism

Small protein fragments with targeted biological activities, such as boosting immunity, improving cardiovascular health, and reducing inflammation

Essential micronutrients and compounds that support improved immune system function, bone health, hair, and skin, among others

Inclita Seaweed Solutions

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