Led by two former Caixa Capital team members, Indico Capital Partners has raised $47m for the first close of a fund that will target Portuguese and Spanish startups.

Indico Capital Partners, a Portugal-based venture capital firm formed by ex-members of corporate venturing fund Caixa Capital, has achieved a €41m ($47m) first close for its inaugural fund. The firm is led by managing general partner Stephan Morais, formerly head of Caixa Capital, financial services firm La Caixa’s venture capital arm, and general partner Ricardo…

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