Founded in 2014, Indicator Capital is a Brazilian venture capital firm operating in Sao Paulo and the Silicon Valley. The partnership formed by Derek Lundgren Bittar, Fabio Iunis de Paula, and Thomas Lundgren Bittar, promotes the convergence between the dream of the entrepreneur and the financial return for the investor, tropicalizing American best practices to national startups. With more than R$ 270MM under management, Indicator Capital is the largest early-stage venture capital firm in Latin America specializing in the Internet of Things (IoT). In their investments, the partners apply value-adding, proprietary methodology Building Value Together®, besides acting as Investors for Good, a concept reinforced by the firm's certification as a B System™ company.
Location: Brazil, São Paulo
Employees: 1-10
Founded date: 2014
Investment Type: Venture Capital
Investment Stage: Pre-Seed; Seed; Series A
Portfolio 3
| Date | Name | Website | Total Raised | Location |
| 27.08.2025 | Axenya | axenya.com | $15M | Brazil |
| 05.08.2025 | Fu2re: Art... | fu2re.com.br | $12.5M | Brazil |
| 10.06.2022 | IBBX | ibbx.tech | $3M | Brazil, Sã... |
Mentions in press and media 17
| Date | Title | Description |
| 27.11.2025 | Doji aporta R$ 3 milhões para expandir operação | A Doji, startup que conecta vendedores e compradores de celular por meio de plataforma própria de Trade-In as a Service (TIASS), recebeu um investimento de R$ 3 milhões em uma rodada pré-Série A liderada pela Indicator Capital. O aporte ser... |
| 17.10.2025 | Lumx capta US$ 3,4 milhões e avança em infraestrutura para pagamentos com stablecoins na América Latina | A Lumx, empresa brasileira de infraestrutura para pagamentos com stablecoins, anunciou a captação de US$ 3,4 milhões em rodada de investimento liderada pela Indicator Capital e pela CMT Digital. O aporte também contou com a participação de ... |
| 19.09.2025 | INFLEET capta R$ 40 milhões em série A | A INFLEET, empresa brasileira de tecnologia especializada em gestão de operações de frotas com IoT, levantou R$ 40 milhões em rodada Série A liderada por Canary, Indicator e Citrino Ventures, com participação de DOMO.VC, Scale-Up Endeavor e... |
| 02.09.2025 | Dealist projeta intermediação de R$ 1 bilhão em negócios até 2026 | A Dealist divulgou seu novo posicionamento estratégico após os resultados da rodada de investimentos realizada durante o Startup Summit 2025, em Florianópolis (SC), entre os dias 27 e 29 de agosto. A iniciativa, promovida pelo Sebrae por me... |
| 31.08.2025 | Axenya Secures $12M to Revolutionize Corporate Health with AI | Axenya secured a pivotal $12 million Series A funding round. This healthtech innovator is redefining corporate health management. Its proprietary AI platform, integrating LifeVault and Axenya IQ, leverages generative AI. It anticipates heal... |
| 28.08.2025 | Startups brasileiras de IA generativa sofrem com aquisição de talentos e infraestrutura, mostra pesquisa | Ainda são poucas as startups brasileiras que ultrapassam a barreira da integração de ferramentas prontas e assumem o papel de construtoras de tecnologia de base, criando modelos próprios, arquiteturas exclusivas e soluções adaptadas à reali... |
| 27.08.2025 | Axenya: $12 Million Raised For Scaling AI-Driven Corporate Health Platform | Axenya, a health technology company specializing in the intelligent orchestration of corporate healthcare, has recently announced a successful Series A funding round totaling $12 million. The funding was led by Canary, with Indicator Capita... |
| 05.08.2025 | Brazilian AI Innovator Fu2re Secures BRL 12.5M to Fuel Global Expansion | Brazilian AI innovator Fu2re secured BRL 12.5 million in a pivotal funding round. Copel Ventures and Indicator Capital led the investment. This capital fuels Fu2re's advanced Computer Vision technology. The no-code platform streamlines asse... |
| 05.08.2025 | Copel Ventures and Indicator Invest BRL 12.5 Million in Fu2re to Drive Commercial Expansion and Entry Into New Markets | Startup uses advanced AI and Computer Vision to enhance asset monitoring and operational efficiency Related Posts Guident Expands Global Patent Portfolio with AI-Powered Remote Monitoring & Control for Enhanced Autonomous Vehicle Safety... |
| 04.08.2025 | Fu2re Raises BRL 12.5M in Funding | Fu2re partners: Thiago Cazes, André Sih, and Rodrigo Ferreira Fu2re, a Sao Paulo, Brazil-based startup specializing in Artificial Intelligence solutions for data and image processing, raised BRL 12.5m in funding. The round was led by Copel ... |
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