About Indicator Capital
Indicator Capital is a venture capital firm founded in 2014. It is primarily based out of Sao Paulo, Brazil. As of Nov 2025, Indicator Capital is an active investor, having invested in 10 companies, with 4 new investments in the last 12 months. It primarily invests in Series A round in Brazil based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to High Tech and Blockchain Technology. Most recently it participated in the $***** Seed round of Doji A lot of funds co-invest with Indicator Capital, with names like Canary sharing a substantial percentage of its portfolio. Indicator Capital has team of 6 people including 1 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed & Series A
Portfolio Soonicorns
Indicator Capital's List of Top Investments
Indicator Capital has a portfolio of 10 companies. Their most notable investments are in Monuv and Axenya.Their portfolio spans across Brazil, United States and Uruguay. They have invested in Enterprise Applications, High Tech, Blockchain Technology and 10 other sectors, across stages such as Seed, Series A stages. Here is the list of top investments by Indicator Capital:
1. Axenya
Provider of a digital therapeutic platform for patients and providers. The company has developed a therapeutic program that allows healthcare providers to assist patients with disease management and also gives insights into patients' health and well-being. The system has features to generate disease-specific programs, patient data collection, and more. Patients can use the platform to self-monitor their health, access treatment plans, and keep track of health activities.
Key facts about Axenya
- Founded Year: 2020
- Location: Montevideo (Uruguay)
- Stage: Series A
- Total Funding till date: $12M
- Employee Count: 27 as on Jul 01, 2024
- Investors: Igah Ventures, Canary and 6 Others
- Latest Funding Round: Series A, Aug 27, 2025, $*****
- Highlight: Editors' Pick
2. Infleet
Provider of telemetry and web-based fleet management solutions. The company offers solutions for monitoring fleets. Its functionalities include vehicle ignition monitoring, idle monitoring, mileage, speed, and route tracking. It also provides driver rankings details.
Key facts about Infleet
3. all.health
All health provides an AI-based respiratory disease diagnosis software for clinicians. The company has developed a software solution that is AI-enabled to detect any respiratory disease problems in a patient.
Key facts about all.health
- Founded Year: 2017
- Location: San Francisco (United States)
- Stage: Series C
- Total Funding till date: $65.4M
- Employee Count: 61 as on Feb 28, 2026
- Investors: Advisors.Fund, Marbruck Investments and 10 Others
- Latest Funding Round: Series C, Apr 30, 2019, $*****
- Highlight: Editors' Pick
4. Lumx
Blockchain abstraction solutions for enterprises. It offers a suite of modular APIs and SDKs that allow enterprises to build scalable Web3 applications like cryptocurrency wallets, smart contracts, transaction management, credential and compliance management, and more. The platform can be used for ticketing, identity management, loyalty management, and more.
Key facts about Lumx
- Founded Year: 2022
- Location: Rio De Janeiro (Brazil)
- Stage: Series A
- Total Funding till date: $3.4M
- Investors: CMT Digital, Bitso and 6 Others
- Latest Funding Round: Series A, Oct 15, 2025, $*****
5. Back4App
Back4App provides an open-source backend-as-a-service platform for web and mobile. It is a cloud service that lets you easily create, manage, and publish back-end for web applications and mobile. It also allows the hosting of the whole system to be developed, including the front end. The platform automates and standardizes the most development activities, tests, publications, and documentation that are required to build a back-end in accordance with software development practices. The clients of the company include accenture, EMBRAER, LIVESENSE, etc.
Key facts about Back4App
- Founded Year: 2015
- Location: Sunnyvale (United States)
- Stage: Seed
- Employee Count: 13 as on Dec 15, 2025
- Investors: GE32, Wayra and 11 Others
- Latest Funding Round: Seed, Jun 20, 2018, $*****
Indicator Capital's Year-on-Year Investment Trends
Indicator Capital has invested in 10 companies over the last 4 years, with an average of 2 new investments annually in the last 3 years. In 2025, it made 5 investments. Its most recent first time investment was in Doji and most recent follow-on round was in Infleet.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 4 | 1 | 5 |
2024 | 3 | 0 | 3 |
2023 | 0 | 0 | 0 |
2022 | 1 | 0 | 1 |
Indicator Capital's Investments by Stage
Indicator Capital has made 4 investments in Seed stage with an average round size of $1.07M and 4 investments in Series A stage with an average round size of $5.64M.Stage of entry | No. of Investments |
|---|---|
Seed | 4 |
Series A | 4 |
Note: We have considered here, only first round of investments
Indicator Capital's Investments by Sector
Indicator Capital has a diverse portfolio, with companies operating in the Enterprise Applications, Business Services, Consumer, High Tech and Blockchain Technology. Notably, it has invested in 10 Enterprise (B2B) companies, 10 Tech companies, 7 Software companies and at least 5 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Enterprise Applications | 5 |
Business Services | 3 |
Consumer | 3 |
High Tech | 3 |
Blockchain Technology | 2 |
Others | 12 |
Note: We have considered here, only first round of investments
Indicator Capital's Investments by Geography
Indicator Capital has made most investments in Brazil (6), followed by United States where it has made 1 investment.Country | No. of Investments |
|---|---|
Brazil | 6 |
United States | 1 |
Uruguay | 1 |
Note: We have considered here, only first round of investments
Indicator Capital's recent investments
Indicator Capital has not made any investment in 2026 so far.Here are the most recent investments by Indicator Capital:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Nov 27, 2025 | Brazil | Seed | 3230 | - | |
Oct 15, 2025 | Brazil | Series A | 2229 | [+5] | |
Sep 19, 2025 | Brazil | Series A | 4861 | [+4] | |
Aug 27, 2025 | Uruguay | Series A | 5473 | [+1] | |
Jul 25, 2025 | Brazil | Seed | 6986 | [+1] |
Team profile of Indicator Capital
Indicator Capital has a team of 6 members located in Brazil. Indicator Capital's team does not sit on the board of any company as of now.Co-investors of Indicator Capital
Over the past 4 years, 27 investors have co-invested in Indicator Capital's portfolio companies. This includes funds and angels.
- Invested before Indicator Capital: Igah Ventures, Alexia Ventures and 9 others have invested in rounds before Indicator Capital. There is 1 company where Igah Ventures has invested before Indicator Capital and 1 company where Alexia Ventures has invested before Indicator Capital.
- Top Co-investors of Indicator Capital: 13 investors entered a company along with Indicator Capital. These include investors like Canary (1 company).
- Invested after Indicator Capital: A total of 3 investors have invested in Indicator Capital's portfolio after their investments. Top Investors include Canary (1 company), Endeavor (1 company) and BLUSTONE (1 company).
Recent News related to Indicator Capital
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Indicator Capital invests R$3 million in Doji in pre-Series A roundFusoes & Aquisicoes•Nov 28, 2025•Doji, Indicator Capital, Doji
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Lumx raises US$3.4 million in new investment round to accelerate stablecoin market in Latin AmericaMoneytimes•Oct 15, 2025•Indicator Capital, Luma Financial Technologies, CMT Digital, Lumx and 2 others
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INFLEET raises R$ 40 million in Series A roundFusoes & Aquisicoes•Sep 19, 2025•Indicator Capital, DOMO, Citrino, BLUSTONE and 3 others
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Axenya Secures US$12M to Enhance AI-Driven Corporate Health Platform with Predictive Data.PR Newswire•Aug 27, 2025•Indicator Capital, Zentynel, Axenya, Canary and 3 others
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Fu2re raises R$ 12.5 million - Baguete IABaguete•Jul 25, 2025•Indicator Capital, Copel, Fu2re, VOX Capital
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Multiledgers raises $1M roundLatamList•Nov 12, 2024•Multiledgers, Braskem, Oxygea, Indicator Capital and 1 other
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Monuv extends round with indicator and total R $ 11 million in contributionsFusoes & Aquisicoes•Aug 03, 2024•Monuv, Indicator Capital, Investtech
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CTA Smart’s $R16 Million Investment RoundGlobal Legal Chronicle•Aug 02, 2024•Zavagnagralha, CTA Smart, BMA, Indicator Capital and 2 others
