Derek Lundgren Bittar

General Partner

Before co-founding IndicatorCapital in April 2014, Derek was an experienced equities Portfolio Manager who built a successful track record as value investor. Until 2013, he has occupied a senior position as long-term equity investor for Itaú Asset Management, Brazil’s largest investment management firm. Having worked for thirteen years with equity investments, Derek developed a passion for angel investments alongside his career. A fellow of the Society of Kauffman Fellows, he holds an MBA from Wharton, class of 2008 and a BA in Economics from PUC of Rio de Janeiro. Fluent in English, German, French, and Portuguese, Derek writes to empower entrepreneurs in emerging startup ecosystems. He is an ultra-endurance road cyclist.

LinkedIn Twitter Medium

Thomas Lundgren Bittar

General Partner

Before co-founding IndicatorCapital in April 2014, Thomas was a seasoned Investment Banker with over fifteen years of experience at bulge bracket firms, such as JPMorgan, Bradesco BBI and Gávea Investments Private Equity. He gathered experience as angel investor on the sidelines of his professional career. Thomas holds a leadership stature as board-member at Pernambucanas, a family owned traditional Brazilian retailer and consumer finance business. He is a graduate of the Harvard Business School OPM program, class of 2017, and has a BA with honors from Boston University School of Management. Thomas developed a passion for negotiations and family business governance matters. He is a disciplined marathoner, Ironman triathlete and sailor.

LinkedIn Twitter Medium

Fabio Iunis de Paula

General Partner

Fabio is one of the most experienced Venture Capitalists in Latin America. He joined IndicatorCapital at its inception as Advisor and LP and since December 2017 as General Partner. Before that, Fabio served for three years as Business Director for Intel LatAm leading over three hundred PoCs in digital transformation. Starting in January 2001, he performed as Investment Director for Intel Capital for over thirteen years, leading several successful venture capital deals from sourcing to exit. Prior to Intel, he was a founding partner of an Internet incubator and worked for IBM and Lucent Technologies. He obtained an MBA from Chicago Booth, class of 1998, and a BA in Electronic Engineering from USP. Fabio is an accomplished adventure racer and mountain biker.

LinkedIn Twitter

Mauro Percinoto


Mauro joined IndicatorCapital in March 2015. A partner, he is Director of Compliance and Chief Operations Officer. Before joining IndicatorCapital, Mauro co-founded Gliq, an IT infrastructure startup. Previously, he had been with IBM for eight years. He holds a BA in Economics from PUC of Rio de Janeiro. Mauro is a specialist in task-driven management and deploys the GTD methodology. He is an ancestral lifestyle practitioner who applies innovative self-awareness methods for personal and team development.

LinkedIn Medium

Mártin Lima


Mártin joined IndicatorCapital as Analyst in April 2017. He covers FinTech, IT and Services. He holds a BS in civil engineering from Polytechnic School of USP and is a talented photographer since twelve. Motivated by his photography business and social impact mindset, Mártin had an academic life entrenched with different startup ecosystems. Today, he is a volunteer at Amigos da Poli Endowment Fund, where he leads the Careers Center’s Startup Program.

LinkedIn Medium Instagram

Juliane Martins


Juliane joined IndicatorCapital in March 2019. She covers HealthTech, Services and Education. She holds a BA in Economics from School of Economics and Administration of USP. Juliane graduated among the top ten students of the School of Economics and was honored a scholarship to study in Groningen, Netherlands. She was a handball athlete of the Brazilian Handball Confederation and played in several Brazilian States. She is engaged in a project to foster female empowerment in low-income communities.