Derek Lundgren Bittar

General Partner

Before IndicatorCapital, Derek built a track record for several years as an angel 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 is a fellow of the Society of Kauffman Fellows, 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 avid road cyclist

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Thomas Lundgren Bittar

General Partner

Thomas is a seasoned executive with over 15 years of financial experience at bulge bracket firms, such as JPMorgan, Bradesco BBI Investment Bank and Gávea Investments Private Equity. He gathered experience as angel investor on the sidelines of his professional career. Thomas holds a leadership stature as advisor to the board of Pernambucanas’ holding companies, a family owned business and one of the largest Brazilian retailers. He is a graduate of the Harvard Business School OPM program, is an HBS alumnus, and has a BA with honors from Boston University School of Management. He is a disciplined marathoner, Ironman triathlete and sailor.      

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Fabio Iunis de Paula

General Partner

Fabio is one of the most experienced venture capitalists in Latin America, and joined IndicatorCapital as General Partner and Managing Director in January 2018. He contributed to IndicatorCapital’s foundation as an Advisor and Limited Partner. Until December 2017, Fabio served for three years as Business Director for Intel LatAm division, leading over 300 PoCs in digital transformation. Starting in January 2001, he performed as Investment Director for Intel Capital for over 13 years, leading several successful venture capital deals from sourcing to exit, supporting company building efforts at board level and carrying out M&A activities in a wide range of tech sectors. Prior to Intel, he was a founding partner of South Net, one of the first Internet incubators in LatAm. Previously, he worked seven years for IBM and Lucent Technologies. He obtained an MBA from Booth, class of 1998, and a BA in Electronic Engineering from USP. Fabio is an accomplished adventure racer and mountain biker.

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Mauro Percinoto


Before joining IndicatorCapital as partner, Mauro was launching Gliq, an IT infrastructure startup. Previously, he had been at IBM for 8 years. He holds a bachelor degree in economics from PUC-Rio. Mauro is a GTD believer, Asana guru, Feldenkrais devotee and ancestral lifestyle practitioner.

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Maria Carolina Lacombe

Senior Analyst

Carol holds a B.A. in International Affairs from FAAP and a master in Finance and Economics (CEAFE) from FGV-EESP. Prior to joining IndicatorCapital, she worked at WayCarbon, a Climate Change Consultancy, and at Performa, a Venture Capital firm focused on disruptive technologies. Carol is passionate about entrepreneurship, social innovation and cycling.

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Mártin Lima


Mártin holds a B.S. in civil engineering from Polytechnic School of USP and is a talented photographer since he was twelve. Motivated by his photography business and social impact mindset, Mártin had an academic life entrenched with different startup ecosystems. Data driven but imaginative, he is a resourceful problem-solver.

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