Derek Bittar


The brain, the creator, Derek is a value investor, capable of seeing beyond horizon.

Before co-founding IndicatorCapital, he occupied a senior position as long-term equity investor for Itau Asset Management. Having worked for 13 years with equity investments, Derek is a fellow at 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 is an avid cyclist and loves observing nature to nurture his ideas.                                                                                                                                                                                                                                         

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Thomas Bittar


The heart, the strategist, Thomas is a deal maker, one of few ever bound to any limits.

Thomas is a seasoned executive with over 15 years of financial experience at bulge bracket firms, such as JPMorgan, Bradesco BBI Investment Bank and Gavea Investments Private Equity. He 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 has a BA with honors from Boston University School of Management and is a candidate to receive a certificate from the Owner/President Management Program (OPM) at Harvard Business School. He is a disciplined Ironman triathlete and sailor.

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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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Carol 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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