PandaDoc raises 5 million from Indico to expand business and invest in AI. PandaDoc receives 5 million euros from Indico Capital Partners to accelerate its AI innovation and expand teams in Lisbon. PandaDoc, a document automation company and provider of contract management solutions, announced today a new investment of 5 million euros made by Indico Capital Partners. Founded in 2013 by Mikita Mikado (CEO) and Serge Barysiuk (CTO), the company was born from its founders' frustration with inefficient document processes that prevent small businesses from competing with larger companies. After shifting its focus to document automation software, PandaDoc grew rapidly, establishing its headquarters in San Francisco, and began its global expansion. In September 2021, the company achieved unicorn status, with a valuation exceeding one billion dollars. Currently, PandaDoc helps fast-growing companies drive sustainable revenue, build brand credibility, and eliminate hours of manual work. Sales, operations, and revenue management teams use PandaDoc to manage critical document workflows, from proposals and contracts to billing and payments. PandaDoc currently has an office in Lisbon, serving as a crucial strategic and operational hub in Europe for the company. The investment from Indico will drive the next phase of AI innovation at PandaDoc. "With Lisbon already established as a strategic European hub, the partnership will accelerate the development of advanced AI-based features while enabling the expansion of local teams. This collaboration reinforces Portugal's position as a growing global center of excellence in AI and ensures that PandaDoc benefits from world-class operational guidance and local support from Indico," explains the company in a statement. "We are very happy to establish a partnership with Indico Capital Partners to begin a new chapter of growth," says Mikita Mikado, co-founder and CEO of PandaDoc, in the same note. "Indico's extensive experience in AI and its track record of success in supporting the growth of technology companies make Indico the ideal partner to help us accelerate our AI innovation. We are excited to consolidate our presence in Portugal's vibrant technology ecosystem and, at the same time, add even more value to our customers worldwide," he adds. According to Stephan de Moraes, President of Indico Capital Partners, "we are very pleased to support PandaDoc, a global leader in the document management category. Its significant presence in Portugal and its expansion momentum are perfectly aligned with our strategy of supporting the local ecosystem and generating excellent returns for our investors - both for early-stage investments and for rounds in more advanced-stage companies, as is the case with PandaDoc. We are excited to work with Mikita and the team to continue expanding their presence in Europe." Recently, Indico Capital Partners launched its sixth fund, the Indico VC Fund III of 125 million euros, a crucial moment for the company and for the entire venture capital ecosystem of Southern Europe. The first closing of the fund will occur in December 2025, to incorporate investors from SIFIDE II, after confirmation of the European Investment Fund having announced a €30M investment in VCIII.

Índico Capital Partners has invested €5 million in PandaDoc, a document automation and contract management platform. The funding will support expansion of PandaDoc's artificial intelligence team in Lisbon, which serves as a strategic and operational hub for the company in Europe. Founded in 2013, PandaDoc provides document workflow management solutions for sales, operations and revenue teams. The company achieved unicorn status in September 2021 with a valuation exceeding $1 billion. The investment comes as Índico Capital Partners launches its sixth fund, Indico VC Fund III, totalling €125 million. Stephan de Moraes, chairman of Índico Capital Partners, said PandaDoc's significant presence in Portugal aligns with the firm's strategy of supporting the local ecosystem whilst generating returns for investors.

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