LCVentures announces two exits in the first quarter of 2021

doDoc and Springkode, two startups invested by LC Ventures, were recently acquired. End Quote

(1888PressRelease) March 23, 2021 - LC Ventures, a Portuguese VC firm with more than 20M€ under management and over 50 tech startups invested at the pre-seed and seed stages, has concluded two exits during this trimester: doDoc and Springkode. The combined amount of over 300K€ was invested in late 2016 and 2019, and ensured a return in excess of 2X DPI.

doDoc, based in Coimbra, is the only enterprise software with a real-time collaborative editor for writing and reviewing enterprise documents, allowing teams to control permissions on a granular level, have full traceability on actions, automate tasks, and benefit from flexible integrations that build on top of existing systems. The company serves enterprise clients in diverse industries, but its main focus is on pharmaceutical and biotechnology companies. It currently works with 7 of the top 20 pharmaceutical companies worldwide, especially in the areas of medical writing, scientific writing, and medical information. The acquisition by Envision Pharma Group, a leading global technology-enabled scientific communications company, will advance its position as a global strategic partner to pharma and its focus on compliance.

Springkode, based in Porto, is a factory-to-consumer marketplace and e-commerce company, which offers ethical fashion and products from various manufacturers. The acquisition will allow PlatformE International to enhance its offerings and spearhead Industry 5.0 technology, connecting in real-time functional dimensions that were never connected before at scale; Points-of-sale (e-commerce, stores, e-tailer, and so on) directly interconnected with manufacturers. A major goal is to reduce fashion’s environmental footprint, remodel the way the fashion industry works and deliver more value to all parts involved in the supply-chain.

“Being able to close these two sales in the current context has shown us the importance of backing the best teams and talent as these are the main drivers for returns even in challenging times. We expect more exits in the coming years as our portfolio begins to mature, although most startups have joined the portfolio quite recently with 4M€ being invested in 24 startups over the last 12 months”, said Pedro Falcao, CEO at LC Ventures. LCVentures manages 21M€ (a 15M€ fund and 6M€ over two investment vehicles) and has the support of the Portuguese Development Bank ( @ ) BPFomento, Portugal 2020 (COMPETE, PO Norte, PO Centro, PO Lisboa) and ERDF/EU.

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