Explorer Investments

Explorer Investments, established in 2003, is a leading private equity firm based in Lisbon, Portugal. It specializes in growth capital, buyouts, and expansion financing, investing in various sectors excluding real estate and finance. The firm typically deploys €15-45 million in equity per deal, with a total potential investment of up to €150 million including debt. Explorer seeks active involvement in its portfolio companies, taking at least one Board seat and aiming for a majority or minority stake with decisive influence. It targets a three to six-year exit horizon, primarily through sales to strategic or financial investors. Additionally, the firm offers real estate and tourism advisory services.

Pedro Coutinho

Partner

Rodrigo Guimaraes

Founding Partner

Elizabeth Rothfield

Founding Partner

Jose Tiago Silva

Partner

Antonio Rocha e Silva

Partner

58 past transactions

eSelf AI

Seed Round in 2024
eSelf AI specializes in creating human-like virtual agents for face-to-face interactions. Their platform employs AI and machine learning to develop conversational digital twins, which can engage customers in natural dialogues, answer queries, provide account information, and handle simple transactions. This enables clients, particularly in financial services, to enhance customer experience and reduce wait times.

Ethiack

Seed Round in 2024
Ethiack is a cybersecurity company that offers a platform focused on autonomous ethical hacking. The company aids organizations in preventing cybercrime by continuously monitoring and testing their digital infrastructure. Ethiack provides comprehensive reports detailing identified vulnerabilities and their severity, along with actionable guides for mitigation. Additionally, the platform includes a working meeting to address any questions, thereby enabling companies to effectively detect and address weaknesses in their systems. By rewarding ethical hackers, Ethiack fosters a symbiotic relationship that enhances overall cybersecurity efforts.

Jove

Seed Round in 2024
Jove Insurance specializes in providing tailored business insurance solutions for contractors, consultants, advisors, and small to medium enterprises. The company's offerings are designed to protect businesses from compensation claims related to bodily injury, property damage, and financial loss when interacting with clients, contractors, or the public. In addition to traditional coverage, Jove Insurance has developed an innovative platform that automates the application of insurance for corporations, ensuring that liability, motor, and health coverage are accurately applied on a project-by-project basis. This system enables businesses to quickly identify under-insured workers and maintain compliance with insurance requirements. Legal support is also part of Jove's services, assisting clients in defending against claims.

Sensei

Series A in 2024
Sensei Tech is a company that specializes in developing AI-powered video recognition systems designed to enhance the retail environment. Founded in 2017 and based in Lisbon, Portugal, Sensei transforms traditional video surveillance cameras into advanced sensors capable of analyzing in-store activities. By employing sophisticated algorithms and integrating computer vision with artificial intelligence, the company enables retailers to digitize their physical spaces and gain valuable insights into customer behavior and product performance. This technology provides retailers with real-time analytics on traffic flow, inventory management, and operational efficiency, fostering a frictionless shopping experience. Sensei's innovative solutions aim to facilitate the transition to autonomous, cash-free stores, thereby reshaping the future of retail.

UpHill

Series A in 2024
UpHill is a digital health startup that specializes in clinical pathway software designed to integrate with existing hospital information systems. This software automates tasks and bridges gaps in patient care, allowing healthcare providers to gain a comprehensive view of patients' statuses throughout their healthcare journeys. By utilizing evidence-based knowledge, UpHill's platform helps health teams enhance patient outcomes and streamline processes. The company collaborates with leading healthcare providers and life science organizations across Europe to address care variability and fragmentation, ultimately improving both patient outcomes and hospital revenues. UpHill's mission is to ensure that healthcare professionals and patients can consistently deliver and receive optimal care.

Bhout

Seed Round in 2023
BHOUT is an innovative gaming company that has developed a unique boxing bag equipped with advanced sensors, 3D computer vision, artificial intelligence, and machine learning. This technology creates an immersive fitness experience by transforming traditional workouts into gamified sessions. BHOUT focuses on an ENTERTRAINMENT ecosystem that encourages individuals to engage in boxing for fun while achieving their fitness goals. The company's offerings include customized boxing workouts that blend cardio exercises with strength training, synchronized to music and lighting for an engaging atmosphere. By combining gaming technology with physical fitness, BHOUT aims to enhance both mental and physical well-being, allowing users to feel empowered through an enjoyable and competitive approach to exercise.

Okra Solar

Seed Round in 2022
Okra Solar is an innovative technology company based in Sydney, Australia, focused on providing rural communities with access to affordable solar energy solutions. Founded in 2016, the company leverages IoT technology and machine learning to create a plug-and-play smart grid system that facilitates the sharing and efficient distribution of energy among solar-generating households. Their approach includes mobile payments, modular grid design, and remote monitoring, enabling utility companies to operate solar networks in hard-to-reach areas at a lower cost. By providing real-time data through cloud software, Okra Solar equips grid owners with the information necessary for effective scaling and management of solar networks. The company's mission is to connect off-grid communities to modern energy resources, fostering the growth of energy-abundant microgrid economies and ensuring reliable and affordable energy access for these underserved populations.

Smarkio

Seed Round in 2016
SMARKIO is a digital marketing platform that assists marketers in generating leads and enhancing campaign performance. The company provides a comprehensive suite of services, including copywriting, marketing automation, and business intelligence. Its platform features automated chatbots, web tracking, lead validation, email marketing, and lead nurturing. Additionally, SMARKIO offers tools for access management and sales optimization, allowing clients to improve communication with their audience and streamline their business processes.

Pagaqui Portugal

Private Equity Round in 2015
Pagaqui Portugal is a company based in Cascais that specializes in providing a comprehensive payment system suite designed for convenience services. The company enables users to perform various transactions, including mobile phone balance transfers, invoice payments, tax payments, ticket purchases, and the acquisition of e-money cash vouchers. These services are facilitated through proprietary Pagaqui Points, allowing customers to make safe and straightforward payments. By focusing on user-friendly solutions, Pagaqui aims to enhance the payment experience for its clients in Portugal.

Shikan & Grill

Private Equity Round in 2015
Shikan & Grill is a drive-in restaurant located in Vila Nova de Famalicão, Portugal, specializing in a diverse menu that features barbecued chicken, burgers, salads, snacks, and desserts. The establishment emphasizes the provision of healthy and fresh fast food options, catering to customers seeking convenient dining solutions through both drive-in and takeaway services. To enhance the customer experience, Shikan & Grill employs digital signage technology to display menu items, prices, and other relevant information, ensuring that patrons have easy access to their offerings.

Throttleman

Private Equity Round in 2015
THROTTLEMAN is a brand operated by Brasopi-Comercio De Vestuário, S.A., which specializes in the retail of apparel. Established in 1991 and based in Maia, Portugal, the company offers a variety of clothing items including t-shirts, children's wear, undergarments, outerwear, swim trunks, and knits. THROTTLEMAN sells its products through both physical retail locations and online channels. However, Brasopi-Comercio De Vestuário, S.A. is currently under liquidation, indicating significant operational challenges.

Marize

Private Equity Round in 2015
Marize is specialized in production of jacquard home textiles.

MM Group Lda

Private Equity Round in 2015
MM Group Lda, based in Braga, Portugal, specializes in the manufacturing of ducts and ventilation components. The company produces a variety of duct shapes, including circular, rectangular, and oval, along with essential components that ensure the effective operation of ventilation systems. By focusing on the quality and functionality of its products, MM Group Lda aims to meet the demands of the ventilation industry.

Ibero Massa Florestal

Private Equity Round in 2015
Ibero Massa Florestal, Lda, established in 2011 and based in Lisbon, Portugal, specializes in the production and commercialization of vegetal coal and biocarbon. The company is recognized as a pioneer in the development of Ecochar, an innovative and environmentally friendly product designed for agricultural and forestry soil enhancement. Utilizing advanced green technology, Ibero Massa Florestal transforms agricultural and forest biomass into bio-charcoal through slow pyrolysis, offering a sustainable and cost-effective alternative to traditional charcoal. Its products cater to both domestic and agricultural markets, emphasizing safety and ecological responsibility.

CRIVEDI VESTUÁRIO

Private Equity Round in 2015
Crivedi Vestuário operates as a manufacturer, distributor, and retailer in the fashion industry, specializing in woven apparel. The company offers a diverse range of clothing items, including shirts, tops, trousers, dresses, and skirts. Crivedi sources and develops various fabrics, such as dyed yarns, printed and embroidered textiles, linens, denim, polyester, and cotton. By focusing on organic materials, Crivedi aims to provide consumers with enhanced clothing options at budget-friendly prices while delivering a personalized and unique service.

Texamérica - Têxteis

Private Equity Round in 2015
Texamérica - Têxteis, Lda. is a Portuguese company operating in the fashion industry, focusing on the production of apparel made from circular knitted and plain fabrics. The company manufactures a wide range of light fabric clothing for men, women, and children, specializing in knitted garments including tops, dresses, shirts, trousers, and cardigans. By offering various qualities and compositions, Texamérica aims to meet the diverse needs of its customers in the clothing market.

Scoop Portugal

Private Equity Round in 2015
Scoop Portugal, operating under the name Scorecode Têxteis SA, is an exporting company in the textile industry, renowned for its experienced and dedicated workforce. The company specializes in manufacturing and supplying clothing products tailored primarily for sportswear. Its diverse product range includes vests, trousers, jersey polos, and thermic jackets, catering to various sporting activities such as skiing, mountaineering, snowboarding, and golf. By focusing on the specific needs of its customers, Scoop Portugal provides high-quality apparel designed for performance and comfort.

Greenfiber Tech

Private Equity Round in 2015
Greenfiber Tech, S.A., founded in 2011 and based in Rebordosa, Portugal, specializes in the manufacture of sustainable composite products aimed at enhancing outdoor spaces. The company focuses on developing innovative materials that combine natural fibers with a polymer base, resulting in high-performance solutions without the use of harmful additives, stabilizers, or pigments. By utilizing selected natural materials and promoting the recovery and reuse of raw materials, Greenfiber Tech significantly reduces environmental impact. Their flagship product, SmartComposite®, exemplifies this approach, offering a durable and visually appealing alternative for applications such as flooring and decking, where traditional wood products may fall short. The company's commitment to sustainability positions it as a leader in the green materials market, addressing both aesthetic and functional needs.

Adclick

Private Equity Round in 2015
Adclick is a digital marketing company that specializes in online marketing, lead generation, and web traffic solutions for businesses. It operates a platform designed to facilitate content creation and distribution, helping companies develop effective strategies and utilize digital technologies to enhance their brand relationships. By focusing on building connections between businesses and their target audiences, Adclick enables clients to engage with consumers more effectively and efficiently.

Douro41 Hotel & Spa

Private Equity Round in 2015
The Douro41 Hotel & Spa is a contemporary hotel in harmony with the amazing natural surroundings. Beautifully situated hotel, right on the banks of the Douro, with fabulous views and excellent room comfort. Almost everywhere in the hotel you look out on the passing river and the green hills. The guarantee par excellence for a relaxing stay in a natural and contemporary setting.

BBG Aluminium Systems

Private Equity Round in 2015
BBG Aluminium Systems specializes in the manufacturing and assembly of a wide range of aluminum products, including doors, windows, metal structures, railings, and guardrails. The company focuses on creating a minimalist design for its aluminum windows, which are tailored to meet customer specifications and enhance technical performance. By combining advanced technology with high-quality raw materials, BBG Aluminium Systems aims to deliver products that reflect both functionality and aesthetic appeal, contributing to contemporary urban architecture.

Villa C Boutique Hotel

Private Equity Round in 2015
Villa C Boutique Hotel is a DHM - Discovery Hotel Management unit and a member of Design Hotels.

Grestel

Private Equity Round in 2014
Grestel is a manufacturer specializing in tableware, serving accessories, and ovenware crafted from high-fired stoneware and premium natural resources sourced from Portugal. The company combines artisanal ceramic techniques with advanced technology to produce durable and stylish products suitable for oven-to-table use. By integrating traditional craftsmanship with modern manufacturing processes, Grestel aims to deliver innovative sandstone products that cater to a global clientele, ensuring that each piece meets the needs of contemporary dining while maintaining high quality and aesthetic appeal.

Espaço Casa

Acquisition in 2014
Espaço Casa is a privately held company that operates a chain of retail stores specializing in household items and utilities. The business focuses on providing a wide range of products to meet customers' home needs, offering them an affordable and convenient shopping experience. By consolidating various household goods under one roof, Espaço Casa aims to simplify the purchasing process for consumers seeking essential items for their homes.

Francork

Private Equity Round in 2014
Frankcork provides its customers with the highest quality cork products plus additional added-value services to partner companies.

Vicoustic - Innovative Acoustic Solutions

Private Equity Round in 2014
Vicoustic is a designer, engineer, and manufacturer of acoustic products, focusing on custom-designed solutions for both professional and home audio environments. The company offers a diverse range of products, including professional audio systems and high-fidelity home cinema setups suitable for workspaces and public areas. These products are developed through extensive research and testing at Vicoustic's R&D Center, ensuring they meet high standards of design and sound quality. Additionally, Vicoustic provides training programs such as the Vicoustic Academy Room Acoustics course, which educates participants on the interaction of sound energy with materials in enclosed spaces, enhancing their understanding of acoustical response.

Girandola - Valindo - Texteis, SA

Private Equity Round in 2014
Girandola - Valindo - Texteis, SA is a Manufacturer and retail of clothes for babies and children

Moldit

Private Equity Round in 2014
Moldit has a Design department in Portugal, two manufacturing facilities (Portugal and Brazil) and a network of partners across the world.

GlobalTest

Private Equity Round in 2014
Globaltest is a privately held company based in Barcelos, Portugal, specializing in vehicle inspection services. The company offers MOT test services aimed at promoting road safety and ensuring the security of drivers by assessing the condition of their vehicles. Globaltest is committed to helping drivers maintain safe vehicles while also responding to societal and environmental responsibilities. Through its services, the company plays a vital role in enhancing vehicle safety and supporting responsible driving practices.

The Ramiro group

Private Equity Round in 2014
The Ramiro group is a supplier to the footwear industry.

Skypro

Private Equity Round in 2014
Skypro is a global brand focused on enhancing the uniforms, performance, and quality of life for aviation industry professionals. The company specializes in designing, manufacturing, and delivering elegant and functional uniforms for airline employees, as well as producing footwear tailored to their needs. In addition to its apparel offerings, Skypro provides a fully integrated software system that manages all aspects of uniform requirements for companies in the aviation sector. This comprehensive approach aims to elevate the standards of crew apparel while improving operational efficiency for airlines.

Tintex Textiles

Private Equity Round in 2014
Tintex Textiles is a manufacturer and supplier of eco-responsible knitted fabrics located in Vila Nova de Cerveira, Portugal. The company specializes in high-quality, natural-based jersey fabrics, primarily serving the contemporary fashion, sport, and lingerie markets. Tintex employs advanced sustainable dyeing and finishing processes, along with proprietary mercerization and coating techniques, to enhance the aesthetic appeal and functionality of its products. This commitment to innovation allows clients in the textile industry to access unique and refined fabrics while minimizing lead times. Through its focus on sustainability and quality, Tintex Textiles aims to meet the evolving needs of its customers.

Brandcare

Private Equity Round in 2013
Brandcare is a privately held retailer based in Miraflores, Portugal, specializing in a diverse range of beauty, home, and personal care products. The company offers an array of items, including clothing, hygiene and cleaning products, as well as perfumeries, skincare, and makeup. By focusing on quality and customer satisfaction, Brandcare aims to meet the various needs of consumers in the personal care and hygiene sectors.

Six Senses Douro Valley

Private Equity Round in 2013
Six Senses Douro Valley is a luxury hotel and spa situated in Lamego, Portugal, within the scenic Douro Valley. The establishment offers a variety of accommodations, including rooms, suites, and villas, catering to a diverse clientele. Guests can enjoy a range of amenities, including a full-service spa, multiple dining options, a wine library, and swimming pools. Additionally, the hotel features an organic garden that enhances the guest experience and complements the region's rich agricultural heritage. With its picturesque surroundings and comprehensive facilities, Six Senses Douro Valley provides a tranquil retreat for visitors seeking relaxation and rejuvenation.

ROQ

Private Equity Round in 2013
ROQ is a manufacturer of textile printing and packaging machinery, specializing in automatic screen printing machines. Founded in 1983 and based in Vila Nova de Famalicão, Portugal, the company is recognized for its precision, reliability, and durability in its product offerings. ROQ designs and builds hybrid screen printing and digital textile stamping equipment tailored for garment manufacturers, particularly those serving mass-market brands. This enables clients to utilize both digital and analog direct-to-garment printing technologies, supporting a wide range of textile printing needs.

Caixiave - Frames Industry SA

Private Equity Round in 2013
CAIXIAVE is currently leading the Iberian market for efficient windows and doors.

MEU SUPER

Private Equity Round in 2013
My Super is the brand of the new proximity stores in franchising format of the group Sonae MC, with dimensions between 100 and 500 m2.

nMusic

Private Equity Round in 2013
NMusic was established in 2010 as a subsidiary of Diligence Capital SGPS SA, with the goal of innovating digital content distribution in the music industry. The company has developed a comprehensive music platform that empowers partners to own, brand, and commercialize their own music and video services. This platform features a range of offerings, including audiovisual experiences, video clips, radio, lyrics, and karaoke, along with a unique radio experience and cultural agenda. Notably, NMusic's service allows users to access their saved playlists offline, enabling them to enjoy music without incurring data costs or roaming charges.

Finieco

Private Equity Round in 2013
Finieco is a manufacturer based in Santo Tirso, Portugal, specializing in environmentally friendly paper bags for the commercial and food packaging industries. The company focuses on providing sustainable packaging solutions made from biodegradable raw materials sourced from sustainable forestry operations. Operating primarily in European markets, Finieco aims to meet the growing demand for eco-conscious packaging alternatives, aligning with trends towards sustainability in consumer goods.

NDrive

Private Equity Round in 2013
NDrive, founded in 2007 and headquartered in Porto, Portugal, specializes in cloud-based navigation software that leverages on-board map data to provide a seamless user experience. The company's solutions include detailed turn-by-turn navigation, real-time traffic updates, and integration with social networks, making them suitable for a variety of platforms including mobile devices and automobiles. NDrive utilizes mapping data from sources such as OpenStreetMap, Here, and TomTom, ensuring comprehensive global coverage. With a customer base of several million active users across more than 50 countries, NDrive has established itself as a key player in the navigation sector, having developed solutions for over 50 partners worldwide. Its recent application, Karta GPS, has received positive feedback across diverse markets. NDrive's software is installed on over 20 million devices, reflecting its strong position in high-growth markets and commitment to providing advanced location-based services.

Adla Aluminium SA

Private Equity Round in 2013
ADLA is the result of years of experience in the aluminum industry. Based in the Indigenous Area of ​​Lameira in Celorico de Basto, the area of ​​action of ADLA goes from the extrusion to the commercialization and treatment of aluminum profiles, through the assembly of profiles with thermal rupture and the development of several solutions for application in architecture and industry.

Totalmedia Group

Private Equity Round in 2010
Totalmedia Group specialize in the delivery of promotional leaflets to the home through field teams that provide a door-to-door service.

PowerVia

Private Equity Round in 2010
PowerVia is a privately held company that provides logistics and transportation services.

Gascan

Acquisition in 2009
Gascan operates as a distributor of piped propane gas in Portugal, serving approximately 60,000 customers. The company focuses on providing a safe and convenient energy source for both residential and bulk users. By prioritizing fast and efficient service, Gascan aims to enhance customer safety, well-being, and overall satisfaction with its offerings.

Solzaima

Venture Round in 2008
Solzaima is a designer and manufacturer of biomass heating equipment focused on promoting clean, renewable, and cost-effective energy solutions. The company offers a range of products, including wood and pellet heating systems such as insert fireplaces, stoves, and boilers. These products are designed for both central and local heating applications, allowing customers to utilize more ecological and economical methods for their heating needs. By providing sustainable alternatives, Solzaima contributes to the shift towards cleaner energy consumption.

Probos Group

Acquisition in 2008
Probos Group produces, supplies, and exports protective, functional, and decorative thermoplastic edgings for the furniture industry. The company offers polymethyl metacrylate–acrylic, acrylonitrile butadiene styrene (ABS), polyvinyl chloride (PVC), polypropylene, and paintable PVC and ABS edgings.

Starfoods

Private Equity Round in 2008
Starfoods SA is a privately held company that operates a fast food restaurant chain throughout Portugal. The company manages food courts located in shopping centers, offering a diverse menu that includes sandwiches, rusks, wraps, and salads. By focusing on convenience and variety, Starfoods aims to cater to a wide range of customer preferences, positioning itself as a key player in the Portuguese fast food market.

Crioestaminal

Private Equity Round in 2007
Crioestaminal is a biotechnology company focused on the preservation of stem cells for potential future medical use. It specializes in the cryopreservation of stem cells derived from umbilical cord blood and tissue. The company provides services for the collection, isolation, and preservation of these stem cells, ensuring that patients and healthcare providers have access to a valuable resource for blood transfusions and potential treatments for various ailments. Through its innovative techniques, Crioestaminal aims to contribute to advancements in regenerative medicine and improve patient outcomes.

Mop

Private Equity Round in 2007
Mop is a privately held company that operates as an advertising company.

Insyncro

Acquisition in 2007
Insyncro is a privately held company that provides services for the design, production, and implementation of stands.

Oficina do Livro

Acquisition in 2006
Oficina do Livro is a privately held publishing company that specializes in the publication and distribution of both fiction and non-fiction works, as well as children's and youth literature. The company focuses on providing a diverse range of non-educational books, catering to various audiences and interests. Through its publishing services, Oficina do Livro aims to contribute to the literary landscape by offering quality titles that engage readers of all ages.

Industrias H. Pardo

Venture Round in 2006
Industrias H. Pardo manufactures and markets hospital and nursing, geriatric, and home beds and furniture. The company offers armchairs, bedside tables, cranes, cribs, accessories, mattresses, covers, and pillows. It serves customers in Spain and internationally.

Nutricafes

Private Equity Round in 2006
Nutricafes is a company that specializes in the production and marketing of coffee, operating within the restaurant industry. It manages two coffee brands, Nicola and Chave D'Ouro, which are exported globally, with significant markets in Angola, Cape Verde, Brazil, the United States, and the United Kingdom. Nutricafes focuses on delivering high-quality coffee products while expanding its reach in both domestic and international markets.

Holmes Place

Private Equity Round in 2005
Holmes Place is a premium health, fitness, and wellness company that has been a leader in the industry for over 35 years. The company operates health clubs and spas, providing a range of physical fitness facilities and services. Its offerings include premium, energy, and family clubs, as well as specialized services such as icon fitness and personalized coaching. Additionally, Holmes Place produces magazines focused on fitness and wellness, covering topics like functional training for small groups and health days.

Nuter

Funding Round in 2005
Nuter is one of the largest animal nutrition companies in the Iberian peninsula. It employs over 500 people and annually produces one million tonnes of animal feed.

Speedbird Aero

Speedbird Aero is a prominent developer of intelligent uncrewed aircraft systems (UAS), focusing on innovative drone hardware and software solutions to tackle various logistical challenges. The company specializes in providing drone logistics solutions, particularly for package delivery and emergency response, aiming to enhance the efficiency and safety of these operations. By leveraging autonomous drone technology, Speedbird Aero facilitates faster and more reliable delivery services for businesses, logistics providers, and healthcare facilities, thereby advancing the capabilities of the drone industry.
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