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

Co-Founder, Partner, Board Member and CEO

Elizabeth Rothfield

Co-Founder, President of the Board, Investment Commission Member and CEO

Jose Tiago Silva

Partner, Member of the Executive Committee and Board Member

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 the financial services sector, to enhance customer experience and reduce wait times.

Ethiack

Seed Round in 2024
Ethiack is a cybersecurity company that offers a platform designed for autonomous ethical hacking. It focuses on preventing cybercrime by continuously monitoring and testing the digital infrastructures of organizations. The platform provides comprehensive reports that detail vulnerabilities and their severity, along with guides for mitigation. Additionally, Ethiack facilitates working meetings to address any questions, enabling companies to effectively identify and address weaknesses in their systems. By promoting a symbiotic relationship between organizations and ethical hackers, Ethiack enhances overall cybersecurity resilience.

Jove

Seed Round in 2024
Jove is a provider of specialty business insurance tailored for contractors, consultants, experts, advisors, and small to medium-sized enterprises (SMEs). The company focuses on protecting businesses against compensation claims related to bodily harm, property damage, and financial loss that may arise during interactions with customers, contractors, and suppliers. Jove's innovative insurance platform incorporates an embedded system that allows for the automatic application of insurance coverage, ensuring that businesses can easily access various insurance products, including liability, motor, and health coverage. This project-by-project approach enables companies to promptly identify under-insured workers and maintain compliance with insurance requirements. In addition to coverage, Jove offers legal support to assist businesses 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 focused on enhancing patient care through its clinical pathway software, which integrates seamlessly with existing hospital information systems. The software automates tasks and bridges gaps in care, providing healthcare providers with a comprehensive view of patient status throughout their journeys. By leveraging evidence-based knowledge through structured clinical pathways, UpHill enables healthcare teams to improve patient outcomes and streamline care processes. The company collaborates with leading healthcare providers and life science organizations across Europe to minimize care variability and fragmentation, ultimately enhancing both patient outcomes and hospital revenues. UpHill is dedicated to ensuring that both healthcare professionals and patients receive optimal care at all times.

Bhout

Seed Round in 2023
Bhout is an innovative gaming company that merges fitness with technology, focusing on creating an engaging boxing workout experience. It has developed a unique boxing bag equipped with advanced sensors, 3D computer vision, artificial intelligence, and machine learning, which facilitates an interactive and entertaining fitness environment. Central to Bhout's offerings is its ENTERTRAINMENT ecosystem, designed to gamify fitness by allowing users to create content, play, fight, and compete. The company aims to provide a customized boxing workout that combines cardio exercises and strength training, all synchronized with music and dynamic lighting. This approach enables individuals to enjoy a fun and competitive atmosphere while working toward their personal fitness goals. By integrating gaming technology with physical fitness, Bhout encourages users to enhance their well-being through an engaging and motivating workout experience.

Okra Solar

Seed Round in 2022
Okra Solar is an innovative technology company based in Sydney, Australia, focused on facilitating access to affordable solar energy for rural and off-grid communities. Founded in 2016, the company has developed a plug-and-play smart grid solution that leverages IoT technology, machine learning, and mobile payments to enable solar generating communities to share and efficiently utilize energy. Its modular grid design allows for rapid electrification of last-mile areas, while cloud software provides real-time data to utility companies, helping them manage and scale solar networks effectively. By connecting these communities to reliable and affordable energy sources, Okra Solar aims to integrate them into the modern economy and promote energy abundance.

Smarkio

Seed Round in 2016
Smarkio is a digital marketing platform that specializes in enhancing lead generation and campaign performance for marketers. The company offers a comprehensive suite of services, including marketing automation software, automated chatbots, web tracking, lead validation, email marketing, and lead nurturing. Additionally, Smarkio provides tools for access management and sales optimization, which facilitate improved communication between clients and their audiences. Through its diverse offerings, Smarkio aims to streamline business processes and enhance the effectiveness of marketing efforts.

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, known for its diverse menu featuring various types of barbecued chicken, burgers, salads, snacks, and desserts. The establishment offers customers the convenience of enjoying healthy and fresh fast food through both drive-in and takeaway options. In addition to its culinary offerings, Shikan & Grill has incorporated digital signage to enhance the customer experience, providing information about menus, pricing, and external communications. This strategic integration aims to streamline service and improve customer interaction within the restaurant environment.

Throttleman

Private Equity Round in 2015
Throttleman is a retail brand owned by Brasopi-Comercio De Vestuário, S.A., which was established in 1991 and is based in Maia, Portugal. The company specializes in the sale of a diverse range of apparel, including t-shirts, kids' wear, undergarments, outerwear, swim trunks, and knits. Throttleman operates both physical retail stores and online channels, allowing it to cater to a broad customer base. However, it is important to note that Brasopi-Comercio De Vestuário, S.A. is currently under liquidation.

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, founded in 2011 and based in Lisbon, Portugal, specializes in the production and commercialization of vegetal coal and bio-charcoal. The company is recognized as a pioneer in the marketing of biocarbon for both domestic and agricultural applications. Ibero Massa Florestal utilizes innovative green technology and slow pyrolysis processes to convert agricultural and forest biomass into eco-friendly bio-fuel. This approach offers a safe and cost-effective alternative to conventional charcoal, while also contributing to the restructuring of agricultural and forestry soils. With a focus on sustainability, Ibero Massa Florestal aims to meet the growing demand for ecological products in various sectors.

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 using circular knitted and plain fabrics. The company manufactures a diverse range of light fabric clothing for men, women, and children, specializing in knitted garments that include tops, dresses, shirts, trousers, and cardigans. Texamérica is committed to offering products with varying qualities and compositions, catering to different consumer needs within the apparel market.

Scoop

Private Equity Round in 2015
Scoop Portugal is a manufacturer and supplier specializing in clothing products with a strong focus on sportswear. The company offers a diverse range of apparel, including vests, trousers, jersey polos, and thermic heat jackets, tailored for various sporting activities such as skiing, mountaineering, snowboarding, and golf. Known for its high level of experience and dedication, Scoop Portugal prioritizes the human factor in its operations, ensuring that it meets the specific needs of its customers in the active lifestyle market.

Greenfiber Tech

Private Equity Round in 2015
Greenfiber Tech, S.A., founded in 2011 and headquartered in Rebordosa, Portugal, specializes in the manufacture of innovative composite products aimed at outdoor applications, particularly flooring and decking. The company focuses on developing sustainable solutions by utilizing selected natural materials, which promotes the recovery and reuse of raw materials, thereby minimizing environmental impact. Greenfiber Tech emphasizes the responsible production of composite materials, avoiding harmful additives, stabilizers, or pigments. Their flagship product, SmartComposite®, combines various natural fibers with a polymer base, striking a balance between performance and eco-friendliness. This commitment to enhancing product durability and visual appeal makes Greenfiber Tech a significant player in the green materials sector.

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 help clients effectively engage with their target audiences. By providing tailored strategies, content, and digital technologies, Adclick aims to strengthen the connections between brands and consumers. The company's focus is on facilitating seamless communication and enhancing the overall marketing effectiveness for its clients.

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 of tableware, serving accessories, and ovenware based in Portugal, utilizing the finest natural resources and an original high-fired stoneware formula. The company integrates traditional artisanal ceramic craftsmanship with advanced technology to create durable, stylish, and innovative sandstone products. By combining high-quality raw materials with expert handmade techniques and high-temperature processes, Grestel offers customers around the world an extensive range of oven-to-table items that include matching dinnerware. The company is dedicated to delivering fine products that meet contemporary design standards while maintaining the integrity of artisanal manufacturing.

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 company focuses on providing a wide range of essential home products, allowing customers to conveniently fulfill their household needs at affordable prices. Through its retail outlets, Espaço Casa aims to enhance the shopping experience by offering a diverse selection of items that cater to various home utility requirements.

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 provides MOT test services aimed at enhancing road safety and ensuring the security of drivers and their vehicles. By promoting responsible vehicle maintenance, GlobalTest contributes to the safety of drivers while also addressing societal and environmental concerns. Through its comprehensive inspection services, the company helps customers maintain their vehicles in optimal condition, thereby fostering a safer driving experience.

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 that specializes in the manufacturing of footwear and clothing tailored for professionals in the aviation industry. The company is dedicated to enhancing the quality of life and performance of airline employees by designing and producing elegant and functional uniforms. In addition to its apparel offerings, Skypro provides a comprehensive software system that effectively manages the uniform needs of its clients, ensuring a seamless and integrated solution for airline staff.

Tintex Textiles

Private Equity Round in 2014
Tintex Textiles is a manufacturer and supplier of high-quality, eco-responsible knitted fabrics based in Vila Nova de Cerveira, Portugal. The company specializes in natural-based jersey fabrics and leverages advanced sustainable dyeing and finishing processes to cater to the contemporary fashion, sport, and lingerie markets. Tintex employs proprietary mercerization and coating techniques to refine its lyocell fabrics, creating distinctive appearances across its product ranges. This commitment to quality and sustainability allows clients in the textile industry to benefit from innovative products while minimizing lead times.

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's offerings include clothing, hygiene and cleaning items, as well as perfumeries, pharmaceuticals, skincare, and makeup products. By focusing on quality and customer satisfaction, Brandcare aims to meet the needs of consumers seeking effective and reliable personal care solutions.

Six Senses Douro Valley

Private Equity Round in 2013
Six Senses Douro Valley is a luxury hotel and spa situated in Lamego, Portugal, nestled within the scenic Douro Valley. The establishment offers a range of accommodations, including rooms, suites, and villas, designed to provide a comfortable and upscale experience for guests. In addition to its lodging facilities, the hotel features a comprehensive spa, multiple restaurants, and a wine library that highlights the region's renowned viticulture. Guests can also enjoy recreational amenities such as swimming pools and an organic garden, all set against the stunning backdrop of the Douro Valley. This combination of luxurious accommodations and wellness-focused services positions Six Senses Douro Valley as a premier destination for travelers seeking relaxation and indulgence in a picturesque setting.

ROQ

Private Equity Round in 2013
ROQ is a manufacturer of textile printing and packaging machinery based in Vila Nova de Famalicão, Portugal. Founded in 1983, the company specializes in creating automatic screen printing machines known for their precision, reliability, and durability. ROQ's product line includes hybrid screen printing and digital textile stamping equipment tailored for garment manufacturers, particularly those serving mass-market brands. The company, formerly known as S.Roque - MAquinas E Tecnologias Laser, S.A., has established a reputation for delivering innovative solutions that support both digital and analog direct-to-garment printing needs in the textile industry.

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, aiming to innovate digital content distribution in the music industry. The company has developed a comprehensive music platform that empowers partners to own, brand, and commercialize their music and video services. This platform offers an enhanced audiovisual experience, featuring video clips, radio, lyrics, and karaoke options, alongside a unique radio experience and cultural agenda. Notably, it allows users to access music offline, enabling them to listen to saved playlists without incurring data charges or roaming fees. Through its solutions, NMusic seeks to satisfy the needs of consumers, partners, and music agents alike.

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 is a company based in Porto, Portugal, specializing in cloud-based navigation software. Founded in 2007 as a spin-off from a digital map business, it has developed solutions that provide users with a network-independent experience, incorporating on-board map data and connecting to the cloud for a variety of Location Based Services. These services include real-time traffic updates, map updates, and integration with social networks, all delivered in multiple languages. NDrive leverages mapping data from sources such as OpenStreetMap, Here, and TomTom, and has built a customer base of several million active users in over 50 countries. The company collaborates with telecom companies, original equipment manufacturers, and automotive manufacturers to enhance navigation experiences and has installed its software on more than 20 million devices worldwide. Its latest application, Karta GPS, has received positive reviews in diverse markets, further establishing NDrive's presence in high-growth sectors. With a skilled team of around 50 individuals, NDrive is positioned to capitalize on emerging opportunities in the navigation and location services industry.

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 is a company that owns and operates various gas networks in Portugal, supplying propane gas to approximately 60,000 customers. The company focuses on delivering a safe and convenient energy source, primarily to residential and bulk users. Gascan is committed to providing efficient service, ensuring that customers experience safety and satisfaction in their energy usage. Through its distribution network, the company aims to meet the growing demand for reliable gas services in the region.

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 specializes in producing wood and pellet heating appliances, including insert fireplaces, stoves, and boilers, suitable for both central and local heating applications. By offering these environmentally friendly products, Solzaima enables its customers to adopt more ecological and economical heating methods, contributing to the transition towards sustainable energy use.

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 based in Portugal that operates a chain of fast food restaurants. The company specializes in serving a diverse range of food options, including sandwiches, rusks, wraps, and salads. In addition to standalone locations, Starfoods operates food courts within shopping centers, allowing it to reach a broad customer base throughout the country. By focusing on variety and accessibility, Starfoods aims to meet the fast-paced demands of contemporary consumers.

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 of both fiction and non-fiction works, as well as children's and youth literature. The company offers a range of publishing services, including the distribution of non-educational books, positioning itself as a versatile player in the literary market. Through its diverse catalog, Oficina do Livro aims to cater to a broad audience, promoting a variety of voices and narratives in the literary landscape.

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 pioneering company focused on developing intelligent uncrewed aircraft systems (UAS) for logistic applications. They design advanced drone hardware and software solutions tailored to address various logistical challenges, such as package delivery and emergency response. The company's mission is to enhance safety, speed, and efficiency in logistic operations through autonomous drone technology. Speedbird Aero aims to make drone delivery a reality today for businesses, logistics services, and healthcare facilities, thereby advancing the broader drone industry.
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