PORTUGAL VENTURES SELLS SHIFTFORWARD TO A NORTH AMERICAN MARKETING INTELLIGENCE COMPANY.
· Portugal Ventures has succesfully sold ShiftForward, a startup from Porto that develops digital data management solutions.
· ShiftForward aims to make its product the first platform on the market to aggregate consumer data and digital advertising.
Porto, April 12, 2018 – Entering Portugal Ventures' portfolio in 2014, in a co-investment round with two business angels, ShiftForward has designed the first data management platform that allows marketing professionals to collect, analyze, and apply consumer data in target audiences, as well as to securely use the data in advertising campaigns.
The ShiftForward Private DMP platform was responsible for the growth of the company, which led to a demonstration of interest by Velocidi, a North American digital marketing company based in New York that raised USD 12 million in venture capital.
Paulo Cunha, the former ShiftForward CEO and now Velocidi’s CPO, stated that “By joining the Velocidi team, we not only will be able to add value to our products and services, transforming them into the first data platform in the market that aggregates consumer data and digital advertising, but we will also continue to retain Portuguese talent, maintaining our structure in Porto and our dynamic startup spirit."
Celso Guedes de Carvalho, Portugal Ventures CEO, declared: “Considering the stage of maturity of the company, this exit happens naturally for all ShiftForward founders and investors, confirming the success of this investment decision and of the roadmap that allowed the validation of our technological solutions in international markets. The combination of technology and products developed by both ShiftForward and Velocidi – together with the experience of both teams – will allow them to accelerate growth and leverage their success in the global market."
David Dunne, Velocidi’s founder and CEO, expressed that “The timing of this merger could not be better. Business managers and marketers have access to an unprecedented volume of data; together, we are able prepare this data to allow the best marketing decisions to be made."
Founded in Porto in 2011, the company was created as a consultancy firm specialized in research and development of technology for online advertising, focusing on clients from countries such as France, Germany, and the United Kingdom. At the end of 2014, the startup closed an investment round led by Portugal Ventures together with business angels Florian Heinemann and Brian Fitzpatrick.
About Portugal Ventures
Portugal Ventures is a venture capital firm that invests in the seed rounds of Portuguese technology, life sciences, and tourism startups. It manages 213 million euros in assets through 19 venture capital funds. In 2017, CB Insights considered Portugal Ventures, the most active venture capital firm in Portugal