Monthly Archives: September 2014

Tungsten Corporation Acquires DocuSphere – 2nd Exit for PVP II

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FOR IMMEDIATE RELEASE – September 22, 2014
CONTACT: Mark Horne, Managing Partner
555 Briarwood Circle, Suite 210
Ann Arbor, Michigan 48108
(734) 747-9401 phone/ (734) 929-1811 fax
www.plymouthvc.com

Tungsten Corporation Acquires DocuSphere – 2nd Exit for PVP II

Plymouth Ventures is pleased to announce that PVP II portfolio company DocuSphere has been acquired by Tungsten Corporation. Based in Perrysburg Ohio, DocuSphere is a leading provider of accounts payable automation and workflow software.

Tungsten Corporation is a publicly traded company based out of London, England (TUNG: LSE). The combination of Tungsten’s supplier portal and e-Invoicing services with DocuSphere’s workflow and connectivity technology will help companies streamline their accounts payable functions from receipts of e-Invoice to payment.

Plymouth Venture’s PVP II originally invested in DocuSphere (also known as Image Integration Systems) in December of 2010, and the equity investment provided growth capital for increased sales and marketing activity, along with additional product development.

Mark Horne of Plymouth Ventures commented: “Today’s positive outcome was the result of a real collaborative effort with management, along with important support from Rocket Ventures and the State of Ohio. The DocuSphere team was able to create significant value by developing best in class technology along with an impressive collection of Fortune 500 customers.”

Bradley White, CEO and President of DocuSphere, said, “We are extremely pleased to complete this sale to Tungsten. By becoming part of the Tungsten Network, we will provide additional value and services to our customers and greater opportunities for our employees. We appreciate the partnership with Plymouth and Rocket that enabled us to get to this point, and Mark Horne’s leadership and experience was critical in getting this combination completed.”

About Plymouth Ventures
Plymouth Ventures is the manager for Plymouth Venture Partners I, Plymouth Venture Partners II, and Plymouth Venture Partners III. The company has four partners, Mark Horne, Jeff Barry, Kevin Terrasi, and Evan Ufer. Plymouth was founded by Ian Bund who remains active as a Senior Advisor. The firm is headquartered in Ann Arbor, Michigan. For more information, please visit www.plymouthvc.com.

Plymouth Ventures Expands Advisory Committee for PVP III

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FOR IMMEDIATE RELEASE – September 9, 2014
CONTACT: Mark Horne, Managing Partner
555 Briarwood Circle, Suite 210
Ann Arbor, Michigan 48108
(734) 747-9401 phone/ (734) 929-1811 fax
www.plymouthvc.com

Plymouth Ventures Expands Advisory Committee for PVP III

Plymouth Ventures wrapped up the successful final close for their new fund PVP III in June and is pleased to announce two additional appointments to the fund’s Advisory Committee:

Jody Vanderwel
Since 2005, Jody has been President of the Grand Angels, the leading and most experienced angel investing group in Michigan. Jody oversees Grand Angels’ deal sourcing, investing, and portfolio management, and represents the group at networking and educational events across Michigan. Jody worked several years in private practice before joining Herman Miller as Corporate Counsel and then Vice President for Corporate Giving. Jody is currently a member of the Michigan Venture Capital Association Board, the Michigan Accelerator Fund I Advisory Board, the Baker Publishing Group Board, and the Fuller Theological Seminary Board. She also chairs the Board of Priority Health. In February Governor Snyder appointed her to a four year term on the Michigan Strategic Fund. Jody holds a B.A. degree from the University of Colorado and a J.D. degree from Washington University in St. Louis. Jody comes from a strong entrepreneurial family and has been an effective leader with growing recognition nationally in angel circles. She lives and works in Holland, Michigan.

Steve Jandernoa
Steve is a Vice-President at 42 North Partners LLC in Grand Rapids, MI. 42 North Partners is a single family office focused on alternative asset investing as well as entrepreneurial and community initiatives in Michigan. Steve is primarily responsible for direct investing activities including sourcing, executing, and oversight of an existing portfolio of operating companies. Steve currently serves on the Advisory Committee for Owners Resource Group, a private equity fund based in Austin, Texas, and is an active board observer at Advantage Business Media and Salamander Technologies. Steve’s prior experience includes seven years in public accounting with the most recent responsibilities as a Manager of Assurance Services with Ernst & Young. Steve is a licensed CPA in the state of Michigan, received an MBA from the Ross School of Business at the University of Michigan and a BS in Accounting and Marketing from Marquette University.

Managing Partner, Mark Horne, commented; “We are pleased to add Jody and Steve to our Advisory Committee. They have been great supporters of our regional, growth-stage investment strategy and I look forward to working with both of them as we continue to deploy the new fund. We have a great Advisory team and each member brings a real depth of experience and a unique perspective to the Committee.”

About the PVP III Advisory Committee
The Advisory Committee is made up of selected Limited Partners of PVP III and meets on a monthly basis. The purpose of the committee is to provide advice and counsel as requested by the General Partner in connection with the Partnership’s investments as well as other matters pertaining to the Partnership. Existing Advisory Committee members include Mike Monahan (Chairman), Gerry Boylan, William Foster, Chris Rizik (Renaissance Venture Fund) and Mike Kell (Venture Michigan Fund II).

About Plymouth Ventures
Plymouth Ventures is the manager for Plymouth Venture Partners I, Plymouth Venture Partners II, and Plymouth Venture Partners III. The company has four partners, Mark Horne, Jeff Barry, Kevin Terrasi, and Evan Ufer. Plymouth was founded by Ian Bund who remains active as a Senior Advisor. The firm is headquartered in Ann Arbor, Michigan. For more information, please visit www.plymouthvc.com.

 

Plymouth Ventures III Makes 2nd Investment

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FOR IMMEDIATE RELEASE – August 27th, 2014
CONTACT: Mark Horne, Managing Partner
555 Briarwood Circle, Suite 210
Ann Arbor, Michigan 48108
(734) 747-9401 phone/ (734) 929-1811 fax
www.plymouthvc.com

Plymouth Ventures III Makes 2nd Investment

Plymouth Ventures today announced that it has made its second investment out of Plymouth Venture Partners III, which had its final closing at the end of June. The investment was made into the Chicago-based 3D virtual simulation technology company InContext Solutions as part of a $12+ million Series D round. www.incontextsolutions.com The round was led by Beringea LLC and involved follow-on investments from Plymouth Venture Partners II and Hyde Park Venture Partners.

With the latest funding efforts, InContext Solutions plans to rapidly grow and expand its virtual simulation and research presence worldwide. Their marquee shopper marketing platform, ShopperMX™, allows manufacturers and retailers to collaborate over the web within a 3D virtual store simulation. The first-of-its-kind technology takes 3D visualization to the next level with endless capabilities for testing store, aisle and category layouts, product packaging, in-store marketing or even shopper flow within a store to determine which concept is the most effective for generating demand. ShopperMX helps clients become faster, smarter and more profitable as they bring shopper and retail concepts to market.

“We are pleased to continue to support InContext, and make it our second investment out of PVP III. They have had a great roll out of ShopperMX ,” Plymouth Managing Partner Mark Horne commented. “We believe the company has the right management team and product in place to address its large addressable market. The size of the round InContext was able to attract is a strong indication of the significant market opportunity in front of the company.”

InContext Solutions was founded in 2009 with a vision to revolutionize 3D virtual simulation technology via Internet streaming and offer unparalleled virtual store research services. To date, InContext Solutions has become a partner for a large roster of companies, including seven of the top 10 global consumer packaged goods companies, six of the top 10 quick serve chain restaurant companies in the United States, three of the top five grocery retailers in the United States and three of the top 10 mass, drug and value chain retailers in the United States.

InContext has been recognized by Forbes as one of “America’s Most Promising Companies,” and as a “Cool Vendor” by Gartner.

Plymouth Venture Partners III made its first investment in Certified Security Solutions, the Cleveland-based information security company that specializes in Identity and Access Management solutions.

About Plymouth Ventures
Plymouth Ventures is the manager for Plymouth Venture Partners I, Plymouth Venture Partners II, and Plymouth Venture Partners III. The company has four partners, Mark Horne, Jeff Barry, Kevin Terrasi, and Evan Ufer. Plymouth was founded by Ian Bund who remains active as a Senior Advisor. The firm is headquartered in Ann Arbor, Michigan. For more information, please visit www.plymouthvc.com.

About InContext Solutions
InContext Solutions was founded in 2009 with a vision to revolutionize how virtual simulations could be used by leading businesses across the globe to research the placement of products in a retail setting. InContext Solutions provides a unique and in-depth perspective on what consumers see on the shelf, how this drives their purchase behavior and why. InContext Solutions has been recognized in the industry among “America’s Most Promising Companies” by Forbes in 2009, as a Chicago Innovations Up-and-Comer in 2010, and featured as a “Cool Vendor” by Gartner in 2011. Recently named the 9th fastest growing privately held technology company, they continue to grow their team, knowledge and capabilities. Visit www.incontextsolutions.com