HTGF, WestTech sell Semknox to trade

Asked about the exit process, Martin Möllmann, an investment manager at HTGF, told Unquote: "It's the perfect timing for the field of conversational commerce. Zoovu has a very strong international footprint and a huge partner network. This will be from now on supported by the proprietary Semknox search technology."

Möllmann declined to comment on returns made on the investment.

The deal marks HTGF's eighth exit of 2020 and its sixth since April, according to Unquote Data. Asked about the firm's exit pipeline, Möllmann said: "We are very confident, as further exits are already planned for the remainder of this year. There is a good chance that 2020 will be our best exit year so far."

Previous funding
In July 2015, Seto, WestTech, Leroi, HTGF and business angel Phillip Katz backed a seed round for Semknox. HTGF invested via its second fund, which held a final close in 2013 on €304m.

By the time of the exit, Seto, WestTech, HTGF and busines angel David Monbaron were the only external investors in the business, Möllmann told Unquote.

Company
Founded in 2014, Semknox is an AI-based software platform for product search technology, intended for use by online retailers. According to its website, its client based includes Lidl and Koffer24. It is based in Dresden and has 14 employees, according to LinkedIn.

People
High-Tech Gründerfonds – Martin Möllmann (investment manager).
Semknox – David Urbansky (CEO, founder).
Zoovu – Robert Mullen (CEO).

Advisers
Vendor – PwC Legal, Gerhard Wacker, Moritz Gröning (legal).

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• Topics
• Exits
• DACH
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• Trade sale
• Germany
• High-Tech Gründerfonds