Živković Samardžić, one of the Serbia’s leading full-service independent law firms has advised South Central Ventures (SCV) on a transaction involving Dry Tools, one of its portfolio companies operating in the software developing tooling sector. Following the transaction, Silicon Valley-based Alchemy Cloud Inc., a company targeting the specialty chemicals industry with an industry-leading, cloud-based product development platform, will acquire Dry Tools’ technology platform and hire its core team, while Dry Tools will, in exchange, become a shareholder of Alchemy Cloud Inc. At the same time, SCV shall become a sole shareholder of Dry Tools.
Dry Tools is a software development company that has built robust developer tools to streamline the software delivery process. Dry Tools help development teams address rapidly evolving product needs and deliver more value to customers by allowing developers to model applications through specifications and by working in fast delivery loops.
Alchemy Cloud Inc., company behind Alchemy, a cloud-based SaaS platform for the specialty chemical industry that facilitates the commercialization of new formulations, is based in San Francisco and has offices in both San Francisco and Novi Sad, Serbia.
SCV, who manages the Enterprise Innovation Fund (ENIF), a venture capital fund focusing on highly specialized, innovative small and medium-sized enterprises in the Western Balkans, was the lead investor in dry Tools and will do its follow-ons in Alchemy. Investors into ENIF are the European Commission (EC), the European Investment Fund (EIF), the European Bank for Reconstruction and Development (EBRD), Kreditanstalt für Wiederaufbau (KfW) together with institutional and private investors from the Western Balkans. The EUR 40 million fund is dedicated primarily to early stage and growth investments, intended to fuel the international business expansion and growth.
Živković Samardžić has supported SCV with their earlier investments in Serbia, including the investment in Dry Tools, and City Expert, an innovative, tech driven real estate sale and rental sector startup.
“We will continue to support SCV with their investments in tech startups and are proud to be positioned firmly as the go-to lawyers for venture and growth capital clients” said Managing Partner Branislav Živković.
Živković Samardžić team that has advised SCV on the transaction was led by Igor Živkovski, Senior Associate, and included Sava Pavlović, Associate.
