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§ Private Profile · 405 Park Avenue New York NY 10022 United States
LC39 VC is a company.
Key people at LC39 VC.
LC39 Venture Group operates as a venture capital firm, primarily engaged in providing capital across seed, early-stage, and later-stage investment rounds. The firm strategically allocates its resources towards promising companies within the e-commerce and e-finance sectors, adopting a collaborative approach to support the development and scaling of its portfolio businesses. This methodology emphasizes active engagement beyond mere financial contributions.
The firm was established in New York, New York, in 1999. Etienne Boillot co-founded the venture, assuming the role of CFO and bringing significant financial acumen to the organization. His background includes over a decade of experience in leveraged buy-outs and early-stage investing, complemented by an MBA from Stanford University and a BA from Dartmouth College, which informed the firm's focused investment thesis.
LC39 Venture Group targets ambitious startups operating within its chosen verticals, aiming to nurture their growth through active partnership. The firm’s vision centers on identifying and empowering the next generation of leaders in e-commerce and e-finance by providing not only capital but also strategic guidance to achieve sustained market impact.
Key people at LC39 VC.
LC39 Venture Group (also referred to as LC39 VC) is an early-stage venture capital firm that launched with $40 million in 1999, specializing in seed, early-stage, and later-stage investments primarily in e-commerce and e-finance sectors.[1][2] Founded with a mission to differentiate through an incubation platform—uncommon at the time—the firm aimed to provide more than just capital, though its trajectory was shaped by major market disruptions.[2] Its investment philosophy emphasized hands-on support for startups in high-growth digital commerce and financial services, contributing to the ecosystem by backing innovative companies during the internet boom's nascent phases.[1][2]
LC39 was founded in 1999 by Jim Butterworth (Tuck School of Business MBA '91), who had prior experience running a company in New York after his investment banking and technology background.[2] Butterworth launched the firm to "do it differently" by offering an incubation platform alongside funding, raising $40 million for early-stage deals amid the dot-com era.[2] The firm's focus evolved amid challenges: the dot-com bubble burst and 9/11 disrupted operations, leading Butterworth to pivot personally to Colorado before co-founding Naked Edge Films by 2008.[2] Limited public details exist on post-1999 evolution or other key partners, but alumni like Kristin (from New State Capital) note early involvement with LC39 Ventures in early-stage VC alongside ventures like CitySearch.com.[4]
LC39 rode the late-1990s internet and e-commerce wave, investing when online retail and digital finance were emerging amid hype around platforms like CitySearch.com.[1][2][4] Timing was critical: launching pre-bubble burst allowed early positioning in high-potential sectors, but market forces like the 2000 crash and 9/11 tested resilience, highlighting VC's vulnerability to macroeconomic shocks.[2] The firm influenced the ecosystem by popularizing incubation models, paving the way for modern operator-led VCs, and alumni contributions extended its legacy into later funds focused on tech and distressed opportunities.[2][4]
With sparse recent activity post-dot-com era, LC39's influence appears historical, shaped by Butterworth's pivot to media production.[2] Emerging trends like fintech revival (e.g., embedded finance) and e-commerce resurgence via AI could align with its original thesis, potentially inspiring revivals or similar models.[1] Its network may evolve through alumni in active firms, sustaining indirect impact—watch for Butterworth-linked ventures or e-finance plays amid 2025's digital economy shifts, tying back to its bold 1999 bet on incubation over passive investing.[1][2][4]
