Summit invests $40m in ProGlove

The firm has taken a minority stake in the company, drawing equity from its Summit Partners Europe Growth Equity Fund II, which closed on €700m in 2017. It makes investments of €20-60m. The fund was 47% deployed as of June 2019.

Summit managing director Matthias Allgaier and principal Johannes Grefe have joined the company's board.

The firm took both EBITDA and revenues into account when valuing the company. Unquote understands that the firm is close to being EBITDA positive and that it generates less than €25m in revenues a year.

The company plans to further internationalise following the funding round, with a focus on the US. It will also invest in sales and marketing.

Previous funding
Bayern Kapital, Intel Capital and Gettylab took part in a €2.2m series-A funding round for ProGlove in May 2016. Prior to this, the company had received grants and additional seed funding from Intel Capital.

Bayern Kapital took part in a €5.5m funding round for ProGlove in May 2018. Intel Capital, Gettylab and DIVC also took part in the financing.

Company
Founded in 2014, ProGlove manufactures gloves that have barcode scanners built into them and can be integrated into factory and warehouse systems. The company counts Audi, BMW, Bosch, Daimler and DHL as clients. Headquartered in Munich, the company also has an office in Chicago and employs 133 people.

People
Summit Partners – Matthias Allgaier (managing director); Johannes Grefe (principal); Chris Bon (senior associate); Irina Müller (associate).
ProGlove – Andreas Koenig (CEO); Thomas Kirchner (vice-president, product).

Advisers
Equity – Sidley Austin (legal).

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• Topics
• Expansion
• DACH
• Industrials
• Summit Partners
• Germany
• US