GÖRG advises Workaround on second financing round
[Munich, ] GÖRG Partnerschaft von Rechtsanwällten mbB has advised Workaround GmbH (ProGlove) under the leadership of Dr. Christian Glauer on the second round of financing in the amount of 5.5 million euros (6.7 million US dollars). Investors include US investors Intel Capital and GETTYLAB, completed by German investors DIVC and Bayern Kapital's Wachstumsfond Bayern. ProGlove uses the money to scale its intelligent glove worldwide and to connect the worker with industry 4.0 with ever better software.
Advisors Workaround GmbH (ProGlove)
GÖRG Partnerschaft von Rechtsanwälten mbB
Dr. Christian Glauer, Associated Partner, M&A / Corporate, Munich
Dr. Bernt Paudtke, Partner, M&A / Corporate, Munich
Tobias Reichenberger, Associate, M&A / Corporate, Munich
Advisors Intel Capital
Taylor Wessing Partnerschaftsgesellschaft mbB
Dr. Peter Hellich, Partner, M&A / Corporate, Munich
Orrick, Herrington & Sutcliffe LLP
Dr. Jörg Ritter, Partner, M&A / Corporate, Munich
Karl Ehrenberg, LL.M., M&A / Corporate, Munich
About Workaround GmbH (ProGlove)
ProGlove develops industrial wearables to connect the worker to industry 4.0. The Munich-based company was founded in December 2014 by Thomas Kirchner (CEO), Jonas Girardet (COO), Paul Günther (product engineer) and Alexander Grots (consultant) after winning the Intel "Make it Wearable" Challenge in Silicon Valley.
ProGlove connects the worker with industry 4.0 and makes it possible to work faster, safer and more ergonomically in production and logistics. Since the launch of the first product MARK in October 2016, Pro-Glove has quadrupled its 7-digit sales from 2016 to 2017 and established itself as one of the leading industrial wearable companies in Europe.
ProGlove has already won several prizes for its product, such as the German Founder Award 2016 or most recently the LogiMAT 2018 - Best Product Award.
About Intel Capital
Intel Capital invests in innovative startups dealing with artificial intelligence, autonomous driving, workload accelerators, 5G connectivity, merged reality and a variety of other technologies. Since 1991, Intel Capital has invested $12.2 billion in 1520 companies worldwide, of which more than 650 portfolio companies have been listed or acquired.
DIVC invests in exceptional technology companies and supports outstanding entrepreneurs and innovative B2B business models in all growth phases in the areas of IoT, SaaS, TMT, healthcare, Fintech, software and data analysis. DIVC's investment approach combines sound transaction and value-add know-how with a unique US DACH perspective. DIVC is part of Deutsche Invest Capital Partners Group: an alternative multi-asset entrepreneurial investment boutique.
About Bayern Kapital
Bayern Kapital GmbH, based in Landshut, was founded in 1995 on the initiative of the Bavarian state government. It is a wholly owned subsidiary of the Bavarian LfA Förderbank. As a Bavarian venture capital organisation, Bayern Kapital provides equity capital for the founders of young, innovative technology companies in Bavaria. Bayern Kapital currently manages eleven investment funds with a total volume of around EUR 325 million. To date, the company has invested nearly €266 million in more than 250 innovative technology companies in various sectors, including Life Science, Software & IT, Medical Technology, Materials, Nanotechnology and Environmental Technology. In this way, more than 5000 long-term jobs have been created in sustainable companies in Bavaria.
GETTYLAB helps engineers and scientists in the USA and Germany to develop transformative new tools.