GIVING BIRTH TO GLUE

How RECAPEX acted as a catalyst to launch a new consumer brand

In 2013 RECAPEX was retained by Phoniro, a Swedish market leader in the keyless lock B2B municipal market, to identify and kick-start new growth opportunities.
 
The company has a strong history of delivering IT solutions to the healthcare sector, in particular creating a better quality of life in and around care homes. Starting in 2002, using innovative bluetooth technology and mobile phones, Phoniro introduced a lock that you can open without keys. Today some 80,000 locks have been installed, dramatically improving the process of handling keys for healthcare and eldely home care providers – and at the same improving security and well-being for the caretakers and their families. Since the launch of the technology, Phoniro has continued to develop communication services using the data generated from the technology, to greatly improve local municipalities procedures.
 
Sensing an opportunity to continue to expand the company’s footprint and utilize existing technology, an ambitious team led by CEO Johan Hörberg, decided to engage RECAPEX, to get an outsider's view of the various options for growth ahead.
 
Hörberg recalls, “The team at RECAPEX has unique experience in starting and growing digital companies, with global ambition. We had to move fast and make sure we utilise new digital strategies, as we build the plan. I needed a quick, fresh look at our assets, experience and competencies as I felt we were not aggressive enough in our ambition. Having known the RECAPEX team for some time, I was convinced they were the catalyst we were looking for.”
 
The approach taken was to first look at the big picture in particular digital trends and to match this with a business focused Due Diligence of Phoniro. This resulted in a range of alternative strategies highlighting five strong potential initiatives. Finally together with the Management and the Board the company evaluated several projects and potential spin-off companies.
 
The decision was made to launch a consumer product, based on the existing technology and experience that the Phoniro team has. The RECAPEX team involvement from this stage on centred on three areas:
 
A)      Coach the development organisation, to ensure that the new products were developed based on consumer market demands and trends

B)      Complete the go-to-market strategy

C)       Finalise the business plan and initiate discussions with capital partners to co-fund the launch of the newly created brand Glue Home.
 
By the end of 2013, a beta product of Glue was launched with several customers in both Scandinavia and the US. In 2014 the company received funding from Alfven and Didrikson and later in the year Carl-Johan Grandinsson invested and became CEO. In 2016, following successful market entry into the Swedish market, Peter Carlsson (ex-Tesla) and Moor Capital invested into Glue’s continued expansion.
 
To read more about Glue go to www.gluehome.com

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