Tuesday, August 19, 2008

North Bridge Growth Equity pours $52M in Minn. molding firm

By Mass High Tech Staff

Waltham investment firm North Bridge Growth Equity, an affiliate of venture capital firm North Bridge Venture Partners, has invested $52 million in a Minnesota rapid injection molding and subtractive rapid prototyping developer.

Proto Labs Inc. plans to use the funds for company growth and shareholder liquidity. The company’s board of directors will also add North Bridge partner Doug Kingsley to its board members.

Proto Labs said that it sought investment from North Bridge because of the firm’s experience in funding and supporting design technology companies. Proto Labs has its two divisions, Protomold and First Cut Prototype, in North America and Europe.

North Bridge Growth Equity concentrates its investments in technology companies with $20 million to $200 million in revenue. North Bridge Equity Firm and North Bridge Venture Partners manage a combined $3.2 billion in capital.