GrabCAD Raises $4 Million to Continue Explosive Growth in Mechanical Engineering CommunityJanuary 04, 2012
by Gregory Gomer
Mechanical engineering community, GrabCAD, has just announced that they have raised $4 million in funding let by Matrix Partners. Existing investors, Atlas Venture and NextView also participated in the round. Matrix Parter David Skok will join GrabCAD’s board as part of the investment.
GrabCAD is a graduate of the 2011 Techstars Boston class and appeared to be the first to announce seed funding ($1.1M) just days before demo day. They are a services marketplace that connects manufacturing and product development companies with CAD engineers around the world. GrabCAD is headquartered in Boston, MA with development teams in Estonia and Brazil.
GrabCAD has seen incredible success since its seed round. The network now consists of over 70,000 mechanical engineers – up from 7,500 in June – who have downloaded CAD models from the community over 1.2 million times (see infographic below).
The new funding will be used to continue the growth in their marketplace and community and hire 15 new software engineers and product managers in both Boston and Estonia.
NextView partner, Lee Hower, had this to say about GrabCAD in a blog post this morning.
In addition to compelling founders, we were drawn to the company by their vision for a professional community for mechanical engineers and designers. LinkedIn is an amazing horizontal platform and continues to serve a broad range of professionals. But some professional groups often have special characteristics that can best be served via a distinct community with SaaS products that extend deeper into their daily worklives. You’ve seen this with companies like StackOverflow and Github in software engineering or Behance in visual design. GrabCAD is similarly changing the game for mechanical disciplines.