TechStars Firm GrabCAD Grabs $1.1M in First RoundJune 09, 2011
by Rodney Brown
GrabCAD, one of the 12 TechStars Boston 2011 incubator companies, has closed a $1.1 million in its initial funding round, from Matrix Partners, Atlas Venture and NextView Ventures, according to the company’s blog.
Officially based in Estonia, GrabCAD noted that joining its board are David Skok from Matrix, Axel Bichara from Atlas and Lee Hower from LinkedIn. Also joining in on the round are four angel investors, including John McEleney, former CEO of SolidWorks, as well as Alex Ott and Angus Davis.
GrabCAD provides a CAD services marketplace, a cross-platform CAD library and an engineering community for mechanical engineers. In the blog, CEO Hardi Meybaum said that the funding would allow GrabCAD to build its product and business, with the goal of becoming the “largest mechanical engineering resource.”
In March, TechStars Boston, the high-tech incubator program located in Cambridge, finalized its roster of 12 startups which includes GrabCAD. The program, which attracted 600 applications globally and began March 17 for the 12 finalists, runs through the middle of June.
In February, TechStars Boston reported raising $2 million in a fundraise to support the program through 2014. The amount is more than four times the $450,000 fundraise the program raised in a separated one-year fund in 2010.