Mechanical engineering community GrabCAD grabs $4 million

January 04, 2012
The portfolio company of SmartCap, GrabCAD, which operates a community for (and founded by) mechanical engineers, where they can share knowledge and collaborate on CAD models, engineering projects and whatnot, has raised $4 million in Series A to add to its its $1.1 million seed round from back in June 2011.

The Series A round was led by previous investor Matrix Partners; the firm’s David Skok will be taking a board seat. Other existing backers such as Atlas Venture also participated. GrabCAD, which notably ‘graduated’ from not one but two tech startup accelerators (Seedcamp and TechStars Boston), says its community has now attracted over 70,000 registered engineers. Recently, they passed the 1 million download mark, and GrabCAD founder and CEO Hardi Meybaum tells me there have been another 200,000 downloads of CAD models in the past 3 weeks. The capital will be used to grow the GrabCAD.com marketplace and community, and to hire 15 new people (mainly software engineers and product managers) in the Boston and Talinn, Estonia regions. GrabCAD, which operates a community for (and founded by) mechanical engineers, where they can share knowledge and collaborate on CAD models, engineering projects and whatnot, has raised $4 million in Series A to add to its its $1.1 million seed round from back in June 2011. SmartCap is an investment arm of Estonian Development Fund. SmartCap is a catalyst of Estonian venture capital market by investing together with private investors into early stage Estonian companies with international ambition. Via TechCrunch / Robin Wauters