Estonian start-up GrabCAD raises 8 million dollars
Estonian start-up company GrabCAD, which offers an online community and cloud-based collaboration tools for those involved in designing and building physical products, has raised $8.15 million in investments in the B round.
The investment was led by Charles River Ventures, with participation from new investor David Sacks (co-founder of Yammer and former chief operating officer of PayPal), and existing investors Atlas Venture, NextView Ventures and Matrix Partners. This brings GrabCAD’s total funding to around $14 million.
GrabCAD will use the new capital to accelerate the company’s growth as it builds new collaborative tools to improve the design and communication processes in the “creation of physical products”.
The company is headquartered in Boston but maintains an office with a development team in Tallinn, where the company was started. Its community is as big as 250,000 members, which is equivalent to 10% of the world’s computer-aided design (CAD) engineers.