Mechanical engineering community raises $4million
Mechanical engineering community, GrabCAD has raised $4million in a Series A funding round led by Matrix Partners.
Launched in early 2011, GrabCAD operates a community for (and is run by) mechanical engineers. It was set up to allow users to share knowledge and collaborate on CAD models and engineering projects.
The network now consists of more than 70,000 mechanical engineers – up from 7,500 in June. An estimated 1.2million CAD models have been downloaded since its launch.
According to website ceo Hardi Meybaum, the new capital will be used to grow GrabCAD's marketplace and community, and to hire 15 new software engineers and product managers.
"It means we can build better a product and increase the functionality engineers are asking for," Meybaum told Eureka.
Existing investors, Atlas Venture and NextView also participated in the round.
