This is the second such honor for the Estonian start-up, which previously participated in a similar program based in London.
Estonian start-up GrabCAD today was accepted into Techstars Boston, a venture funding program that pairs young software companies with industry mentors and venture funding. This is the second such honor for GrabCAD, which has also participated in a similar program based in London.
GrabCAD is a unified CAD services marketplace, cross-platform CAD library and an engineering community. Founders Hardi Meybaum and Indrek Narusk previously ran a product development company, where they realized how much of engineers’ time is wasted on simple, repetitive and often unnecessary tasks and how their work processes could be optimized by developing a unified CAD services marketplace, cross-platform CAD library and engineering community. This led them to start GrabCAD in 2009. The company is based in Tallinn, Estonia, and has a global user base.
Techstars Boston saw a huge applicant pool this year with almost 700 start-ups submitting an application. Earlier this year Techstars Boston raised $2 million in funding to support the next four years of incubation in Boston.
Techstars Boston managing director Katie Rae says, “This is a fantastic group of motivated, smart entrepreneurs. The mentors and I feel privileged to be with them for the next three months. Even in the first week they are working around the clock building their product, closing deals, and meeting investors – very exciting.”