Congrats go out to our friends at IdeaPaint!
According to a press release posted on PEhub.com this morning, Cambridge-based startup IdeaPaint, which makes dry erase paint that can be applied to a myriad of smooth surfaces to create dry erase boards, struck a deal for another $3.3M in funding today. They took home $5M from Breakaway Ventures in a first round of funding back in 2008.
“At IdeaPaint, we have been fortunate to experience rapid growth over the past year,” said Bob Munroe, president of IdeaPaint in the release. “We decided to raise additional funds in order to fully take advantage of the many opportunities available.”
At the time this article was penned, phone calls to IdeaPaint had not yet been returned.
The second round of funding comes (quite impressively) from one individual: Todd Krasnow, the founding chief marketing officer of Staples, Inc. Although the Highland Capital Partners venture group was not involved in the deal, Krasnow is associated with the Highland Consumer Fund. Krasnow will join IdeaPaint’s board of directors as part of the deal.
“I think the company markets a unique, useful and exciting product line that has a tremendous opportunity for growth,” said Krasnow in the release.
IdeaPaint remains one of the most exciting and innovative startups in Boston, and we’re big fans of the founders, all of whom are Babson grads. The fact that an angel investor like Krasnow was willing to part with $3.3M in support of their innovation stands as a testament to their viability. It’s not our bag to follow funding exclusively, but isn’t it nice when your friends find funding?
We’ll do what we can to find out about how this will affect their future plans. Meanwhile, join us in congratulating them.
To learn more about IdeaPaint, check out their website. Also, be sure to follow them on Twitter @IdeaPaint and fan them on Facebook: www.facebook.com/IdeaPaint.
Tags: Company News, IdeaPaint, VC
