CoLab Software, a Newfoundland, Canada-based that provides a web-based collaboration tool and issue-tracking platform for engineering teams, raised $17 million in Series A funding.
The round was led by New York-based investment firm Insight Partners, with participation from new and existing venture capitalists and angel investors from companies such as Xometry, Onshape, GrabCAD, Bosch, Tesla, and Atlassian.
With this latest round of funding, the company plans to double its workforce. CoLab will use the last part of the funding to invest in upcoming products and features that are scheduled to launch later this year and early next year.
Company: COLAB SOFTWARE INC.
Round: Series A
Funding Month: October 2021
Lead Investors: Insight Partners
Additional Investors: Xometry, Onshape, GrabCAD, Bosch, Tesla, and Atlassian
Company Website: https://www.colabsoftware.com/
Software Category: Collaboration platform
About the Company: Founded in 2017, CoLab is a web-based CoDesign and collaboration tool that lets your team share CAD, provide feedback with full mechanical context, and capture the critical design data that systems don't—giving you a design review and collaboration process that's standardized, simplified, and twice-as-fast. The platform has three main features: Drive, Track, and Reviews. The platform currently has several Fortune 500 customers, including Hyundai Mobis, Schneider Electric, and Johnson Controls. The Drive feature lets users organize their work independently of their other file systems and share files securely. CoLab’s Track feature offers a bird’s-eye view of what’s happening within a team. Lastly, the Reviews feature lets users collaborate on designs, ranging from formal design reviews to informal peer checks. CoLab currently consists of a 54-person team largely based in Newfoundland and across Canada. The company signed a gender diversity pledge in 2019 when its team was 10% female. Today, CoLab’s team is 33% female.