Not only one but two Estonian Startup Leaders Club members startups, CrabCAD and Fits.me have reached their next milestone and closed series A rounds in early 2012. For the local startup community it demonstrates that the community is taking bold steps forward. So far typical Estonian startups have done bootstrapping, created proofs of concepts, won competitions and sold-sold-sold, but now it is clear that we are advancing the next phases. Countdown to the first IPO has already begun.
CrabCAD secured $4M in series A round, led by previous investor Matrix Partners. Other existing backers such as Atlas Venture also participated. The capital will be used to grow the GrabCAD.com marketplace and community, and to hire 15 new people in the Boston and Tallinn, Estonia regions. Read more details from TechCrunch article.