Collaboration platform CoLab raises $17M in Series A funding led by Insight Partners –
Summary
Newfoundland-based CoLab Software, which provides a web-based collaboration tool and issue-tracking platform for engineering teams, announced today that it has raised $17 million in Series A funding. New York-based investment firm Insight Partners led the funding round, with participation from new and existing venture capitalists and angel investors from companies such as Xometry, Onshape, GrabCAD, Bosch, Tesla and Atlassian. The idea for CoLab originated while founders Adam Keating and Jeremy Andrews were building one of the world’s first hyperloop pods for SpaceX and working on the Model 3 program at Tesla. “We became engineers to solve hard problems and create things but we ended up spending half of our time chasing down administrative work.” Keating says they found that all of the processes were conducted manually and that the main record of communication within teams was through email. “Rarely do you see a product that so perfectly addresses a pain point that is both highly technical and widespread, but that’s what happens when you combine frustration with an entrepreneurial mindset.