In 2002, TCA led an investment round for Bluebeam Software, a leading PDF collaboration technology for the architecture, engineering and construction (AEC) industry. The company had found a CAD to PDF market niche and was able to continually grow the company to $30M.
Richard Lee, CEO of Bluebeam Software, said, “In addition to financial support, we have had the opportunity to have Tech Coat Angels and Pasadena Angels members join our board, and provide their advice and counsel based on priorities at the time.” In addition to business-savvy guidance, Lee also stated that angels also provided introductions to customers and potential partners and vendors.
Robert Moore, a member of the Pasadena Angels, one of the early angel investors and a former board member of Bluebeam, feels that the strong management team, led by Lee, was key to the company’s success. Bluebeam’s growth rate has been 50% per year for many years, and the company has been profitable every year.
Bluebeam Software was acquired in October 2014 by Nemetschek AG, a German software provider, for $100 million (US) in cash, with 10% in escrow for 18 months.
Tech Coast Angels return was 20X.
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