Monday, November 10, 2008

Breakaway Ventures coats IdeaPaint with $5M Series A round

By Mass High Tech Staff

Startup company IdeaPaint Inc. has taken in $5 million in its first venture funding from Boston-based firm Breakaway Ventures. IdeaPaint, also in Boston, has created a patented paint that makes any flat surface into a dry-erase writing surface once applied.

Coming out of Babson College’s entrepreneur program, IdeaPaint claims to be the lowest-cost-per-square-foot way of making dry erase writing surfaces, and it is targeting offices, schools and homes. The company was founded in 2006 by John Goscha. According to Goscha, Breakaway’s funding allowed the company to launch its product at contract furnishings trade show NeoCon, where it hired 25 muralists and won the Innovation Award and Best New Product Award.

IdeaPaint has entered into a distribution deal with MDC Wallcoverings for the commercial construction and renovation market. The company says it is wrapping up plans to launch in the education space with an unnamed school specialty distributor and is aiming at 2009 for a consumer launch in the office supply and home improvement markets.

Breakaway Ventures was founded in 2006 by managing partner Dennis Baldwin, former chief marketing officer of Reebok International, and strategic limited partner Paul Fireman, former chairman and CEO of Reebok International. The firm has also invested in MooBella LLC and Retail Convergence Inc.