IdeaPaint absorbs $5M, rolls toward profitability

By Galen Moore

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IdeaPaint Inc. has raised $5 million in an inside round of venture capital financing, the Ashland startup reported in a regulatory filing this morning.

Founded in 2002 by Babson College students, IdeaPaint makes a paint that turns any wall into a dry-erase board. CEO Bob Munroe said the $5 million, closed last week with existing investors Breakaway Ventures and Fireman Capital Partners, will cover the company’s last quarter of operating at a loss. IdeaPaint expects to be profitable in a matter of months, he said.

It’s the third institutional venture capital round IdeaPaint has raised, Munroe said. The company’s total fundraise, including the new round, comes to about $12.9 million, according to previous regulatory filings.

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