IdeaPaint Secures Additional Financing to Capitalize on Growth Opportunities

Dry-erase paint creator raises second round of venture funding

CAMBRIDGE, Mass.--(EON: Enhanced Online News)--IdeaPaint, the creator of high-performance dry-erase paint solutions, announced today that it has secured $3.3 million in a second round of venture financing. The Cambridge, Mass.-based start-up initially raised $5 million from Breakaway Ventures in 2008.

“At IdeaPaint, we have been fortunate to experience rapid growth over the past year”

Todd Krasnow, the founding chief marketing officer of Staples, Inc., and currently the marketing domain expert for a large, Boston-area venture capital firm, participated in the funding round as an investor and has also joined the board of directors. “I think the company markets a unique, useful and exciting product line that has a tremendous opportunity for growth,” said Krasnow.

“At IdeaPaint, we have been fortunate to experience rapid growth over the past year,” said Bob Munroe, president of IdeaPaint. “We decided to raise additional funds in order to fully take advantage of the many opportunities available. We are very excited for what the future holds, and are thrilled to have Todd as a member of our board of directors.”

IdeaPaint produces innovative dry-erase coatings that can transform smooth surfaces into borderless, durable dry-erase canvases. Its commercial-grade product IdeaPaint PRO has seen wide adoption in corporate and education environments—as a replacement for whiteboards and chalkboards and as a collaboration tool. Its consumer product IdeaPaint CRE-8—launched in June 2009—is being installed in homes, facilitating creativity and information-sharing with families.

In 2009, BusinessWeek named IdeaPaint one of “America’s Most Promising Start-Ups” and featured its co-founders on its list of “America’s Best Young Entrepreneurs.” IdeaPaint’s co-founders were also honored by Inc. as three of “America’s Coolest Young Entrepreneurs” with a spot on the magazine’s annual “30 Under 30” round-up.

About IdeaPaint

IdeaPaint is a single-coat, roller-applied paint that turns any smooth surface into a high-performance dry-erase writing surface. IdeaPaint creates dynamic environments within corporate, educational and home settings. For more information, please visit www.ideapaint.com. For ongoing company and product updates, follow us on Twitter at www.twitter.com/ideapaint or connect on Facebook at www.facebook.com/ideapaint.