Wednesday, January 7, 2015
Bluebeam Nets Local Angel Groups 20X Return
Local angel groups have hit the jackpot again with an investment, this time with the October acquisition of Pasadena-based Bluebeam in a $100M deal by German software company Nemetschek AG. The Tech Coast Angels and the Pasadena Angels revealed today that their return on Bluebeam was 20x for angels who participated in funding Bluebeam. The Pasadena Angels led the 2002 investment in Bluebeam, which makes PDF software for the architecture, engineering and construction, allowing users to click between blueprints and easily navigate their construction documents. Members of both the Pasadena Angels and Tech Coast Angels were part of Bluebeam's board of directors, helping Bluebeam CEO Richard Lee with the business. Lee founded Bluebeam as a spinoff of Alliance Spacesystems, launching its first products in 2003. Bluebeam joins Green Dot among the trophy returns for the local angel groups; Green Dot IPO in 2010 resulted in a 100x return for the Tech Coast Angels.