With more than 1.4 billion people using Facebook and more than 380 million people on LinkedIn, does the world need another social network?
Eric Groves and Venkat Krishnamurthy think that it does. They are building Alignable Inc., whose network uses the digital world to connect small businesses in the physical world, and they have raised $8 million in funding to spur what has so far been rapid growth.
Since launching in January 2014, with virtually no marketing, Alignable has spread to about 7,000 communities in the U.S. and Canada and generated 500,000 connections among small businesses.
“They’ve never had a trusted network to turn to to get answers, even though the answer may be 10 feet away through a piece of drywall,” Mr. Groves said. “It’s been fascinating as we started to open the network allow them to connect, to watch the discussions happen within a community.”
The Series B round was led by Mayfield, with Managing Director Navin Chaddha joining the board. Current investors Lead Edge Capital, NextView Ventures and Saturn Partners also participated in the round, taking total funding to $12 million.
Read the full article about Alignable’s funding round at Dow Jones VentureWire.