Business

TownSquared quietly picks up $5.26M to create local business communities

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Image Credit: Eric Constantineau
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Nextdoor gave people a way to stay informed about the happenings in their neighborhood, and Townsquared is doing the same for businesses and their communities. It also just nabbed a sweet $5.26 million to do so.

We noticed that the company filed a Form D today to the U.S. Securities and Exchange Commission, signaling that it has raised this first institutional round.

While we can only pick up very limited information from the filing, it does show that Townsquared began to raise funds on Feb. 21 and still is in the process of raising the last $360,000 of the round. Thirteen investors have already signed on (it did not disclose names).

Based on the company’s website, it believes that “people make businesses, and businesses make communities.” The platform aims at connecting business owners and employees with each other and with the rest of their communities for greater engagements and growth.

Townsquared is also formerly known as FOMO Applications and Hub N Spoke, and is in San Francisco. Rohit Prakash and Nipul Patel cofounded it in 2013.


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