Alignable CEO Eric Groves thinks local businesses do better when they work together.
After a decade at marketing giant Constant Contact, Groves departed to create a new venture called Alignable. The online platform enables small businesses to partner up and market to each other’s customer bases through their email lists and social followings.
Perhaps one Boston business sells sporting equipment, and another other rents out sporting venues. Through Alignable, they could create a package deal and offer discounts to their joint customers.
“Alignable supports entrepreneurship and seeks to do what LinkedIn does for professionals, but exclusively for local businesses,” said Groves in an emailed statement, which announced a fresh $3.54 million investment in the startup.
An Alignable representative characterized the funding as a partial raise. The startup aims to raise another $1 million, according to an SEC regulatory filing.
The company currently offers its platform for free, but it intends to introduce a premium offering sometime down the line.
“We believe there is significant value in building the world’s largest network of locally owned businesses — a place where they can connect together and grow their business while helping each other succeed.”
Boston-based venture firm Saturn Partners, an early backer of Constant Contact, led the $3.54 million financing in Alignable. Other investors in the startup include Boston Seed Capital, Longworth Venture Partners, NextView Ventures, and CrunchFund.
Alignable currently has eight employees. It intends to use the new funding to ramp up its product development and marketing efforts.