Townsquared has just secured $5.26 million in its first institutional funding round. The investors in the said round were not disclosed, according to VentureBeat.
Based on a document filed with the US Securities and Exchange Commission, the San Francisco-based business social network started its fundraising campaign on February 21. The company still has $360,000 to go, but there are thirteen investors who have already participated, the report detailed.
Townsquared is a private and encrypted platform that helps business people within a given community connect and communicate with each other to foster growth. Co-founded by Rohit Prakash and Nipul Patel last year, the company used to be called FOMO Applications and Hub N Spoke, the report stated.
According to Townsquared's website, the platform allows businesses to communicate and collaborate with each other about their activities and events. They can also use the network to ask for advice about the industry, products, marketing strategies, and other concerns. They can also use the platform to form partnerships with other companies in the area, Townsquared's web profile said.
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