Townsquared, the US-based operator of an online community for small businesses, secured $11.05m on Tuesday in a series B round co-led by enterprise software provider Intuit.
The round, co-led with venture capital firm Sierra Ventures, included angel investors Jocelyn Goldfein and Pravin Madhani, and boosted the company’s overall funding to $16.4m since it was founded in 2013.
Townsquared’s online platform and app is a community network that provides a convenient way for local businesses to connect and communicate with each other. It claims to have increased membership by 115% in the past year.
The company previously raised approximately $5.3m from VC firms Floodgate and August Capital in November 2015.
Andrew Westergren, chief strategy and corporate development officer for Intuit, said: “Our support for Townsquared is rooted in our common goal of helping small businesses succeed in their local community.
“At Intuit we help 4.5 million small businesses and believe the power of the network effect helps them win together. Townsquared is continuing to show success in providing small businesses with the myriad of resources they need to thrive and better their local communities.”