Allbound raises $1.5M seed round led by Canal Partners – updated
Allbound, a Software-as-a-Service (SaaS) Partner Sales Acceleration solution, is helping businesses realize more revenue from indirect sales partners through their predictive technology and gamification platform.
Today the company announced a $1.5 million seed round led by Canal Partners with participation from Tallwave Capital and current investor Acceleprise. To date the company has raised around $1.7 million.
The company plans to use the funds to accelerate growth and build out their subscription-based channel sales and marketing platform. In a previous report, Allbound’s subscription model is being designed to extend the power of partnerships from startups to Fortune 500’s.
As a startup in Arizona, raising money might mean looking outside the borders. However, Scott Salkin, co-founder Allbound said he’s seeing a shift towards local angels writing bigger checks for companies in their backyard.
“Fundraising in Arizona – or to be more accurate, the lack thereof – has been one of the ecosystem’s most talked about topics in recent years. I think we’re starting to see a huge shift here locally as more SaaS startups gain hold of the metrics and intangibles that investors are looking for. Local investors are so key to our economic growth – look what Salesforce has done for San Francisco,” Salkin said. “The fact we were able to go from concept to funded startup in less than a year with the help of Canal and Tallwave really lends relevance to the movement.”
In a statement, Jim Armstrong, managing partner of Canal Partners and former chairman and CEO of JDA Software Group said, “Canal Partners is proud to invest not just financial capital, but also human capital in the growth of an innovative and visionary company like Allbound.”
As part of the deal, Canal’s Managing Partners Todd Belfer and Wain Kellum will join Allbound’s board.
Nathan Mortensen, principal Tallwave Capital said in a statement, “Allbound’s technology is revolutionizing how businesses market and sell through their partners. We’re thrilled to be a part of it.”
Allbound was founded by Scott Salkin and Kyle Burnett. Last year, the company was the winner of Startup PHX Challenge, as part of Phoenix Startup Week, and was given six months of free office space in the Monroe Building located in downtown Phoenix.