Allbound, a partner relationship management (PRM) platform provider, has received a significant investment in Series A funding led by Canal Partners with other investors including KLH Venture Partners, Tallwave Capital, Arizona Founders Fund, and Stout Street Capital. In total, $3.61 million has been raised to advance product development within the Series A round, resulting in a total of $7.4 million raised since company inception.
Due to an 838% growth in customer base in the past two years and a need for innovation in the channel, Allbound has made it a goal to make major improvements in the product in 2019. The company has partnered with and is in the process of developing an integration with Sisense, an analytics platform, to offer business insights. Also in the 2019 product development roadmap is a key integration with marketing automation tools such as Marketo and HubSpot.
As a result of these partnerships, Allbound clients will be able to dig deeper into complex data, understand which actions drive the most revenue, and deliver personalized to-partner marketing messaging based on interactions that occur between partners and vendors.
Allbound’s goal has been to create an easy-to-use, configurable solution that places a focus on partner engagement. Its solution works as a layer in a technology stack by integrating with tools such as CRM.
In addition to the new funding, Allbound announced that Wain Kellum will be joining the board of directors as executive chairman. “I am thrilled to join the Allbound board,” said Kellum. “Having led seven fast-growth technology companies on a variety of industries, one of the aspects that each company shared was the potential to sell far more through channel relationships than could be sold directly. The legacy homegrown systems were simple portals, with little functionality and the packaged solutions are too cumbersome and complex.”
The Allbound platform allows “easy collaboration and joint selling with an organization’s selling partners,” Kellum noted. “The ease of use afforded by Allbound allows for quick adoption among partners, leading to more visibility into pipeline and more joint selling which increases win rates and accelerated new business.”
Jim Armstrong, founder and CEO of JDA Software, will also join Allbound’s board of directors. “Allbound has been a fantastic company to watch grow,” said Armstrong. “In today’s software ecosystem it is necessary to leverage partners to rapidly grow market share. More importantly, it is crucial for technology and manufacturing companies to keep control of their brand and understand how their partners are selling their products. Allbound is a perfect tool to leverage partners.”