Social Networking Start-up Alikelist Secures $5M in Series A Funding

December 17, 2009

AlikeList announced that it has received $5 million in Series A funding from Syncom Venture Partners. The financing will be used for product development, to build the AlikeList user base and to expand the company's executive team. AlikeList recently added geospatial and local technologies industry veteran Mark Law as vice president of product development.This week, AlikeList.com also launched significant user interface and functional enhancements that are designed to improve ease-of-use and deliver additional options for connecting users with local businesses.

According to the announcement, Alikelist is based on simple word-of-mouth principle. AlikeList created a social-local network where people save lists of positive recommendations for local businesses and share them with friends. People can "Like" businesses or add them to a "TryList." Because AlikeList recommendations are referred among friends with similar values, interests and preferences, these recommendations are more trusted and valued than those from strangers. When an AlikeList user searches for a plumber, for instance, she'll be able to see who in her trusted network has recommended which plumber.

"AlikeList has created an impressive 'next-generation' local offering," said Greg Sterling, analyst with Sterling Marketing Intelligence and Opus Research. "The site and its functionality are an expression of the accelerating convergence of local and social media."

The Company stated that AlikeList is also designed to help local business grow by bringing word-of-mouth marketing online. Many local businesses don't have the time, budget or marketing expertise to easily prospect for potential customers in their area. AlikeList solves this problem by creating a mutually beneficial connection between businesses and people that have already expressed interest in that business. AlikeList accelerates word-of-mouth marketing by enabling businesses to create special offers for people that have "Liked" or "want to try" their business. For a nominal subscription price and usage fees, businesses can use the AlikeList platform to target highly effective incentives, ads and promotions to their fans, customers and friends in just minutes.

"Online directional media and promotional advertising represent two huge opportunities," said Jim Delli Santi, co-founder and CEO of AlikeList. "Our local marketplace lets communities of consumers and local businesses create strong, trusted relationships that are beneficial to both sides. We're very pleased to be working with Syncom Venture Partners to make our vision for AlikeList a reality."