A Texarkana, Arkansas, technology company is raising $2.8 million for an online training service.
Vertical Main Street Partners LP has already raised $685,000, according to its recent filing with the U.S. Securities & Exchange Commission. The money would be used for marketing and adding about 300 independent contractors, said Vertical’s president and CEO, Jay Wommack.
Vertical Main Street is a division of Vertical Alliance Group Inc., which was founded in 1999 as an online recruiting company and is known as Infinit-I Workforce Solutions, powered by Vertical Alliance Group.
In 2004, Vertical Alliance created its own learning management system, or training software, for the trucking industry. “We document the training, so that if a company needs to improve the performance of their employees, they can,” he said.
Since its launch, the company has delivered more than 125 million training sessions.
Vertical Alliance has about 60 employees. Wommack declined to release revenue figures.
The Main Street division started about two years ago. But it’s the company’s practice to prove the concept before seeking money from investors.
“We cut our teeth in trucking, and now we’re going out to Main Street,” Wommack said.
If the company is a local retail shop that has seven people or a manufacturer with 10,000 employees, if “they need to train their people, … that’s where we come in,” he said.