AUSTIN, Texas, Jan. 11, 2017 /PRNewswire/ -- Main Street Hub, the Austin-based "do-it-for you" marketing platform for local businesses, today announced the closing of a $27 million debt refinancing and expansion with Silicon Valley Bank (SVB), the bank of the world's most innovative companies and their investors. The funding will be used to further develop Main Street Hub's technology and sales operations. With this round, the local business technology leader, one of the fastest growing startups in Austin, with over 500 employees nationwide, has raised more than $70 million of equity and debt financing to date.
"This new funding enables us to invest even more in our customers in 2017 and beyond," said Matt Stuart, co-founder and co-CEO of Main Street Hub. "With the expansion of our partnership with SVB, we will build on the new customer experience we launched in 2016 by releasing a series of new products that amplify our customers' brands across the web and utilize our data on local business performance to drive better business outcomes for our customers. We'll also continue to build the technology, training, and leadership that has made our sales team the best in our space."
"We're pleased to continue our long-standing partnership with Main Street Hub," said Dax Williamson, Managing Director for Silicon Valley Bank in Austin. "Main Street Hub is enabling small businesses to leverage the power of marketing in a single, automated platform. We look forward to facilitating Main Street Hub's future growth with the right financing, connections and services."
For a low monthly fee, Main Street Hub manages customer interactions for local businesses across social media, customer review websites, email marketing, and the web. The result is a powerful platform for local businesses that helps them find new customers, keep them coming back, and save time.
"When local businesses have to spend time on marketing, that's time they aren't spending on the true purpose behind their work—preparing a delicious meal for a guest, making sure a customer's car will keep them safe on the road, or helping a client accomplish a wellness goal," said Matt Stuart, co-founder and co-CEO of Main Street Hub. "With our full service 'do-it-for-you' SaaS marketing platform, we help local business owners spend more time on the things they love."
2016 has been a successful year for Main Street Hub:
- The company significantly expanded its leadership team in 2016, hiring a CFO, SVP Sales, VP Product, VP Growth, VP Content, VP People, VP Marketing, VP Sales Austin, VP Sales New York, and VP Sales Learning & Development;
- The company concluded a year of investment in its growth by achieving its highest sales productivity and efficiency metrics to date; and
- The company introduced a new customer experience, including one-of-a-kind small business branding and content-creation tools, products that marry human creativity with machine learning, and a nationwide photographer network, which increased customer retention while also increasing profitability.
"We build technology to liberate business owners to serve their customers, and we help consumers develop relationships with brick-and-mortar establishments with the same ease that has driven online commerce over the past two decades," said Andrew Allison, co-founder and co-CEO of Main Street Hub. "We're excited to continue the partnership with Silicon Valley Bank that has enabled us to be the voice of more local businesses than any other company."
In addition to Silicon Valley Bank, Main Street Hub is backed by leading technology investors including Vista Equity Partners, Bessemer Venture Partners, and Harrison Metal Capital.
About Main Street Hub
Founded in 2010, Main Street Hub is the "do-it-for-you" marketing platform for local businesses. The company offers an integrated social, web, and email marketing solution designed to help merchants get more customers and keep them coming back by spreading word of mouth, extending their customer service, managing their online reputation, and leveraging Main Street Hub's merchant network. Headquartered in Austin, TX, Main Street Hub was founded by co-CEOs Matt Stuart and Andrew Allison while they were attending the Stanford Graduate School of Business.
For more information on Main Street Hub please visit: http://www.mainstreethub.com. Stay in touch on Twitter and Facebook. For tips and thoughts on the latest trends in local marketing, please visit our blog.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.
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SOURCE Main Street Hub