MainVest raises $3MM in seed funding to grow its local investment marketplace for small businesses
BOSTON, June 25, 2019 /PRNewswire/ -- MainVest, an investment marketplace empowering local businesses to access capital from investors in their community, announced today that it has raised $3MM in Seed funding led by Rucker Park Capital and Lerer Hippeau with participation from the Uber Alumni Syndicate.
MainVest is an investment marketplace and Regulation Crowdfunding intermediary regulated by FINRA. MainVest unlocks access to capital for local businesses, focusing on the brick and mortar, cash flow generating Main Street businesses that form the cornerstones of local communities. Companies have successfully raised capital on MainVest from a diverse set of industries, ranging from restaurants, to breweries, to hair salons, to escape rooms, all of whom share the commonalities of providing value to local communities and having traditionally limited options around funding sources.
"Streamlined access to capital have empowered founders in Silicon Valley to innovate and build, creating wealth for institutional and accredited investors, "said Nick Mathews, CEO of MainVest. "We aim to unlock capital for local entrepreneurs across the country, turbocharging Main Street businesses and empowering local investors to drive economic development in their communities while building wealth."
There are more than 25 million small businesses in the United States accounting for more than 60% of net new jobs created over the past 20 years. Despite this, access to funding remains the number one challenge for small business entrepreneurship and growth.
"Even with the recent innovations in financial services, capital at the right cost remains largely out of reach for enterprising local businesses," said Wes Tang-Wymer, General Partner at Rucker Park Capital who joins MainVest's board of directors. "MainVest's platform not only connects business founders with the funding they need, but also converts investors into their patrons and evangelists. We're thrilled to support MainVest as they build a new model for capital community by community."
Since launch, MainVest has helped entrepreneurs in Massachusetts raise hundreds of thousands of dollars from investors in their communities. The first cohort of successfully funded businesses have already began making repayments and investors are already seeing initial returns.
About MainVest
MainVest is a designated crowdfunding intermediary, regulated by FINRA and the SEC. Through the Jobs Act, Title III regulatory framework, non-accredited investors are able to invest in private businesses through security offerings hosted on via their portal.
Founded by seasoned professionals from both technology and finance, MainVest is headquartered in Salem, MA, and launched late fall 2018.
SOURCE MainVest
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