AUSTIN, TX, Leading marketing platform for local businesses, today announced the closing of a $25 million Series C equity financing round.
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Main Street Hub, the leading marketing platform for local businesses, today announced the closing of a $25 million Series C equity financing round from Vista Equity Partners ('Vista'). The investment will support the company's rapid growth, which includes plans to introduce several new product offerings and hire 300 employees in its Austin and New York offices by the end of the year. Main Street was 73rd on the Inc. 500 list of America's fastest growing companies in 2014.
'Main Street Hub has built a powerful and integrated marketing platform with a strong value proposition, which is why they have been able to sustain such incredible growth over the past few years'
'Marketing a local business has become significantly more complicated since the days of the Yellow Pages, and today's consumers expect a two-way conversation across a variety of online channels,' said Andrew Allison, co-founder and co-CEO of Main Street Hub. 'Through a combination of technology, data-driven expertise, and our experienced team, we are able to deliver amazing results for our local business customers while simplifying their marketing efforts and saving them valuable time.'
With this latest round of funding from Vista, Main Street Hub has now raised more than $65 million of financing. Previous investors include Bessemer Venture Partners and Harrison Metal Capital.
'Vista is the perfect partner for us at this stage of our growth,' said Matt Stuart, co-founder and co-CEO of Main Street Hub. 'With this financing, we have more than enough capital to continue our fast growth and make a huge impact for our local business customers.'
Main Street Hub continues to grow to meet the needs of the local media market. According to research firm BIA/Kelsey, local media ad spend is estimated to total more than $139 billion in 2015, and that number is expected to grow significantly over the next five years.
'Main Street Hub has built a powerful and integrated marketing platform with a strong value proposition, which is why they have been able to sustain such incredible growth over the past few years,' said Alan Cline, principal at Vista Equity Partners. 'Digital marketing channels are becoming increasingly important for businesses of all sizes, and Main Street Hub is thriving in this space because they offer a unique and innovative approach, combining software and data analysis that delivers solutions to local marketing challenges and impressive ROI for customers.'
For a low monthly fee, Main Street Hub's full-service, 'Do-It-For-You' marketing platform integrates social media, customer reviews, mobile, and email marketing to help local businesses attract and retain more customers efficiently and effectively.
At the core of the product is the way in which the company creates authentic and effective content for its local business customers at scale. Main Street Hub approaches content as a science, utilizing a massive proprietary data set built on millions of pieces of local business content. That data is injected into machine learning algorithms to constantly inform, refine, and•where appropriate•automate content strategy. A focus on scalable, data-driven technology solutions enables a team of content strategists, writers, and designers to do what only people can do-create and tell authentic, engaging stories on behalf of thousands of local businesses across the United States.
For local businesses, the company's full-service approach starts with a dedicated Customer Success Manager, who works closely with each customer to understand their voice and business goals. The Main Street Hub team then leverages the company's proprietary technology and vast amounts of industry-specific data to market local businesses across a variety of digital marketing channels, creating and maintaining direct relationships with customers.
Since launching in February of 2010, Main Street Hub has worked with thousands of local businesses in all 50 states. In that time, the company has authored more than 5 million pieces of content on social media, customer review websites, email newsletters, and mobile.
About Main Street Hub
Founded in 2010, Main Street Hub is the voice for more local businesses than any other company. The company offers the only full-service marketing platform that integrates social media, customer reviews, mobile and email marketing to help local businesses get more customers and keep them coming back while saving them valuable time. Headquartered in Austin, TX with offices in New York, NY, Main Street Hub has been named the fastest growing startup in Austin and 73rd on the Inc. 500 list of America's fastest growing companies.
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 Vista Equity Partners
Vista Equity Partners, a U.S.-based private equity firm with offices in Austin, Chicago and San Francisco, with over $14 billion in cumulative capital commitments, currently invests in dynamic, successful software, data and technology-based organizations led by world-class management teams with long- term perspective. Vista is a value-added investor, contributing professional expertise and multi-level support towards companies realizing their full potential. Vista's investment approach is anchored by a sizable long-term capital base, experience in structuring technology oriented transactions, and proven management techniques that yield flexibility and opportunity in private equity investing. For more information, please visit www.vistaequitypartners.com.