On Wednesday, Main Street Hub announced it has raised $27 million in debt refinancing and expansion with Silicon Valley Bank (SVB) to put toward strengthening its technology and sales operations.
The funding brings Main Street Hub’s total financing to over $70 million since its inception in 2010.
"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 in a statement. "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."
The startup’s platform helps small businesses build a marketing presence and deepen customer relationships by running and responding to social media, email, websites and customer review pages.
In 2016, Main Street Hub celebrated some big wins including the hiring of 10 new executive leadership roles, recording its highest sales numbers to date and the rollout of a new customer branding tool and national photography network.
"With our passion for helping local businesses thrive — and world-class leadership, training and technology — we are building the best sales team in our industry,” said co-CEOs Andrew Allison and Stuart in an email to Built In Austin.
Headquartered in Austin, Main Street Hub has more than 500 employees across their local and New York offices and will continue to expand the team by nearly 200 new hires.
“We look for team members who are passionate about our mission to create thriving local economies by bringing businesses and their customers closer together, helping them discover community,” said Allison and Stuart. “We are looking for people who have a strong alignment with our values, including being extremely customer-centric, and who have an eagerness to work hard to build something that’s never been built before for local businesses around the world.”
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