Main Street Hub, announced this week, that it has closed on $27 million debt refinancing and expansion with Silicon Valley Bank.
The Austin-based startup plans to use the funds to further develop its technology and sales operations.
To date, Main Street Hub has raised more than $70 million of equity and debt financing. The company has more than 500 employees.
“This new funding enables us to invest even more in our customers in 2017 and beyond,” Matt Stuart, co-founder and co-CEO of Main Street Hub, said in a news release. “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,” Dax Williamson, Managing Director for Silicon Valley Bank in Austin said in a news release. “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.”
Main Street Hub created a small business marketing platform that integrates social media, customer reviews, web and email marketing. The company, founded by Stanford graduate students Stuart and Andrew Allison, moved to Austin in 2011 after visiting the city during SXSW. Silicon Hills News named Main Street Hub one of its 20 hot Austin-based startups to watch this year.
“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,” Matt Stuart, co-founder and co-CEO of Main Street Hub, said in a news release. “With our full service ‘do-it-for-you’ SaaS marketing platform, we help local business owners spend more time on the things they love.”