Main Street Hub has closed a USD25 million Series C equity financing round from Vista Equity Partners.
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.
“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,” says 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 USD65 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,” says 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 USD139 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,” says Alan Cline (pictured), 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.”
