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Main Street Hub Finalizes $14 Million Series B Funding

January 28, 2014

Main Street Hub, a "do-it-for you" marketing platform for local businesses, announced the closing of a $14 million Series B equity financing round led by Bessemer Venture Partners (BVP) with participation from existing investors, including Harrison Metal Capital . According to a release, the funding will be used to further develop Main Street Hub's technology and content operations, and to expand its sales presence in Austin , San Francisco , New York and Los Angeles . With this round, the Local CRM leader has raised more than $20 million of equity financing to date. "Keeping up with shifts in social media and other ways to connect with customers online is a full time job, but it's not something most local businesses are staffed to manage. Main Street Hub makes the process painless and rewarding with a full service 'do-it-for- you' SaaS marketing platform that helps local businesses through the entire marketing funnel with a combination of people, data and innovative technology," said co-founder and co-CEO Andrew Allison . The company noted that for a low monthly fee Main Street Hub will create and manage the social media presence of local businesses (on Facebook, Twitter, Yelp, Google+, Foursquare, and TripAdvisor ), build a mobile-friendly landing page, and communicate directly with customers through email marketing that uses customized viral, social content. The result is a CRM for local businesses that helps them find new customers, build lasting relationships with loyal ones, and generate referrals. Additionally, Main Street Hub's "do-it-for-you" approach starts with a dedicated account 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 social media, web and email--creating and maintaining direct relationships with customers. Since launching in February of 2010, Main Street Hub has close to 3,000 customers in all 50 states and a team of 175 employees across four offices. In that time, they have authored more than a million messages across social media, customer landing pages and email. And the company will continue to grow to meet the needs of the market: Local media ad spend is estimated to be close to $133 billion , with 20 percent of that being spent on digital/online, and that number is expected to grow 27 percent over the next 4 years. "At BVP, we're sensing a shift in power as technology levels the playing field for smaller companies and gives them access to solutions and platforms that were previously only afforded by large box stores and behemoths. Main Street Hub will be a key player in this: They make it possible for local businesses to leverage every channel and engage directly with their customers with a tailored approach that doesn't require any change of behavior for the merchant or their customers," said Rob Stavis , partner at BVP. "In backing Main Street Hub we are not only investing in this growing trend, but also investing in a great company and team that can execute." Bessemer Venture Partners (BVP) invests in early-stage, hyper- growth startups, partnering closely with entrepreneurs to build durable businesses. More information: www.mainstreethub.com bvp.com www.biakelsey.com/webinars/Local-Ad-Dollars-2013-What-Business- Categories-are-Spending-and-Where.pdf ((Comments on this story may be sent to newsdesk@closeupmedia.com ))


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