Online marketing firm Main Street Hub has secured a $27 million debt refinancing to launch a growth plan that includes hiring 200 workers.
The Austin-based company, which manages social, web and email marketing for small businesses, received the financing from Silicon Valley Bank.
The deal follows a $25 million investment in Main Street Hub by Vista Equity Partners in 2015. The company has now raised a total of $70 million of debt and equity financing.
The company said the money will be used to further develop Main Street Hub’s technology and sales operations.
“This new funding enables us to invest even more in our customers in 2017 and beyond,” said Andrew Allison, co-founder and co-CEO of Main Street Hub. “Last year, we added 10 members to our leadership team and invested in our technology and sales team. We plan to hire a couple hundred people this year, all across the company.”
The company is currently recruiting in software engineering, sales, and content and account management, he said.
Allison and Matt Stuart founded Main Street Hub in 2010 when they were attending the Stanford Graduate School of Business. The company had 11 employees when the founders moved it to Austin from San Francisco in 2011, and it has grown substantially since then.
Today, Main Street Hub has 450 employees at its downtown offices at Sixth Street and Congress Avenue and Second Street and Congress Avenue. It also has about 100 employees at its office in Manhattan.
The company’s marketing platform integrates social media, customer reviews, mobile services and email marketing. It sets up branded pages on sites such as Facebook and Yelp, and monitors the sites.
Stuart said Main Street Hub’s thousands of customers, including restaurants, hair salons and auto repair shops, typically pay about $300 a month for the service.
“Our customers don’t have the time or resources to be able to focus on this,” Stuart said. “It’s so critical to their businesses to communicate with customers and reach potential customers. We take this off their hands so they can focus on the things they love doing.”
The privately held company does not disclose financial information. Main Street Hub ranked 73rd on the Inc. 500 list of fastest growing companies in 2014, increasing revenue of $193,800 in 2010 to $9.2 million in 2013.