Austin software companies land combined $29 million in venture fundingAustin software companies land combined $29 million in ven
Jan 15, 2014
Austin American Statesman
Two more Austin software companies are starting off 2014 with new money to fuel their growth and add workers
WP Engine, which provides hosting for WordPress-built websites, has raised $15 million to launch new products and double its 90-person workforce.
Meanwhile, Main Street Hub, whose software helps small businesses create and manage their social media presence, received $14 million to accelerate development and to grow its 175-person team.
The investments follow two other significant deals announced this month: Spredfast, whose software lets companies manage their efforts across multiple social media sites, raised $32.5 million and Upland Software, which sells project management and work management software, raised $15 million
WP Engine, which was founded in 2010, is a hosting and management company that runs websites and applications built with the WordPress platform. The company has about 14,000 customers who run more than 120,000 sites and domains on its platform. Customers range from individual bloggers to companies including Gap, Allstate Insurance, Google Ventures and Foursquare
WP Engine will use the funding from North Bridge Growth Equity to add 100 employees this year, most of them at the company’s new downtown headquarters on Lavaca Street. It is hiring across the board, including development, marketing, sales and product management
Main Street Hub, whose funding round was led by Bessemer Venture Partners, also is focused on hiring, with plans to add 200 workers to its 175-person workforce this year. The company helps small businesses build and protect their online reputations through online social media. It sets up branded pages on sites, such as Facebook and Yelp, and then monitors the sites. It also creates mobile and e-mail marketing.
Main Street Hub has about 3,000 customers who pay on average about $300 a month for the service. The company was founded in 2010 by Stuart and Andrew Allison when they were getting their master’s degrees in business administration at Stanford University. Main Street Hub, which has raised a total of $20 million, moved to Austin in 2011 and has downtown offices on Brazos Street.