Employer.com has acquired mainstreet.com for a non -announced amount, Fintech’s latest startup to break out from the Labor Management Company.
In a post on xEmployer.com’s president and co -founder, Jesse Tinsley, said the two companies were “merging the forces to simplify Business Back Office solutions on a powerhouse platform”. Tinsley confirmed the acquisition at TechCrunch.
Mr.A San Jose, based on California, founded in 2019, created a business about the help of newly established companies to unveil research and developmental credits. The start created revenue, taking a place from the credit team. Mainstreet had some success in its first year, crossing the $ 1 million execution rate and helping the average customer save $ 51,000. In 2021, Mainstreet’s revenue crossed $ 15 million, An industry newsletter is not boring.
The signs of the potential problem occurred in 2022, when Mainstreet put about 30% of its staff, saying “an incredibly rough market”. At the top of 2021, the mainstreet was worth $ 500 million. The company is said to have closed for funding in 2022 with $ 200 million.
It is not clear what the mainstreet balance sheet looked like immediately before this acquisition, though Tinsley told TechCrunch in an interview that the company was profitable. Overall, Mainstreet raised about $ 75 million in well -known business funds from investors such as Signalfire, Tusk Ventures, Shrug, Moxxie Ventures, the Weekend Fund, Ventures, Sound and SV Angels.
One of the mainstreet investors introduced the company to employer.com, according to Tinsley. The team of 15 Mainstreet people will participate in employer.com as part of the transaction, which has about 500 employees in all its companies.
With the acquisition, Employer.com is valued north of $ 700 million, Tinsley said.
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The company based in San Francisco is recently in a shopping spree.
At the end of 2024, Employer.com announced that it was acquiring Bench, a VC -backed accounting start, which left thousands of customers locked in their accounts after suddenly closed a fire sale. Last week, Bench held a round of significant redundancies. And in January, Employer.com had offered to get a level, a FinTech start -up that closed abruptly after failing to find a buyer, but this deal did not pass.
“When we first started Employer.com and then I bought the bench, the primary theme … Basically it automates an end to end platform for the G Suite for Business Back Office,” he told TechCrunch in an interview. The mainstreet market is in line with this goal, Tinsley said.
At the end of January, Tinsley and Employer.com worked with youtuber mrbeast and others to save Tiktok by submitting an application for the application, according to one report In Bloomberg. It is not clear what happened to this alleged redemption attempt, although Tinsley publicly confirmed In March that it was part of this offer of $ 30 billion.
This story was updated after the publication to reflect the exact amount of funding of Mainstreet
