By: Mark Fitzgerald
In its first equity offering, Mainstreet Connect raised $3.97 million from 21 investors as working capital for its franchise-style online community news sites, according to a Securities and Exchange Commission filing.
Mainstreet was founded last year by veteran community newspaper publisher Carll Tucker. The company aspires to launch hundreds of local news sites on a franchise model, offering its expertise and shared content. Last month, Mainstreet launched the first of these sites, The Daily Norwalk in Connecticut.
Mainstreet Connect will be the subject of an article in the upcoming July print edition of Editor & Publisher.