HootSuite Closes $165 Million Round
Social media management platform HootSuite on Thursday announced securing a whopping $165 million in second-round funding led by Insight Venture Partners and including Accel Partners and existing backer OMERS Ventures. That amount dwarfs the approximately $25 million it had raised previously.
HootSuite, which helps companies manage and track their presence on social media platforms like Facebook, Twitter and LinkedIn, said it now has more than 7 million users globally and counts 237 of the Fortune 500 among its clients including PepsiCo, Sony Music, HBO and UPS.
In the last year, the Vancouver-based company said its staff has grown from 180 to 300 across cities such as Toronto, San Francisco, New York and Hong Kong. And with its latest funding, HootSuite plans to continue expanding worldwide as well as ramping up product development and hiring of sales and marketing staff. It will also look at making strategic acquisitions.
“This capital gives us additional resources to expand quickly and strategically into new markets, innovate rapidly, and deliver on our vision around the world,” said HootSuite CEO Ryan Holmes, in a release on the deal.
In connection with the financing, Jeff Leiberman of Insight Venture Partners, Ryan Sweeney of Accel Partners, and John Ruffolo of OMERS Ventures will join HootSuite’s board.