HootSuite Raises $165 Million in New Round of Financing
August 1, 2013
NYTIMES – HootSuite, which provides services to manage multiple social media accounts like Facebook and Twitter, said on Thursday that it had raised $165 million in new financing from a trio of investment firms.
The Series B round was led by Insight Venture Partners and included Accel Partners and an existing investor, OMERS Ventures. Representatives from all three firms will join the company’s board. Other financial terms, including the round’s valuation, weren’t disclosed.
HootSuite is one of several start-ups focusing on social media tools for enterprise users. It’s a popular space these days, as companies like Salesforce.com to Adobe have bought digital marketing service providers with a focus on social networking.
Founded four years ago in Vancouver, Canada, HootSuite offers ways for clients to manage their social media presences from one dashboard, as a way to analyze the effectiveness of their campaigns. Among its clients are PepsiCo, Sony Music andHBO.
With the new financing, the company plans to continue expanding internationally, to expand its product and sales employee rosters and potentially to make some 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,” Ryan Holmes, HootSuite’s chief executive, said in a statement.