Hootsuite Secures $35 Million Investment from Fidelity-Led Group
September 6, 2014
By Ben Dummett
WALL STREET JOURNAL – Canada’s Hootsuite Media Inc. has secured $35 million in new financing from a group led by Fidelity Investments, according to people familiar with the matter.
The Wall Street Journal previously reported the Vancouver-based technology company was close to arranging financing from the Boston-based mutual-fund giant and other investors, but the total investment amount wasn’t reported.
The financing from the Fidelity-led group gives Hootsuite, one of Canada’s most high-profile technology firms pegged to go public, an implied value of close to $800 million, up from about $725 million previously, according to one person familiar with the matter.
The company, which offers a platform that helps companies engage with customers through Facebook, Twitter, LinkedIn and other social media, is still months away from a possible initial public offering, according to the person familiar with matter. But the planned financing from Fidelity signals an IPO remains the ultimate goal.
Representatives for Fidelity and Hootsuite declined to comment.
Hootsuite raised $165 million a year ago from a group of venture-capital firms including Insight Venture Partners and Accel Partners of the U.S. and Canada’s OMERS Ventures, an arm of the Ontario Municipal Employees Retirement System pension fund.