HootSuite Gets $165 Million In Venture Capital Funding
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HootSuite just secured $165 million in venture capital funding, as it completes one of the largest round of venture capital funding in Canadian history.
HootSuite is a leading social media analytics and software firm based on Vancouver.
The round was lead by New York based Venture Partners, who previously invested in crowdfunding startups like IndieGogo and online retailer Newegg. Also backing HootSuite is Accel Partners, who also was an early investor in Facebook, and Omers Ventures, a partner of the Ontario Municipal Employees Retirement System. All three companies will now have members on the HootSuite board of Directors.
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The CEO of HootSuite, Ryan Holmes says the company will use the money to continue building its reach worldwide.
“Our goal is to continue with international expansion,” he said, noting that HootSuite’s software has grown to support 16 languages. “We have customers in every country in the world and we want to continue that growth.”
Holmes also says HootSuite will likely use the money to acquire other companies (a la Mayer), noting that analytics and social advertising are two areas where the company sees potential for acquisitions.
Founded only four years ago, the company has around 300 employees and it user base is around 7 million.
HootSuite develops software that helps measure social media interaction on popular sites such as Twitter and Facebook. It offers a free version which is very limited, a more robust version that can handle more accounts and is available for a monthly fee, and also more powerful tools for enterprise customers, which include almost half the Fortune 500 companies.
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