HootSuite Wins One Of The Biggest VC Deals Of The Year, Securing $165 Million In Financing
In its fourth year, social media management company HootSuite has secured $165 million in Series B financing from a joint investment led by Insight Venture Partners, with added funds from Accel Partners and OMERS Ventures. According to the announcement, the investment deal is one of the top five global venture capital deals this year.
“This capital gives us additional resources to expand quickly and strategically into new markets, innovate rapidly, and deliver our vision around the world,” says HootSuite CEO Ryan Holmes.
During the last twelve months, HootSuite increased its staff from 180 to 300 employees, and experienced revenue growth of 300 percent over the same quarter last year. With over seven million users worldwide, HootSuite’s client list boasts a number of well known brands, including PepsiCo, Virgin, Sony Music, HBO, UPS and Panasonic.
In conjunction with this deal, Insight Venture Partners managing director Jeff Leiberman, Accel Partners managing partner Ryan Sweeney, and OMERS Ventures CEO John Ruffolo have joined HootSuite’s Board of Directors.