Despite recent controversy, HootSuite remains a media darling and one of Vancouver's most successful technology startups.
In fact, HootSuite can be credited with bolstering the city's now blossoming tech ecosystem. Which means that, eventually, "the next HootSuite" of Vancouver will launch—a newer, even more agile and innovative company to carry the torch. It's how every successful startup ecosystem functions.
To capitalize on this virtually inevitable opportunity, a notable venture capitalist from Silicon Valley is poking his nose around the city to sniff out today's startups in hopes of getting a whiff of that next HootSuite. David Blumberg of Blumberg Capital, which has offices in the Valley and New York City, believes Vancouver is the next hot spot.
Blumberg Capital specializes in Seed and Series A rounds, particularly in social medial, mobile, and enterprise software, and invested in HootSuite very early on—which reaped huge rewards for the VC firm to the tune of a 52-times reward within a four-year window.
One company already on Blumberg's radar in the city is Trulioo, one of the VC's portfolio companies. Trulioo, self-described as a "data scientist's dream," helps website operators that support social login to detect spammers, trolls, fake users and bad actors; validate social profile information; and authenticate users in real time.
Trulioo may be the next HootSuite, but if not, the startup will likely be involved in fostering the company who is: Trulioo will be hosting "pitch nights" and accepting applications from February 19 to March 31 from local startups, the best of whom will be selected by Trulioo to pitch directly to David Blumberg in April at the Trulioo offices in Vancouver.
Stephen Ufford, the founder and chief executive officer, explained to Techvibes his richly collaborative relationship with Blumberg Capital.
“I spent almost a half a year in Silicon Valley getting to know the various venture capital firms. Blumberg struck me as one of the best for Trulioo in the way that they provide constant support, sound advice and enough autonomy to let young entrepreneurs grow," Ufford said. "A good analogy here would be that Blumberg Capital lets the founder be the race car driver, while the investor is the pit crew. The are like an outsourced super star business development team; we are fortunate to have them backing us.”
As for why Blumberg has become so enamoured with Vancouver? In typical VC fashion, he keeps his reasoning blunt and logical: “Vancouver is a growing tech hub with great entrepreneurs and investment opportunity with supportive government."
And that's all that's needed to cultivate the next HootSuite.