"I feel big news in the air today," tweeted HootSuite CEO Ryan Holmes earlier today. He wasn't lying: his Vancouver-based social media company just raised a colossal Series B funding round.
HootSuite's round is worth a gargantuan $165 million, with the funds led by a trio of VC firms consisting of Insight Venture Partners, Accel Partners and existing investor Omers Ventures. HootSuite did not disclose what this round values the company at—but we guess Holmes must be awfully close to his goal of running a billion-dollar company.
As part of the investment, Jeff Leiberman of Insight Venture Partners, Ryan Sweeney of Accel Partners, and John Ruffolo of Omers Ventures have joined HootSuite’s Board of Directors. The nearly four-year-old company boasts more than seven million users and has grown to over 300 employees.
“HootSuite’s goal is to empower people and brands to reach global markets using social media—to help them connect, inform, and succeed like never before,” says Ryan Holmes, the CEO of HootSuite. “This capital gives us additional resources to expand quickly and strategically into new markets, innovate rapidly, and deliver on our vision around the world."
“As demonstrated by their remarkable growth and widespread adoption, HootSuite clearly leads the market in the development and delivery of a social relationship platform,” says Jeff Lieberman, Manager Director of Insight Venture Partners. “Insight’s investment will help HootSuite capitalize on the global demand for their solutions, and accelerate the company’s pace of product innovation."
"As the first institutional investor and largest pre-IPO owner in Facebook, we have long believed in the inevitable relevance of social networks and social media at the consumer level," says Ryan Sweeney, Managing Partner of Accel Partners. "What's become apparent is that social channels are also becoming THE manner in which small businesses through the Fortune 500 are opting to communicate with their customers and target markets. By every metric HootSuite's social relationship platform is powering this evolution in corporate communications, and we are thrilled to now be their partner as they continue to scale."
“In 2012, OMERS Ventures invested in HootSuite because we believed in the integration of social media within the enterprise,” says John Ruffolo, Chief Executive Officer of OMERS Ventures. “Since then, HootSuite has shown the market that this trend is not only important, but mission critical for any company looking to be relevant. We are committed to helping the team become the dominant player in this market.”
Photo: Vancovuer Sun