Earlier on Thursday, August 1st, the CEO of HootSuite Ryan Holmes tweeted that “I feel big news in the air today” and his forecast proved true, as later in the day the Vancouver-based startup managed to secure a hefty amount in a Series B round funding. HootSuite gained a whopping $165 million in that funding round, which was led by three various VC firms, along with existing investors Omer Ventures, Accel Partners and Insight Venture Partners.
As a result of this latest influx of money, Insight Venture Partners’ Jeff Leiberman, Omers Ventures’ John Ruffolo and Accel Partners’ Ryan Sweeney have become new members of HootSuite’s Board of Directors.
However, the social media company did not reveal how much value the funding round holds for it. Nevertheless, one thing looks quite possible: Holmes is not far away from fulfilling his dream of running a billion-dollar company.
On this occasion, the CEO of HootSuite, Ryan Holmes said that, “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. This capital gives us additional resources to expand quickly and strategically into new markets, innovate rapidly, and deliver on our vision around the world.”
Manager Director of Insight Venture Partners, Jeff Lieberman said that, “As demonstrated by their remarkable growth and widespread adoption, HootSuite clearly leads the market in the development and delivery of a social relationship platform. Insight’s investment will help HootSuite capitalize on the global demand for their solutions, and accelerate the company’s pace of product innovation.”
Managing Partner of Accel Partners, Ryan Sweeney said that, “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. 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.”
The Chief Executive Officer of OMERS Ventures, John Ruffolo said that, “In 2012, OMERS Ventures invested in HootSuite because we believed in the integration of social media within the enterprise. 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.”
Source: TechVibes
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