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Social media management firm HootSuite raises $165 million
The vendor says it has more than 7 million users worldwide.
HootSuite, which helps retailers and other businesses manage their social media programs, has raised $165 million in a Series B funding round.
Insight Venture Partners led the round, which also included Accel Partners and existing investor Omers Ventures, HootSuite said yesterday.
The vendor says it will use the funds to expand internationally, develop products, hire sales and marketing staff and, perhaps, buy other companies. In the past year HootSuite says it has increased its staff from 180 people to more than 300.
"Our 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 vendor’s CEO. "This capital gives us additional resources to expand quickly and strategically into new markets, innovate rapidly and deliver on our vision around the world."
HootSuite says it has 7 million users worldwide—that includes companies that use its free offering that offers basics analytics tools. Its more extensive offering, called HootSuite Pro, starts at $8.99 per month. It also offers an enterprise product that large companies like PepsiCo Inc. use.