Social media management dashboard for businesses and organisations, Hootsuite has closed USD 165 million in series B funding led by Insight Venture Partners, with participation from Accel Partners and existing investor, OMERS Ventures.
The latest round of funding will be used by the company for expanding its global reach, accelerate product growth and innovation, invest in additional sales and marketing resources, and also for evaluating strategic acquisition opportunities.
Hootsuite is a social media management system which allows businesses to execute and track their campaigns across various social media networks through its dashboard. Through its dashboard, businesses can launch their marketing campaigns, identify and grow audiences and distribute targeted messages. Its key social network integrations include Facebook, Twitter, LinkedIn, and new Google+ Pages, and also a suite of social content apps for YouTube, Flickr, Tumblr, etc.
Businesses can also streamline their team workflow with scheduling and assignment tools and reach audiences with geo-targeting functionality using Hootsuite.
With this round of funding total funds raised by Hootsuite has reached nearly $187 million. Its seed investor, early-stage venture capital firm Blumberg Capital, which is Hootsuite’s largest institutional shareholder has reaped a 52x return in just four years. Blumberg Capital along with Hearst Ventures led the seed funding round in HootSuite in December 2009 and later Both firms also participated in the subsequent financing round in 2011.
At present HootSuite has more than 7 million users across 175 countries, including 237 of the Fortune 500, few of its other enterprise customers include PepsiCo, Virgin, Orange, Sony Music, Telus, HBO, WWF, UPS, Panasonic, etc. It has experienced 300% growth in revenue over the last year.
Hootsuite was launched 4 years back by Ryan Holmes, it competes with TweetDeck, CoTweet, Salesforce Radian6, Spredfast, Salesforce Buddy Media, Pluggio, Sprout Social, Engagor, etc.