HootSuite: $165 Million Series B 'Takes the Pressure Off'
BY Francesca Fenzi
No IPO for now: CEO Ryan Holmes says the massive round allows the company to add more employees and expand.
Social media management company HootSuite announced today that it raised $165 million in Series B funding-- more than tripling the $50 million raised during a Series A round last year.
The round was led by Insight Venture Partners, followed by Accel Partners and OMERS--all three will now have a seat on Hootsuite's board.
Though HootSuite became profitable over a year ago, CEO Ryan Holmes told TechCrunch that these new funds will "take off some of the pressure" on the company to either find a buyer or go public.
He added, “Both IPO or acquisition are possibilities and I’d never say no to either but I’m just working on building out a great product.”
Holmes also told Bloomberg the company is looking to make at least two acquisitions (but declined to give anymore detail) and add 100 overseas employees.
HootSuite, based in Vancouver, has become one of the largest services for enterprise social media management. Today, the company, which operates on a freemium model, reportedly has over 7 million users in more than 175 countries--including big-name players like Pepsi, Virgin and Sony.
The deal marks the second largest venture capital deal this year.
FRANCESCA FENZI reports on entrepreneurship, technology and small business news from San Francisco. Her work has previously appeared in TIME, USA Today, Pop City and The Northside Chronicle. @FrancescaFenzi