HootSuite Raises $165 Million In Financing, Now Boasts 7 Million Users Worldwide


By Shea Bennett Comment

HootSuite, the Vancouver-based social media management system, yesterday announced that it has secured an additional $165 million in Series B financing, in a deal that is being cited as the largest ever seen in Canadian venture capital history for a software company.

In their press release, HootSuite revealed that the platform now has more than 7 million users in more than 175 countries, including PepsiCo, Virgin, Orange, Sony Music, Telus, HBO, WWF, UPS and Panasonic, amongst 237 of the Fortune 500 companies. The firm employs more than 300 staff Vancouver, Toronto, San Francisco, New York, Hong Kong, London, Sydney, and other locations.

In May of last year, HootSuite raised $50 million in a round of financing that valued the business at $500 million. Financial terms of this deal have not been disclosed.

“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, 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.”