Hootsuite, one of the most popular Twitter clients of all time, announced last week it raised $165 million in a round of Series B funding. The round was led by Insight Venture Partners with participation from Accel Partners and existing investor, OMERS Ventures.
Hootsuite (the name of the company's product as well) allows companies to execute multiple social media campaigns through a single web-based application. It can show multiple Twitter accounts at the same time, along with LinkedIn, Wordpress, Foursquare and others. You can use Hootsuite to schedule Tweets, get analytic reports and much more.
An undisclosed portion of the eye-popping capital infusion will go toward paying out existing investors, rather than going back into the company. The rest will go toward creating additional offices in South America, Asia and Europe, hiring addition engineers, marketers and other staff, and acquiring new companies.
Hootsuite's future growth also includes getting into the social ads business. Hootsuite was one of Twitter’s initial five Ads API partners back in February, and the company is now working on becoming a Facebook Ads API partner as well.
CEO Ryan Holmes told Bloomberg TV:
“We are soon going to be launching advertising with Facebook and letting people buy advertising within Hootsuite and push it out into social networks as well.”
The Vancouver company has 7 million users and last year grew its staff from over 180 to 320 in offices in Vancouver, Toronto, San Francisco, New York, Hong Kong, Sydney and other locations.
This latest round of investment brings the total funding for the four-year-old company up to $187 million. If anything, such a huge influx of cash says something about the role social media is playing in corporate marketing campaigns right now.
While the additional funding may signal a massive growth spurt for the company, it also brings with it three new Hootsuite board of directors (Jeff Leiberman, manager director at Insight Venture Partners, Ryan Sweeney, managing partner at Accel Partners, and John Ruffolo, CEO of OMERS Ventures) who will likely have opinions in the future direction of the company.