Insight Venture, Accel Partners raise HootSuite series B fund to US$165 million
Hootsuite reported a US$165 million fund for its series B round led by Insight Venture Partners. The private equity firm was joined by Accel Partners and current investor OMERS Ventures.
HootSuite also announced that Insight Venture's managing director, Accel's managing partner and OMERS' chief executive officer will join the company's board of directors following the investment deal.
"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," remarked HootSuite Chief Executive Officer Ryan Holmes. "This capital gives us additional resources to expand quickly and strategically into new markets, innovate rapidly, and deliver on our vision around the world".
Established in 2009, HootSuite is a Vancouver, British Columbia-based company that allows businesses and companies to jointly launch marketing campaigns, distribute messages and increase their audiences worldwide. Global venture capital firm Insight Venture Partners that focus its investments on ecommerce, data services software and Internet companies.