HootSuite, an application catering to Twitter users, announced today that it has gained more funds worth US$165 million for its Series B fundraiser. The financing will be utilized to continue the company's growth and rising popularity as a social media tool.
The financing round was led by Insight Venture Partners, with minor backing from Accel Partners and existing investor OMERS Ventures. The US$165 million deal represented one of the biggest investment rounds of global venture capital placements.
HootSuite was the pioneer in social media management, currently used by more than 7 million daily users in almost every country across the globe. The company initiated its Series B fundraiser in time for its 4th founding anniversary.
According to analysts, the application's dramatic growth was caused by the ballooning mobile market. Increased demand for social media attracted enterprises such as PepsiCo., Virgin, Sony, HBO, Orange, WWF, and 237 companies listed on the Fortune 500.
Ryan Holmes, chief executive officer of HootSuit, said, "This capital gives us additional resources to expand quickly and strategically into new markets, innovate rapidly, and deliver on our vision around the world."
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