Saturday, September 6, 2014

Hootsuite Raises $35M Investment From Fidelity Investments, Valued The Company At $800M

Hootsuite, like a couple other of its startup peers, has come a long way since it launched a few years ago. Now valued of close to $800 million and has more than 10 million users, life is a bit different. According to Wall Street Journal, Canada's Hootsuite Media Inc. has raised $35 million in a Series C funding round led by mutual fund Fidelity Investments, bringing it to a venture funding total of $224.9 million. Hootsuite, the social media management is now reportedly valued at $ 800 million according to the Wall Street Journal.

Canadian-based Hootsuite is the world's most popular and widely used social media relationship platform. More than 100 million users including 744 of the Fortune 1000 companies, trust and used Hootsuite to manage their social media activities across multiple social networks from one integrated dashboard.

Hootsuite, which offers a platform that helps businesses engage with customers through Facebook, Twitter, LinkedIn and other social media tools, is still months away from a possible IPO (Initial Public Offering), according to the reliable source. But the planned financing from Fidelity signals an IPO remains the company's ultimate goal.The funding round hasn't been confirmed by Hootsuite or Fidelity Investments, both declined to comment, but the Wall Street Journal previously reported that a deal was in the works and already moving according to reliable sources familiar with the matter.

Last year, Hootsuite has raised $165 million from a group of venture-capital firms- Insight Venture Partners and Accel Partners of the U.S. and Canada's OMERS Ventures, an arm of the Ontario Municipal Employees Retirement System pension fund.

Source: The Wall Street Journal

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