Just released today, Hootsuite (founded in 2008) a Social Media start up has secured $165 million in series B funding form a 3 way join venture including including Insight Venture Partners, Accel Partners and OMERS Ventures.
With more than 7 million users across it's platform and nearly half of the Fortune 500 (right around 240) Hootsuite has solidified itself as"The Player" in enterprise social media management.
Why is this significant?
The investment partners are a big deal. Insight is a large investor in Twitter and Accel held the largest PRE-IPO in Facebook. This allows Hootsuite to continue it's development and growth while staying extremely close to the platforms it's built its business on.
The increase in funding will be spent enhancing the infrastructure, expanding it's offices (already in 5 countries) and increasing it's offerings to enterprise based clients. Hootsuites current user base is split at 96.5% free users and 3.5% paying / pro users.
So what is next for Hootsuite?
According to Ryan Holmes Hootsuite CEO