HootSuite Announces $60m Funding Raise

Michael Moore joined TechWeek Europe in January 2014 as a trainee before graduating to Reporter later that year. He covers a wide range of topics, including but not limited to mobile devices, wearable tech, the Internet of Things, and financial technology.

Follow on: Google +

New funds comes alongside acquisition of “social telephony company” Zeetl

Social networking tool HootSuite has announced it has closed a significant round of funding which has allowed the company to make a major new acquisition.

Its latest investment,  led by an unnamed “large Boston-based asset manager”, saw the company raise $60 million, which was also helped by existing investors Accel Partners, Insight Venture Partners and OMERS Ventures, as well as technology lender Silicon Valley Bank.

“This financing will help us scale even faster on a global level and bring the most innovative products to market. The strong commitment from investors during this time of amazing growth marks an exciting milestone for Hootsuite,” said Hootsuite CEO Ryan Holmes.

Social media group chatFurther expansion

The deal brings Hootsuite’s total financing to-date to $250m, and provided funds for the company to complete the acquisition of social telephony startup Zeetl, which helps companies connect with social media users via voice calls.

HootSuite, which has over 10 million users in more than 175 coutnries worldwide, will look to integrate Zeetl’s voice technology into its existing platform, helping companies gain more information on what people are saying about them online, especially for customer service teams looking to solve user issues.

The news comes weeks after HootSuite, which works with more than 35 social networks, including the likes of Facebook and Twitter, announced the acquisition of social campaign management platform Brightkit, which will also be rolled into the company’s offerings.

“Acquisitions form an important part of our growth strategy,” added Holmes, “We’re expecting big things from the brilliant team at Zeetl and Brightkit and are looking forward to getting this technology into the hands of our customers.”

Are you an expert on social networks? Take our quiz!