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News and Trends / Financing

Hootsuite Raises Another $60 Million on Its Way to IPO

- Entrepreneur Staff
Director of the Entrepreneur Partner Studio
2 min read

Hootsuite is apparently more than just a social-media management tool. It also has become a $1 billion company, according to reports.

The company -- which is based in Vancouver, Canada and said to be heading toward an IPO -- recently closed a $60 million financing round led by investors including Accel Partners, Insight Venture Partners and OMERS Ventures. This round brings Hootsuite’s total financing to $250 million, the company says.

The round values Hootsuite at $1 billion, according to a report from Re/Code, citing a "source familiar with the matter."

Related: 14 Tools Every Entrepreneur Needs for Managing Social Media

“We wanted the partner coming in to have public experience,” co-founder and CEO Ryan Holmes told The Wall Street Journal. “That is very important as we get closer to IPO’ing. We are putting governance, compliance and other pieces in place because our company is heading toward that.”

At the same time, Hootsuite announced that it has acquired a social-telephony company called Zeetl. "Through the acquisition of Zeetl, we’re planning on adding a new voice solution that will better empower customer service teams around the world," Hootsuite said.

Financial terms of the acquisition were not released.

Related: HootSuite Gets Serious About Social Media Security With New Partnership

Entrepreneurs Don't See Business Financing the Way Lenders Do and It's Costing Them