Hootsuite Raises Another $60 Million on Its Way to IPO New fundraising round reportedly values the popular social-media management tool at $1 billion.

By Jason Fell

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

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

Jason Fell

VP, Native Content

Jason Fell is the VP of Native Content, managing the Entrepreneur Partner Studio, which creates dynamic and compelling content for our partners. He previously served as Entrepreneur.com's managing editor and as the technology editor prior to that.

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