Hootsuite raises $165m for product development and acquisitions

Hootsuite, the social media publishing and monitoring tool, has raised $165m as part of a fund raising drive geared toward product development and smaller acquisitions.

The Twitter focussed platform is employed by 41 per cent of the top 300 brands on the social media website – versus just 3 per cent of the equivalent top 300 brands on Facebook.

Now used by 7m people in over 175 countries Hootsuite is employed by leading brands such as Pepsi, Fox and Sony.

Commenting on the move Jan Rezab, co-founder of Socialbakers, said: “If Hootsuite manages to take advantage of their big & growing community of social media managers that are starting, and if they are able to innovate to grow up to the expectations of social media experts that are more advanced in their needs, they have something going.

“Obviously, this also shows investors in the likes of Accel and Insight Ventures (previously Buddy Media investors) and generally the market is very bullish about social media marketing tools, and we can probably see more activity in the space soon.”

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