Hootsuite has recently raised a significant $165 million round from Insight Venture Partners, Accel Partners, and OMERS Ventures. Hootsuite is a company focused creating software for social media monitoring and management. Founded in 2008, the company has grown to have 7 million users and carry big clients like Pepsi, Virgin, Sony, Esurance and more. The company has a freemium model but is quite successful in signing on enterprise clients and converting free users to paying customers. According to AdAge, “50% of Hootsuite ‘s enterprise users once used the free version.”
Holmes stated that the company experienced a whopping 300 percent growth last year. The company is also looking to expand its team locally and internationally.
With more money to grow its business, Hootsuite’s CEO, Ryan Holmes, announced the firm’s interest in entering the social ads business. Being one of the few selected to be a Twitter Ads API Partner, the company can build its software around twitter ads platform. The company is doing the same to get approval and become a Facebook Ads Partner. If successful, Hootsuite can become a powerhouse and become an all-inclusive platform for social media and social ads management and monitoring platform. A convenient tool for marketers and community managers everywhere.