HootSuite said Friday that it has closed $3 million in debt bridge financing. The company on its blog said that the funds came from Hearst Interactive Media, Blumberg Capital, and super angel Geoff Entress, with new participation from Millennium Technology Ventures. HootSuite also said Friday that it has acquired TwapperKeeper.com, a twitter archiving service.

Despite all the fuss about secondary sales, such transactions are a booming business for firms such as Millennium Technology Value Partners.

The New York VC firm has completed 300 secondary liquidity transactions in the past nine years, valued at over $500 million in assets, says Samuel Schwerin, a Millennium managing partner.

Secondary liquidity events, or secondary sales, refer to shareholders selling their positions or investments in pre-IPO companies to other investors. Schwerin expects such deals to become a $10 billion business within five years. This year, secondary sales are expected to hit more than $3 billion, up from the $1 billion in 2009, he says.

Millennium Technology Ventures, a VC secondaries fund, today announced an oversubscribed final close on it on its latest fund.

As first reported by peHUB on April 7, Millennium topped its and $250 million hard cap by $30 million. The firm closed Millennium Technology Value Partners II LP with $280 million in commitments.

The fund itself was around two times oversubscribed, making it the largest dedicated pool of capital focused solely on direct secondary liquidity, according to a press release from the firm. Its initial target of $200 million was stretched to accommodate as many investors as possible, but ultimately had to turn some away. The $280 million sum does not include the firm’s GP commitment.

Millennium’s last fund was a 2006 vintage with $130 million in commitments. The firm’s partners also managed a vintage 2000 traditional venture

Millennium Technology Ventures, a New-York based venture capital firm, is roughly a week away from holding an oversubscribed final close on its third fund. The firm launched with a $200 million target and $250 million hard cap, but has gathered at least $275 million in commitments, according to two sources familiar with the situation. The [...]

The decision to sell hot online shoe retailer Zappos to Amazon.com was more in line with the interests of Sequoia Capital than the company’s CEO, according to two sources close to the company. One of the sources says Zappos was financially strong enough to wait for the IPO market to recover, if it chose to [...]

In yet another indication of how tough the venture market has become, the most active investor in April was none other than secondary investor Millennium Technology Ventures, according to preliminary investment data gathered by Thomson Reuters (publisher of peHUB). I’ve been compiling a monthly “most active” list for Venture Capital Journal since 2002, and this is the first time in my memory that a secondary firm ranked No. 1 on the list.

Our data show that Millennium invested in seven companies in April, beating out the likes of Sequoia Capital (five companies), Kleiner Perkins Caufield & Byers (four), Benchmark Captal