Hootsuite has secured about $65 million (US$50 million) in growth funding via a credit financing agreement with CIBC Innovation Banking. Hootsuite, a Vancouver-based social media management platform, said the additional capital will help the company to continue to expand in the Asia-Pacific region, Europe and Latin America, and enhance its offering for such key industries as financial services, government and healthcare. Founded in 2008 by CEO Ryan Holmes, Hootsuite reports having more than 16 million customers, including most of the Fortune 1000. CIBC Innovation Banking launched in January with the bank’s buy of the assets of Canadian specialty finance firm Wellington Financial.
Hootsuite Secures US$50 Million of Growth Capital from CIBC Innovation Banking
Funds to support strategic growth and innovation of the world’s largest social media management solution
VANCOUVER, British Columbia, March 15, 2018 (GLOBE NEWSWIRE) — Hootsuite, the world’s most widely used social media management platform trusted by more than 16 million customers and more than 80 percent of the Fortune 1000, announced it has entered into a credit financing agreement for up to US$50 million in growth capital from CIBC Innovation Banking.
“This financing is a testament to the strong fundamentals behind Hootsuite and our ongoing commitment to innovation and growth as the clear leader in social media management,” said Greg Twinney, CFO of Hootsuite. “The additional capital will help us scale even faster to bring the most innovative products and partnerships to market globally and help our customers strategically build their brands, businesses and customer relationships with social.”
The investment will enable Hootsuite to continue to expand in APAC, EMEA and LATAM; further verticalize its platform offering for key industries like financial services, government and healthcare; and double down on its industry-leading ecosystem through existing and new strategic partnerships and integrations.
Social media continues to proliferate and grow as a strategic tool for organizations across the globe to engage with their diverse clients and stakeholders,” said Mark McQueen, President & Executive Managing Director, CIBC Innovation Banking. “Helping companies innovate in order to meet their clients’ ever-evolving needs is core to our mission as we support them at all stages of their business, from startup, to global scale.”
“In the past year, Hootsuite has seen tremendous growth from acquisitions like AdEspresso, to strategic partnerships with market leaders such as Adobe, to recognitions such as being named a leader in the Forrester Wave and G2 Crowd,” said Ryan Holmes, CEO of Hootsuite. “This financing allows Hootsuite in continuing to create strong value for customers looking to unlock the power of social.”
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Hootsuite is the most widely used social media management platform, trusted by more than 16 million customers and more than 80 percent of the Fortune 1000. Hootsuite’s unparalleled expertise, customer insights at scale, and collaborative ecosystem empower organizations large and small to strategically grow their brand, business, and customer relationships with social. To learn more, visit www.hootsuite.com.
Ryan Tessier, @HootTessier
Photo courtesy of Hootsuite Media Inc