Vancouver-based Hootsuite secures $65-million in growth funding from CIBC

Mar 16 2018, 2:10 pm

Vancouver-based Hootsuite has secured $65 million in growth funding thanks to a credit financing agreement with CIBC innovation Baking.

The social media management platform was founded by CEO Ryan Holmes in 2008 has over 16 million customers, 80% being Fortune 1000.

“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 Holmes, in a release.

“This financing allows Hootsuite in continuing to create strong value for customers looking to unlock the power of social.”

The company says the additional financing will also help them expand globally, including in the Asia-Pacific region, Europe, and Latin America.

“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, the business’ CFO.

“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.”

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