Here’s how you know you’re a game-changing company: when other companies based on your platform raise 9-figure funding rounds. Such is the hippo-egret relationship between Twitter — still dancing around the IPO-talk — and HootSuite, which has raised a gargantuan $165 million funding round led by Insight Venture Partners with participation from Accel Partners and OMERS Ventures, according to TechCrunch.
HootSuite allows enterprises to manage content across 56 social media services; in my personal experience (school newspaper, ya’all!), it’s perhaps most used on Twitter. The company is also unique in that it is Canadian — in leadership, location and philosophy. Seriously, browse through this list of HootSuite executives and try to find one who didn’t graduate from a Canadian university.
The company currently has over 7 million users in over 175 countries, and CEO Ryan Holmes says that revenues grew 300% between Q1 2012 and Q1 2013. Holmes also says that this money gives the company a bit more time to decide between an IPO or an acquisition. I’d like to see HootSuite raise an IPO before Twitter…Dick Costolo needs the kick in the pants somehow.
Between this and Fab’s recent $150 million round, it looks like this is the Summer of the Mega-Funds.