Hootsuite Secures US$50 Million of Growth Capital from CIBC Innovation Banking
Funds to accelerate global growth and innovation of the world’s largest social media management solution
VANCOUVER, BC – March 15, 2018 - 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 global growth and innovation 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 to help our customers strategically build their brands, businesses, and customer relationships with social.”
The financing will enable Hootsuite to accelerate expansion in APAC, EMEA and LATAM; further verticalize its platform offering for key industries like financial services, insurance, 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 recognition such as being named a leader in the Forrester Wave and G2 Crowd,” said Ryan Holmes, CEO of Hootsuite. “This financing positions Hootsuite to continue to create strong value for customers looking to unlock the power of social.”
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