Vancouver-based social media company HootSuite Media Inc. has secured a $20 million investment from Toronto-based OMERS Ventures.
The companies described OMERS purchase of stock from existing shareholders as “one of the largest Canadian venture capital transactions to take place in the past 10 years.”
In a statement, HootSuite CEO Ryan Holmes said the deal marks a new milestone for the social media dashboard company and that the company is looking forward to working with the “experienced team” at OMERS Ventures.
Derek Smyth, managing director of OMERS Ventures, also welcomed the transaction.
“HootSuite has revolutionized the way companies create and execute their social media campaigns,” Smyth said.
“In a rapidly advancing market, we believe this company has the disruptive DNA to lead this market, and we are very excited to work with HootSuite to help further accelerate their success.”
Launched last year, OMERS Ventures is the venture capital investment arm of OMERS Worldwide group of companies. OMERS Ventures invests in venture capital assets on behalf of the $55 billion OMERS pension fund.
Since its launch three years ago, HootSuite has grown to nearly four million users and has dashboard signups across six continents. To date, there have been one billion messages sent via HootSuite. The company has grown from 25 employees last year to its current 140-person team and is set to reach 240 people this year.
Last month, HootSuite launched a Portuguese version of its social media dashboard. (See “HootSuite releases Portuguese version” – BIV Business Today, February 20, 2012.)
