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Hootsuite Raises $165 Million

CEO Ryan Holmes says this new round of funding will help him "try to back-burner an IPO or acquisition as long as possible" for the social media management platform.

Hootsuite Raises $165 Million

Hootsuite, the social media management company, has raised a $165 million Series B funding round from Insight Venture Partners, Accel Partners, and OMERS Ventures, an existing investor. Insight Venture Partners is an investor in Twitter and Accel Partners was the largest pre-IPO investor in Facebook.

CEO Ryan Holmes would not disclose the company's revenue forecast for 2013 (it was an estimated $70 million in 2012), but he said the company's current financial health was "a big part" of why the investors involved in this round decided to participate.

[Image: Flickr user Brisbane Falling]