Insight Venture Partners led the Series B round for the social media management specialist with participation from Accel Partners and existing backer OMERS Ventures.
Prior to the Series B round, Blumberg was the largest shareholder in the business after leading its original seed round financing of HootSuite in December 2009 alongside Hearst Ventures and backing a subsequent round in 2011.
HootSuite has more than seven million users in nearly every country around the world who use its social relationship platform for social media management, social marketing, social customer service, and social selling Its customers include PepsiCo, Virgin, Orange, Sony Music, HBO, WWF, UPS and Panasonic.
The company will use the funding for further global expansion as well as to accelerate product growth, invest in additional sales and marketing resources and fund potential acquisitions.
Blumberg managing partner David Blumberg said, “This is a significant milestone and a triple win. First, our limited partner investors will receive over 52 times their investment in less than four years.
“Second, this massive return validates our strategy of ‘leading the seed’ rounds of financing in very early stage, highly promising, innovative software companies.
“Third, we congratulate HootSuite for improving the efficiency and effectiveness of social media for enterprises and consumers alike, and welcome our new venture investor partners as they join us to help the company grow to even greater levels of success.”
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