The IPO is near. What do you think that this will mean for the end user experience of Hootesuite?
Social media management company Hootsuite this morning announced that it has raised $60 million in new private equity and debt funding, bringing its total outside financing figure to $250 million.
The key here is lead investor Fidelity Investments, which Hootsuite only refers to in its press release as “a large Boston-based asset manager.” A firm like Fidelity doesn’t put anyone on a startup’s board, nor does it typically offer any operational advice. Instead, it simply farms out shares to its various mutual funds, thus giving the startup a foothold when it comes time to go public.
“We are building a company that looks like a public company and one reason we’re excited about our new partner is their IPO expertise,” says Hootsuite CEO Ryan Holmes, who also declined to identify Fidelity as the new round’s lead investor.
Other participants on the deal included existing backers Accel Partners, Insight Venture Partners…
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