Vancouver start-up darling Hootsuite is on the cusp of scoring an investment from Boston’s Fidelity Investments, according to an anonymous source cited by the Wall Street Journal.
A Hootsuite spokeswoman said the company had no comment following the story’s release on August 25. But Hootsuite founder and CEO Ryan Holmes fuelled speculation later in the day when he used 33 characters to tweet to his followers, “i can neither confirm nor deny...”
It was the only tweet he’d written since the story was published.
The anonymous source cited in the story did not have an estimate as to how large Fidelity’s investment could be, but valued the company at $725 million.
In 2013, the social media management software company raised $165 million in venture capital funding from Insight Venture Partners and its partners, Accel Partners and OMERS Ventures. A year before that, OMERS Ventures had invested $20 million in the company.
The high-growth company opened a new building in Mount Pleasant this past spring to complement its headquarters a few blocks from Main Street and Broadway.
Most of Hootsuite’s 600-person workforce is based in Vancouver and the company said it plans to hire about 100 more people in the next few months to help it manage its rapid growth.
Hootsuite is hosting a hiring fair August 27 at its new facility at 111 East Fifth Ave., Vancouver.
