• Founded in 2008 in Vancouver, Canada by Ryan Holmes
• Along with Dario Meli and David Tedman, Holmes discovered that
the public needed a tool to manage multiple social media networks
at once. They first named this service BrightKit
• No similar product was on the market at the time.
• In 2009, renamed the company HootSuite.
• HootSuite officially launched under the name BrightKit on November
• HootSuite’s initial target market included individuals and organizations
across the world who were facing similar problems with managing
multiple social accounts.
• HootSuite could be the solution for other businesses also looking to
organize their own social networks.
• HootSuite now they has over 9 million users around the world and are
now the world’s most widely used social relationship platform.
• The company initially allowed users to manage Facebook and Linkedin on
their platform and a year after they started they added Twitter to their
• Original Target Market/Segments:
• The original target market of HootSuite was aimed for North America
• (B2B) business to business social media
• Their strategies to reach the next generation of HootSuite customers include
implementing a freemium model and integrating their platform for an easy to
use experience on mobile, computer, and iPad.
• Current total funding at $187 million.
• In December 2009, HootSuite received $1.9 million in funding from Hearst
Interactive Media and Blumberg Capital and from angel investors Social
Concepts and Geoff Entress.
• CEO Ryan Holmes recently said his revenues have grown 300%.
• Although HootSuite has not released its current valuation,
businessinsider.com values HootSuite at $221 million.
The Bottom Line
• HootSuite is the solution to a problem discovered by Holmes.
• Much like Subscribr, Holmes recognized an untapped market as well as a
need not being met for consumers.
• One of the main takeaways for HootSuite is that entrepreneurship may not
always involve inventing a new product, rather providing a solution to an old
• HootSuite keeps receiving series A and B funding as well as buying out
competitors such as Seesmic and TwitterBar. As you can see the future is
very bright for HootSuite.
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