Vancouver's Hootsuite secured $165M USD in funding. That's right! There are no decimal points missing. $165,000,000.00 is the amount they have secured but the question is "what for?" It is a well known fact that Hootsuite outsources their software personnel, so what are the funds used for?
As a Canuck, it is a good thing that Hootsuite claims they will use some of
these proceeds to create 100 new jobs in Vancouver but again "What
for"? Too look good in front of the Investors? Hootsuite is
relatively a simple technology that has not evolved little from
inception. They are know to make the majority of their revenue through
sales of personal data (anyone hear of Edward Snowden). To publicize
$165M in funding just starts a line up for talented programmers to develop
their own Hootsuite.
Other Brands like SproatsSocial.com and BliipBox.com are other software
companies in this space poised to be Hootsuite main competitors. Sprouts Social
offers similar services Hootsuite offers and supposedly Bliip Box will be
unveiling their technology that claims to give every person the power of
Hootsuite. (I can't wait to see what they mean)
Before signing off, it is nice to know that Investors are embracing
technology companies. As an Investor, I would have preferred to
invest in companies where I may reap the rewards in the beginning and not jump
into the hype. I surely would appreciate if anyone can leave me a comment
to let me know the rate of return on $165 Miiilllliooon.