The co-investment is led by Insight Venture Partners, with participation from Accel Partners and existing investor, OMERS Ventures.
Hootsuite CEO Ryan Holmes says he expects the deal will bring several hundred jobs to Vancouver in the next six months.
"We're looking for A level engineers, product people, marketers across the board to join us," he said. "We're now hiring, so send in your resume."
Over the last year, HootSuite staff has grown from 180 to more than 300.
Holmes said the company, which was founded four years ago in Vancouver, is also looking at international expansion and potential acquisition.
HootSuite has more than seven million users around the world.