Canadian Tech Unicorn Hootsuite Gets Written Down by Fidelity
- Fund manager marks down social media firm by 18 percent
- Private tech company valuations started to fall last year
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Fidelity Investments cut the value of its stake in Hootsuite Media Inc., one of Canada’s most highly valued technology startups, in a sign that lowered U.S. investor expectations are making their way north of the border. The Boston asset manager wrote down its investment in Hootsuite, maker of social media marketing software, by 18 percent.
Fidelity was the lead investor when Hootsuite raised $60 million in 2014. That financing round valued the Vancouver company at $1 billion, according to research firm CB Insights. Hootsuite is one of only two Canadian unicorns, the researcher said. The other is messaging app developer Kik Interactive Inc.