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Hearsay Social raises $30M more to play catch up with Hootsuite

Above: Hearsay Social cofounder Clara Shih

Hearsay Social, the startup that helps sales people avoid those dreaded cold calls, just raised $30 million in its third round of funding.

Hearsay Social is best known for pioneering the concept of “social selling.” The company provides a suite of software for sales representatives with capabilities like scheduling alerts, and libraries of publishable content. Similarly to its chief competitor Hootsuite, Hearsay also offers a social media dashboard for companies to track conversations on Facebook, Twitter, LinkedIn, and the rest.

“From day one, our mission has been to deliver success for sales organizations in the social media era,” said Clara Shih, the company’s chief executive, in a statement. Prior to starting the company, Shih worked in technical and product roles at Salesforce and Google. She also serves on the board of Starbucks.

Hearsay sells its software to large enterprises, with a recent focus on financial services firms. Its largest customers include Raymond James, Mutual of Omaha, Bank of the West, Nationwide Insurance, and Allianz Global Investors.

This is a sizable funding round for the New York and San Francisco-based startup, which launched in 2009. Hearsay has raised about $51 million to date, but its primary competitor Hootsuite just scored $165 million, the largest amount of funding ever raised by a Canadian startup.

No doubt, Hearsay is under a lot of pressure to expand internationally and build its customer-base, given that it is operating in a crowded market. Hearsay just launched its London office this year, and plans to open additional offices and hire employees in Europe.

The company raised its funding from its existing investors, Sequoia Capital and NEA.

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