Sprout Social scores $40.5 million in latest round of funding
Social media marketing firm says it will use the money to expand its platform.
Social media marketing platform Sprout Social announced on Wednesday it had received a new round of funding in the amount of $40.5 million from Goldman Sachs, bringing its total capital to $103.5 million.
What this means for marketers
Sprout Social’s platform provides an array of social marketing tools, including social media listening, analytics and social management. The company also offers customer care services and advocacy solutions. With this latest round of funding, Sprout Social will be able to further position itself as a leader among social media marketing tech solutions.
“The Sprout team has built a remarkable company, evidenced not only by their performance but their focus on culture, quality and their customers. Since our initial investment in 2016, Sprout has continually demonstrated their ability to lead and transform this category through best-in-class technology, tremendous leadership and their customer-centered approach,” said Jason Kreuziger, a representative of the Merchant Banking Division for Goldman Sachs.
Currently, Sprout Social has more than 25,000 customers worldwide. A year ago, Sprout acquired Simply Measured, a move that helped the company expand its social analytics offerings. Sprout Social says the additional $40.5 million will allow it to further accelerate business growth and expand its platform — making it an even more formidable competitor against companies like Hootsuite, SocialFlow, Sprinklr and MomentFeed.
“In many ways, social is still in its infancy, and we’re fortunate to help so many great customers navigate this evolving set of challenges,” said Sprout Social CEO Justyn Howard.
More on Sprout Social
- In 2014, Sprout raised $18 million dollars in series B funding, an investment that allowed the company to increase its workforce to 100 employees. Two years later, it raised $42 million dollars in funding.
- Sprout’s client list includes top brands like West Elm, Adidas and Evernote. It is also an official marketing partner for all major social platforms, including Facebook, Instagram, Twitter, Pinterest and LinkedIn.
- Based in Chicago, Illinois, Sprout currently employees 500 people worldwide.