Led by Future Fund, New Enterprise Associates & Goldman Sachs Front Sprout Social’s Series-D Fundraising
Sprout Social, one of the leading platforms in Social Media Marketing/Monitoring and Audience Analytics receives $40 million in Series-D funding. This puts Sprout Social’s grand total to $103.5 million in funding from the time of its establishment. The funding will function as an adrenaline shot to Sprout Social’s vision of global expansion. It will also substantially aid the company’s outreach and its desire to develop platforms that delve deeper into the Social Media Sphere.
“Social marketing and social data have become mission-critical to virtually all aspects of the business. Sprout’s relentless focus on quality and customer success has made us the top customer-rated platform in every category and segment,” said Justyn Howard, CEO of Sprout. “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.”
Sprout Social has brilliantly handled itself in a fairly nascent technology from the beginning and has successfully managed to sustain itself over the years. Moreover, the company acquired Simply Measured and has surpassed 25,000 customers and 500 employees worldwide.
“The Sprout team has built a remarkable company, evidenced not only by their performance but their focus on culture, quality and their customers,” said Jason Kreuziger of the Merchant Banking Division at Goldman Sachs. “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.”
“As social media’s impact on business and the world expands, we are committed to providing software that enables our customers to navigate this transformation, create real connections with their audience and drive their businesses forward,” said Howard.
What Should Marketers Know?
Social Analytics as a business domain is set to grow to $9.54 billion by 2022. As businesses becoming increasingly conscious about having a positive footprint on social media, it’s brands like Sprout Social that are helping them achieve the same. Consumer movement, be it B2B or B2C, is rapid towards indulging more in social media to make their purchasing decisions.
Social Media Monitoring has become critical to understand conversations that are happening around a brand, globally. Hence, as marketers, it is important to figure out this new stream of Marketing Technology that is promising in simplifying the sometimes social media antics. MarTech Series recently wrote about Social Media Monitoring brands. Do give it a read to understand what the hype is all about!