Sprout Social grows a $42 million funding round
February 17, 2016 11:37 AM
Sprout Social, a social media software vendor, has raised $42 million in a new funding round.
The round closed Wednesday and was led by Goldman Sachs. It’s the largest chunk of money raised by the company to date and brings total funding in its six-year history to $61 million across five rounds, according to CrunchBase.
Sprout Social’s tools enable companies to manage social media campaigns on a unified platform, allowing them to compose and schedule messages to be published across multiple channels at the same time while tracking each campaign.
“As social becomes central to everyday business, brands require tools that are as capable as they are intuitive,” Sprout Social CEO Justyn Howard said. “Sprout meets those demands, and we’ll continue to improve every aspect of our products and business to create the most compelling social tools for our customers.”
Sprout says it will use the money to invest in product innovation. Top500Guide.com data shows that three retailers in the 2015 Internet Retailer Top 1000 use Sprout Social as their social media marketing platform: Code42 Software Inc. (No. 418), Musicnotes Inc. (No. 495) and CandyWarehouse.com Inc. (No. 624). Combined, those three retailers had $82.7 million in online sales in 2014. On its website, Sprout Social says young adult apparel retailer Anthropologie (owned by Urban Outfitters Inc., No. 49 in the 2015 Top 500) is a client as well.