Social media technology vendor Sprinklr raises $105 million
July 20, 2016 01:34 PM
Sprinklr Inc. has raised $105 million in a funding round that values the social media technology vendor at $1.8 billion.
Singapore-based investment firm Temasek led the round, which also included Wellington Management Company LLP and EDBI, the corporate investment arm of the Singapore Economic Development Board, as well as the vendor’s existing investors.
Sprinklr calls its platform the “underlying infrastructure for a rewired front office,” which means it aims to tie together the various elements that retailers and other companies engage in on social media—from customer service to organic posting to advertising. It offers tools that let brands listen to what consumers are posting about on social networks, plan posts and examine analytics.
“Modern businesses are expected to have millions of conversations, simultaneously and at the speed of social, as they flow across dozens of different channels and in and out of traditionally disconnected departments,” says Ragy Thomas, Sprinklr’s CEO and founder. “This complex new reality requires a new class of enterprise software that goes far beyond the customer relationship management systems and legacy enterprise technologies that were designed for a siloed, structured world. With departments like marketing and customer care migrating to social and working together on the same platform for the first time, Sprinklr is quickly becoming the underlying infrastructure for the world’s largest brands to unify their front office and create real, human relationships with each one of their customers.”
Four Top 500 retailers use Sprinklr, according to Internet Retailer’s Top500Guide.com, including 1-800-Flowers.com Inc., No. 57 in the Internet Retailer 2016 Top 500 Guide, and American Greetings Corp. (No. 301). The vendor says its more than 1,200 clients, including major companies such as Nike Inc., Microsoft Corp. and Procter & Gamble Co.
This isn’t the first major funding round for Sprinklr. The vendor has raised roughly $239 million to date, and it has used that funding to acquire other vendors, including visual marketing platform Postano, audience segmentation and management vendor Booshaka and customer feedback vendor Get Satisfaction.
Sprinklr, based in New York City, says its annual revenue exceeded $100 million last year. The vendor’s roughly 1,200 employees work with companies in more than 150 countries.