Seasoned business development managers concerned to optimize online advertising sales for their clients don’t need any lectures on the rising importance of the social media channel in running effective campaigns. And that’s why they may be interested in a new B2B advertising tool launched by New York social media analytics startup, Sprinklr.
A company first
The new product is described by the company as its first “paid social media solution” – and its launch coincides with news that the startup has just successfully closed a Series D round totaling $40 million, virtually doubling its total venture capital investment overnight to a princely $77.5 million.
Naturally, our seasoned business development manager will now be asking, “What does the new ad tool do and what will Sprinklr do with the new cash?” The answer to the first part is this: it’s a software platform which helps agencies and brands manage their advertising campaigns across Facebook and Twitter.
Up to now, Sprinklr managed unpaid and viral content on these networks; now they’re offering clients the chance to manage all social media interactions, whether paid or unpaid, from a single product. And it seems to be getting impressive results. Early tests apparently show that it can generate increased ROI of 25 percent on campaigns. Intrigued business development managers will have access to it in about six weeks, when it’s scheduled to become generally available.
The Series D round was led by San Francisco-based ICONIQ Capital, with participation from existing investors Intel Capital and Battery Ventures. Sprinklr’s founder and CEO, Ragy Thomas, said: “This round of funding is a testament to our vision for experience management across every enterprise touchpoint — every team, department, division and location. We will use the funds to fuel projected growth of 300% this year and to invest even further in our organization and product.”
Battery Venture’s Neeraj Agrawal added
“The introduction of an integrated, paid social media module is a big step for Sprinklr, and will be welcomed by large businesses now struggling to patch together their own social solutions.”
The startup, which launched in 2009, acquired social media monitoring firm Dachis Group earlier this year.