Social media managers, community managers and content managers with an eye on social management can hardly fail to be a little wowed by the quietly spectacular rise of New York startup, Sprinklr. The company has recently raised a cool $15 million in its second round of venture funding.
Signing massive names under the radar
Considering that the firm managed to raise $5 million relatively effortlessly last year in the first round of its funding, despite very little media presence, it’s clearly impressing investors handsomely. Below the radar it might have been, but it still managed to attract some massive brand names as clients with its suite of social media management tools, amongst them Nike, Target, Microsoft and Samsung.
Raising investment totaling $20 million inside one year is a pretty dazzling feat by anyone’s standards. But then, its roster of heavyweight brand names is continuing to expand, and around 80 per cent of them rake in annual revenues in excess of $1 billion. It now claims that it’s signed 200 household names as clients.
Achievements like this may make established rivals like Radian6, Involver and Wildfire start feeling decidedly nervous. And they should be, because Sprnklr’s CEO Ragy Thomas says he intends it to be the “Ferrari” of the social media management sector, and he appears to be firmly on course to realize that ambition. Elaborating, he goes on, “The world’s most social brands consistently choose Sprinklr because we enable social engagement, activation, and management across multiple social channels, internal functional groups, and distributed geographies.”
A “most capable” platform
He’s clearly persuaded some big cheese investors. The second round included funding from heavy sluggers like Battery Ventures and Intel Capital.
Altimeter Group partner and analyst Jeremiah Owyang says he’s not surprised by Sprinklr’s success and the attention it’s getting from the investor community. In a study by Altimeter, the up-and-coming firm came top of the tree as the “most capable” platform in social media management. Owyang explained, “After conducting an independent review of 27 vendors, we identified Sprinklr as the ‘most capable’ platform to meet the needs of large enterprises.”
Starting off in 2008, Sprinklr launched its unique software the following year and hit a year-on-year growth rate of 400 percent in 2012. Now that’s a success story.