Sprinklr, a social media management company that works with large, enterprise clients, announced an additional $17.5 million in funding on Tuesday.
The Series C round of funding came from the company’s existing investors, Battery Ventures and Intel Capital, who have now combined for $37.5 million in total investments in the company, says Sprinklr CEO Ragy Thomas. The deal took less than two weeks to close, he adds, noting the investors were eager to “double down” on their previous investments.
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Sprinklr competes with a number of small social media management startups, along with bigger companies like Salesforce, Adobe, and Oracle. Sprinklr offers its clients tools to manage their social media platforms and better build relationships with customers, says Thomas. Some clients have as many as 20,000 different social media accounts to manage, he says, and handling conversations across so many different platforms is a major challenge.
Thomas has an impressive client roster that includes companies like Intel, Cisco, and General Motors. He says that while social media has become second nature for consumers, large brands are still learning the best ways to engage with their customers over different platforms like Facebook and Twitter.
“From a business perspective, we’re still in infancy for companies using [social media] conversations to drive business results,” he adds.
The ability for brands to properly manage their social media persona is becoming more and more important. A platform like Facebook, for example, offers an advertiser access to more than 1 billion monthly active users, and targeted ads by Facebook and Twitter are becoming a popular choice for advertisers. Both services have seen their mobile advertising revenue grow over the past 12 months, and the addition of ads to Instagram means there’s another social network big brands need to be familiar with.
The apparent market opportunities have been a positive for Sprinklr. Thomas says that he has turned down potential buyers on multiple occasions over the past few years.
Sprinklr will use the funding to expand internationally where the company just opened a UK office.
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