Chicago-based social media marketing and analytics company Sprout Social announced that it has raised $40.5 million in Series D funding led by Future Fund. Goldman Sachs and New Enterprise Associates also participated in this round.
With this round of funding, Sprout Social has raised $103.5 million since the company launched. And Sprout Social plans to use the funding to accelerate its plans for deepened platform capabilities and to increase international expansion.
“Social marketing and social data have become mission-critical to virtually all aspects of business. Sprout’s relentless focus on quality and customer success have made us the top customer-rated platform in every category and segment,” said Sprout Social CEO Justyn Howard in a statement. “In many ways, social is still in its infancy, and we’re fortunate to help so many great customers navigate this evolving set of challenges.”
Sprout’s suite of solutions enables organizations to extend their reach, amplify brands, and create the connection with their consumers that drive businesses forward. In the past several years, Sprout Social has rapidly grown and acquired social analytics company Simply Measured. Sprout Social also recently surpassed 25,000 customers and 500 employees across the globe. Some of Sprout Social’s customers include Adidas, Edelman, Evernote, and West Elm.
“The Sprout team has built a remarkable company, evidenced not only by their performance but their focus on culture, quality and their customers,” added Goldman Sachs VP Jason Kreuziger. “Since our initial investment in 2016, Sprout has continually demonstrated their ability to lead and transform this category through best-in-class technology, tremendous leadership and their customer-centered approach.”
