Sprinklr Scales, Raises $15 Million
Battery Ventures and new investor Intel Capital propel Sprinklr's vision of helping global enterprises "be" Social@Scale through Series B financing round
NEW YORK, Feb. 5, 2013 /PRNewswire/ -- Sprinklr, the leading provider of social media management infrastructure for large enterprises, today announced it has raised $15 million from Intel Capital and Battery Ventures. Building on a successful 2012 which saw more than 400% YoY growth, the company will use this investment to accelerate the delivery of new innovative features to its core platform and meet the increasing market demand for its solutions.
"Social media continues to pose significant disruption to the enterprise and brands struggle to ensure meaningful customer engagement with a consistent voice at every social touch point," said Ragy Thomas, CEO, Sprinklr. "Sprinklr was designed and architected specifically to meet this challenge. 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."
Just last week Sprinklr announced 1-800-FLOWERS.com and The Children's Place have joined its impressive roster of over 200 household name brands including Intel, Dell, Virgin America, Cisco Systems, Samsung, Hearst, Newell Rubbermaid, Sears, and Toys "R" Us, that rely on Sprinklr to go beyond simply having a social media presence to actually being social at global scale. Sprinklr currently supports thousands of users located in hundreds of geographies across the globe with over 80% of clients having more than $1 billion in revenue.
"When we began working with Sprinklr as a client, it quickly became obvious that a critical component for our evolution was the ability to communicate with our social audience across multiple touch-points from a single, comprehensive platform," said Becky Brown, Director of Social Media, Intel.
"After gaining further exposure to the leadership team, business strategy, impressive year-over-year growth and quickly expanding customer base we decided to take the relationship to another level as investors," added Carey Lai, Investment Director, Intel Capital.
"As an early investor in Sprinklr, and the leader of its Series A funding, we are excited to expand our partnership," said Neeraj Agrawal, general partner, Battery Ventures. "Today's further investment from Battery Ventures is a vote of confidence in the tremendous team Sprinklr has assembled and their track record of execution."
Jeremiah Owyang, Partner and Analyst at the industry-leading Altimeter Group observed that "we identified the Social Media Management System (SMMS) market over three years ago and have seen fast-paced growth and increased M&A acquisition since. After conducting an independent review of 27 vendors, we identified Sprinklr as the 'most capable' platform to meet the needs of large enterprises. We're not surprised by the amount of attention they are getting from the investor community given how well they did in our analysis."
A recent Marketing Profs study highlighting the world's most engaged and most responsive brands provided evidence to support Sprinklr's claims. Five of the top six brands ranked by "overall engagement" and four out of the top six brands ranked as "most responsive" are currently Sprinklr clients.
Sprinklr fundamentally believes that the advent of social technologies changes every aspect of how businesses connect with their audiences. With over 200 global brands as customers, and financing from Battery Ventures and Intel Capital, the company is relentlessly focused on helping large enterprises adapt the realities behind their firewall to the new realities of the socially-networked and empowered customer. The company offers an enterprise-wide Social Media Management System and related services. The world's most social brands choose Sprinklr to be Social@Scale.
About Battery Ventures
Since 1983, Battery has been investing in technology and innovation worldwide. The firm partners with entrepreneurs and management teams across technology sectors, geographies and stages of a company's life, from Seed and Early Venture, to Growth and Buyouts.
Battery's previous and active portfolio of software companies includes: Avalara, Bazaarvoice (IPO), Brightree, Consona (acquired by Vista Equity Partners), Continuuity, Coupa, Drillinginfo, ExactTarget (IPO), Healthvision (acquired by Lawson), ITA Software (acquired by Google), Marketo, Neolane, Omniture (IPO), Panaya, Platfora and Vero Software.
Battery invests worldwide from offices in Boston, Silicon Valley and Israel. The firm has raised more than $4B since inception, and is currently investing a $750M fund. For more information, visit www.battery.com. Follow Battery on Twitter.
About Intel Capital
Intel Capital, Intel's global investment and M&A organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, mobility, health, consumer Internet, digital media and semiconductor manufacturing. Since 1991, Intel Capital has invested more than US$10.8 billion in over 1,276 companies in 54 countries. In that timeframe, 201 portfolio companies have gone public on various exchanges around the world and 317 were acquired or participated in a merger. In 2012, Intel Capital invested US$352 million in 150 investments with approximately 57 percent of funds invested outside North America. For more information on Intel Capital and its differentiated advantages, visit www.intelcapital.com or follow @Intelcapital.
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