Analytics software Sprout Social lands $40.5 million
Social media scheduling and analytics platform Sprout Social has raised $40.5 million in its Series D round.
The cash will be used to continue expanding the business outside of the US and add more functionality to its platform.
Future Fund led this latest round, which brings the total raised so far to $103.5 million. Goldman Sachs and New Enterprise Associates also contributed.
Around 25,000 customers currently hold business accounts, which enables users to manage and monitor public profiles on Twitter, Facebook, Instagram, LinkedIn and Pinterest.
Headquartered in Chicago, Sprout was founded in 2010 by Justyn Howard, a self-taught coder .
Howard says the company will use the money for product development: “The opportunities for CMOs and marketers to have better tools is a pressing issue,” he said.
“Social needs to be a well-lit space that people trust,” Howard added. “We’re still in the early innings with social when it comes to commercial use as a marketing tool.”
Sprout raised $42 million in 2016, givng it a valuation of $253 million at the time of closing, according to PitchBook.
Rumours have it that Sprout is looking to IPO.