CHICAGO February 17, 2016 — Sprout Social, whose social business and advocacy platforms serve more than 16,000 leading brands globally, has closed a $42 million investment from Goldman Sachs, Merchant Banking Division and New Enterprise Associates, bringing its total capital raised to $60 million. This investment will help Sprout continue the aggressive expansion of both its products and customer base, as brands increasingly rely on social as a key part of the customer experience.
“Our team has earned a reputation for building elegant, powerful software that people love to use,” said Justyn Howard, CEO and Cofounder of Sprout. “As social becomes central to everyday business, brands require tools that are as capable as they are intuitive. Sprout meets those demands, and we’ll continue to improve every aspect of our products and business to create the most compelling social tools for our customers.”
Sprout currently serves more than 3,000 agencies, 8,000 small businesses and 5,000 mid-market and enterprise customers around the world. Because Sprout balances usability, product capability and competitive pricing, it enjoys a unique position in the market.
“Justyn and his team have done an impressive job building this high-growth, profitable company within the social media management software market,” shared Jason Kreuziger, a Vice President in the Merchant Banking Division of Goldman Sachs, who will join Sprout Social’s board of directors as part of this investment. “The business performance of Sprout meets or exceeds that of best-in-class SaaS companies, while the product’s ease of use and scalability has led to its adoption in customers ranging in size from SMBs to Fortune 500 enterprises.”
“We’re excited to add another world-class investor to the Sprout team,” Howard added. “Our decision to work with Goldman Sachs was based largely on its team, who share our passion for helping businesses succeed as social evolves and reaches further across organizations.”
About Sprout Social
Sprout Social offers social media engagement, advocacy and analytics solutions for leading agencies and brands, including Hyatt, Uber, Zendesk, Microsoft and Zipcar. Available via web browser, iOS and Android apps, Sprout’s engagement platform enables brands to more effectively communicate on social channels, collaborate across teams and provide an exceptional customer experience. Bambu by Sprout Social, a platform for advocacy, empowers employees to share curated content across their social networks to further amplify a brand’s reach and engagement. Headquartered in Chicago, Sprout is a Twitter Official Partner, Facebook Marketing Partner, Instagram Partner Program Member, LinkedIn Company Page Partner and Google+ Pages API Partner. Learn more at sproutsocial.com and getbambu.com.