As I mentioned just yesterday, competition is pretty crowded in the social media monitoring sector. Tuesday morning, one of the players in this scene bulked up its war chest even more.
Sprinklr, a New York-based developer of social media management software, raised $46 million in a round led by Battery Ventures, Intel Capital, and Iconiq Capital. That brings its total funding to $123.5 million—and, according to the company, puts its valuation in excess of $1 billion.
Last year, Sprinklr went shopping and acquired New York-based Branderati, London’s TBG Digital, and Dachis Group in Austin, TX. The company has nearly 700 employees and works with clientele that includes Virgin America, Samsung, and Intel.
All things considered, this remains a very competitive market with companies such as Falcon Social encroaching stateside from Denmark, and local companies such as Synthesio offering social media monitoring software as well. Other rivals in the arena include Hootsuite and Spredfast. The fight for this industry is likely to intensify; according to Sprinklr, its latest funding will go towards expanding to other “product markets and geographies.”
