Sprinklr Raises $105 Million at $1.8 Billion Valuation to Help Enterprises Unify Their Front Office
Significant Increase in Valuation Comes as the World’s Largest Brands Use Sprinklr’s Software as the Foundation for Collaborating Across Departments to Create Better Customer Experiences
NEW YORK — JULY 20, 2016 — Sprinklr, the world’s most complete enterprise social technology company, today announced $105 million in new funding at a $1.8 billion valuation. The round, which brings the company’s total funding to $239 million, was led by Temasek, a large, Singapore-based investment firm focused on long-term value creation. Wellington Management Company LLP and EDBI, the corporate investment arm of the Singapore Economic Development Board, also participated along with Sprinklr’s existing investors.
Operating in 150+ countries with 1,200 employees worldwide, Sprinklr has cemented itself as the leading social media management platform for the world’s most valuable companies. More than half of the Fortune 50 and 1,200+ brands including Nike, McDonald’s, Microsoft, P&G, and Samsung use Sprinklr’s unified platform to help manage everything they do on social — from listening to planning, publishing, engagement, analytics, and more — across their enterprise, from marketing to customer care to sales.
Over the course of 2015, Sprinklr saw dramatic growth — becoming one of the fastest enterprise SaaS companies in history to eclipse $100 million in annual revenue — as a result of a strategic shift in the way businesses are investing in social. In the age of connected and empowered customers, companies are realizing that it’s no longer what they say about themselves that matters. It’s what their customers say — and the quality of the experience a brand provides — that determines whether a business survives. As a result, 89% of companies now compete primarily on the basis of customer experience — up from just 36% in 2010.
By enabling employees across the front office to collaborate on the same social platform with integrated data and workflows, global brands using Sprinklr have, for the first time, an infrastructure for understanding and engaging each one of their customers — not as data points, but as people — to deliver intuitive, personalized experiences at scale.
“Modern businesses are expected to have millions of conversations, simultaneously and at the speed of social, as they flow across dozens of different channels and in and out of traditionally disconnected departments. This complex new reality requires a new class of enterprise software that goes far beyond the customer relationship management systems and legacy enterprise technologies that were designed for a siloed, structured world,” said Ragy Thomas, CEO & Founder, Sprinklr. “With departments like marketing and customer care migrating to social and working together on the same platform for the first time, Sprinklr is quickly becoming the underlying infrastructure for the world’s largest brands to unify their front office and create real, human relationships with each one of their customers.”
Over the last year, Sprinklr has added several powerful pieces of technology to its industry-leading platform. The company acquired the social visualization platform Postano in March 2016, audience segmentation and management platform Booshaka in November 2015, and location-specific text analytics software NewBrand in June 2015. Sprinklr was also recognized by Forrester Research as a leader in Enterprise Social Listening Platforms (March 2016) and Social Relationship Platforms (April 2015), the only company to achieve this level of recognition in both reports.
Since the beginning of 2015, Sprinklr has expanded its global reach to Brazil, Japan, and the United Arab Emirates, adding to its existing international operations in the UK, France, Germany, India, and Canada. In that time, Sprinklr has also announced strategic partnerships with technology and consulting titans SAP, IBM, Deloitte Digital, and, most recently, Microsoft. In October, Sprinklr was inducted into the JPMorgan Chase Hall of Innovation, which recognizes emerging tech companies for their innovation, business value, and disruptive nature.
For more on the announcement, a blog post from Sprinklr CEO & Founder Ragy Thomas can be found here.
Sprinklr provides the most complete enterprise social technology in the world, designed to help large companies collaborate across their entire organization to create intuitive, superior customer experiences across every social channel. The company is revolutionizing customer engagement in 150+ countries for more than 1,200 brands, including Nike, McDonald’s, Microsoft, P&G, Samsung, more than 50% of the Fortune 50, and nine out of ten of the world’s most valuable global brands. Called “the most powerful technology in the market,” Sprinklr powers more than four billion social connections to help the enterprise reorient its business around the customer in the age of digital transformation. Headquartered in New York City with more than 1,200 employees globally, Sprinklr works with a powerful group of partners that includes Deloitte Digital, SAP, IBM, and Microsoft. For more information, visit sprinklr.com or chat with us at @sprinklr.
Incorporated in 1974, Temasek is an investment company based in Singapore, with a S$242 billion (US$180 billion) portfolio as of March 31, 2016. Temasek’s portfolio covers a broad spectrum of sectors: telecommunications, media & technology; financial services; transportation & industrials; consumer & real estate; life sciences & agriculture; energy & resources. Its investment themes reflect Temasek’s perspectives on long term trends: Transforming Economies; Growing Middle Income Populations; Deepening Comparative Advantages; and Emerging Champions. Temasek’s compounded annualized Total Shareholder Return since inception in 1974 is 15% in Singapore dollar terms, or 17% in US dollar terms. The company has had a corporate credit rating of AAA/Aaa since its inaugural credit rating in 2004, by rating agencies S&P Global Ratings and Moody’s Investors Service respectively. Temasek has offices in Singapore and nine other cities around the world, including New York, São Paulo and Mexico City in the Americas; London in Europe; Beijing and Shanghai in China; Mumbai and Chennai in India; and Hanoi in Vietnam.
EDBI is the dedicated corporate investment arm of the Singapore Economic Development Board, with headquarters in Singapore. We invest to shape the future industries of Singapore in the knowledge and innovation-intensive sectors of Information & Communication Technology, Biomedical Sciences, Smart & Sustainable Technology and select industry clusters under our Strategic Growth Program. As a value adding investor with over 25 years of investment experience, we support our portfolio companies’ growth in Asia and globally, through Singapore by leveraging our extensive network, resources and experience. Through our portfolio of globally competitive companies with high-growth potential, we promote the development, expansion and transformation of successful industries to enhance economic growth and create employment opportunities in Singapore. www.edbi.com.