Sprout Social just landed a large round of funding to bring its social media management platform to more customers.
Sprout announced Wednesday that it has raised $40.5 million in new funding led by Future Fund, an investment fund led by the Australian Government. Other backers include Goldman Sachs and New Enterprise Associates. Sprout has now raised $103.5 million to date.
The Chicago startup has grown quickly since its founding in 2010, amassing more than 25,000 customers, including well-known brands like Adidas, Microsoft, NBCUniversal and Grubhub. Companies use Sprout to manage and analyze their social media accounts and connect with customers on platforms like Facebook and Twitter. Sprout now has a staff of more than 500 employees around the world.
Sprout said it will use its latest funding for product improvements and to expand internationally.
Last year Sprout acquired Seattle startup Simply Measured, a social media analytics company that had raised $29 million in venture funding. The acquisition allowed it to set up a West Coast hub, in addition to its existing San Francisco office.
Sprout, regularly mentioned as one of Chicago's top startups, is now the latest local tech company to crack $100 million in funding. Earlier this year software review platform and marketplace G2 Crowd hit that mark as it sets its sights on a possible IPO. Healthtech startup VillageMD raised an $80 million round in January, bringing its funding to $116 million. And gift card marketplace Raise landed a $60 million round in 2017 that put its total raised to nearly $150 million.
"Sprout's relentless focus on quality and customer success have made us the top customer-rated platform in every category and segment," Sprout CEO Justyn Howard said in a statement. "In many ways, social is still in its infancy, and we're fortunate to help so many great customers navigate this evolving set of challenges."
