Sprinklr announced today that it has raised $46 million in new funding, bringing its total funding to $123.5 million, and the company is now valued at $1.17 billion.
The New York City-based social software platform company received its last round of funding from Intel Capital, Battery Ventures and Iconiq Capital.
Startups who reach the $1 billion valuation mark are referred to as "unicorns," given that the billion-dollar startup was once regarded as a myth. But thanks to a bull market, there are a number of startups that joined this exclusive club including Dropbox, SnapChat, and WeWork.
But unlike some of their fellow billion dollar club members, Sprinklr has a robust revenue stream. According to founder and CEO Ragy Thomas, Sprinklr tripled its revenue between 2013 and 2014.
The company, which counts McDonald's, Verizon, Samsung, and Intel among its clients, credits its growth to their marketing software tools that allows brands to monitor their online ratings and reviews, monitor paid social campaigns, and provides a platform for their employee advocacy groups.
"Social enables customers to connect with each other at previously unimaginable scale," says Jeremy Epstein, VP of Marketing and Social Navigator at Sprinklr. "As a result, customers share more information and are better informed about the brand, its products, services, and overall experience. This shifts the balance of power dramatically from brand to consumer," he says.
During the past 13 months, Sprinklr has acquired four companies-Branderati, TBG Digital, Dachis Group, Pluck-to help fuel growth and expand its product offerings. It is expected that the latest round of cash will help to further that mission.
"We're always looking for the right fit to better serve our clients," adds Epstein.