Chicago social media startup Sprout Social announced this morning it closed a $42 million investment round to fuel its continuing rapid growth. The round, in which Goldman Sachs, Merchant Banking Division and New Enterprise Associates participated, puts the company's total funding to $60 million.
“Our team has earned a reputation for building elegant, powerful software that people love to use,” said co-founder and CEO Justyn Howard in a statement. “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’s social media platform is currently used by more than 16,000 businesses, ranging from digital agencies to small businesses and enterprises. Goldman Sachs Merchant Banking Division VP Jason Kreuziger will be joining Sprout’s board of directors as part of the deal.
“[Howard] and his team have done an impressive job building this high-growth, profitable company within the social media management software market,” said Kreuziger in a statement. “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.”
Founded in 2010 and headquartered in Chicago, Sprout Social gives users advanced options for posting and scheduling content across social media platforms, and gathering analytics on reach and engagement.
Image via Sprout Social.
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