Sprinklr, a social media marketing startup has grown immensely over the past year. While the company is relatively new, and has some major competition in the field, they have somehow managed to come into a lot of money; $1.8 billion to be exact.
As of last week, the company was reported to be worth $1.8 billion, which is a large difference compared to what it was noted at this time last year. In 2015, it reported to have $100 million in revenue, and somehow was able to raise an additional $105 million dollars to help Sprinkler to the billion-dollar breaking point.
So, if you’re like us, you’re probably wondering how this all happened so fast? How did a small social media marketing startup make it big, especially with other major competitors to fight with? Let’s take a look at the timeline to follow this rise to the billion dollar status:
Sprinklr was founded in 2009, by Ragy Thomas, the CEO of the company. Thomas self-funded the startup and it ended up paying off big time. It is based out of New York City, and it currently has over 1,000 employees. Sprinklr was founded to provide internet marketing services to clients, specifically honing in on social media based marketing strategies. While social media marketing is a major part of Sprinklr, the company also provides other services to improve the marketing methods of their clients, such as content management services, social advertising, analytics, and social monitoring, and collaboration on projects to help further the needs of their clients and partners. The company works to serve large corporations and enterprises.
Within the past two years, the company has grown a lot, and has worked to acquire nine separate companies to combine marketing efforts. The most recent acquisition was the company Postano, a social analytics company. With the growth of their company and the combined forces of these social marketing groups, the company has lofty goals to expand and grow even further.
Major Competition for Sprinklr
While the company has shown success and has quickly gained the funds to compete in this industry, we cannot forget about who is here to compete with Sprinklr. Some of the biggest competitors that offer similar services in the social media marketing industry are recognizable names like Salesforce, Oracle, and even Adobe. These corporations offer a variety of services, but some of their main features compete with Sprinklr’s content management strategies, and the social media analytics and marketing services. These major names on the internet have proven their success, and have been around much longer than Sprinklr. Yet, the company does not seem to shy away from a little friendly competition. As a relatively new social media marketing startup, the company has continued to stay ahead of the curve, and has proven it is worthy of high-rate clients.
The Partnerships That Helped Them Get This Far
The company has made it this far due to the many partnerships and investors that have backed it since it proved to be worthwhile. Since 2009 when Thomas founded the company on his own dime, it has brought in so many funds, and not just from customers. Several large corporations have backed the company financially investing in the business, while other major companies have directly invested in the social media marketing service for their social advertising campaigns. Sprinklr has over 1,200 different corporate clients that have invested in their services and many of these companies are ones the everyday person would recognize. Corporations like McDonalds, Nike, Microsoft and J.P. Morgan are among the top names on their client list, and use Sprinklr’s services to help aid their social media marketing strategies.
Sprinklr’s Future Plans
With the recent investments made in the company, CEO Thomas hopes to invest it back in the employees and the customers and also to acquire new employees and accounts. He intends to hire more people and also help find new ways to improve customer satisfaction online, and grow the large client base that Sprinklr already has. Sprinklr will continue to grow, with the help of the recent investments that raised its net worth to over $1.8 billion dollars, and the employees hope the success doesn’t stop there. There was also some talk about expanding into other continents and countries, although for now the whereabouts are still unsure to the public.
Sprinklr has quickly rose to the top, and despite still being an underdog compared to other major corporations, seems to be on the road to even more success in the future.