Sprout Social, a social media management solutions provider, raised $40.5 million in a Series D funding round led by Goldman Sachs, Future Fund and New Enterprise Associates. The company said the new funds, which bring its total capital raised up to $103.5 million since 2010, will be used to drive platform enhancements and accelerate international expansion.
"In many ways, social is still in its infancy,” said Justyn Howard, CEO of Sprout Social, in a statement. "As social media's impact on business and the world expands, we are committed to providing software that enables our customers to navigate this transformation, create real connections with their audience and drive their businesses forward."
"The Sprout team has built a remarkable company, evidenced not only by their performance but [also] their focus on culture, quality and their customers," said Jason Kreuziger, VP of Goldman Sachs’s Merchant Banking Division, in a statement. "Since our initial investment in 2016, Sprout has continually demonstrated their ability to lead and transform this category through best-in-class technology, tremendous leadership and their customer-centered approach."