Social media marketing platform Sprout Social has raised $40.5 million in a round of Series D funding.
The round was led by Future Fund with contributions from New Enterprise Associates and Goldman Sachs.
Sprout Social helps around 25,000 customers manage their businesses and brands across major social platforms, including Twitter, Facebook Instagram, LinkedIn and Pinterest.
This latest funding round brings the total raised by Sprout Social to $103.5 million. The company's last funding round took place in 2016 and drummed up $42 million with support from NEA and Goldman Sachs. The cash will go towards the company's expansion and platform development.
In 2016, Social Sprout had a valuation of $253 million. It is now valued at around $800 million, as confirmed by Techcrunch.
“Social marketing and social data have become mission-critical to virtually all aspects of business. Sprout’s relentless focus on quality and customer success have made us the top customer-rated platform in every category and segment,” said Sprout CEO Justyn Howard.
“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.”