Private equity firm Hellman & Friedman invested $200m in Sprinklr, a US-based marketing software provider backed by semiconductor and data technology producer Intel, at a $2.7bn valuation yesterday.
The equity funding was raised together with $150m in convertible securities from Sixth Street Growth, a growth equity vehicle for investment firm Sixth Street. It came in the wake of $239m in earlier funding.
Sprinklr has created a customer experience management platform that helps enterprises’ customer-facing staff members interact with customers in coordination across a variety of social media and messaging platforms.
The company’s valuation in the round represents a 50% jump from its last round in 2016, when it raised $105m in a round led by Temasek that included EDBI, Wellington Management and unnamed existing investors.
Intel’s corporate venture capital subsidiary, Intel Capital, joined technology investment firm Battery Ventures and multi-family office Iconiq Capital to supply $40m in series D funding for Sprinklr in 2014 before the three added $46m in a series E round that valued it above $1bn the following year.
Sprinklr had secured $17.5m in a November 2013 series C round featuring Intel Capital and Battery Ventures, nine months after the same two investors had provided $15m in series B funding. Its initial financing consisted of $5m from Battery Ventures in 2012.
Ragy Thomas, Sprinklr’s founder and CEO, said: “In a world where customers are connected and empowered, customer experience management (CXM) is no longer optional. It is time for modern enterprises to break down silos, and unify disconnected teams, channels and tools to make their customers happier.
“That has been our mission from the start. To build a new class of enterprise software purpose-built for CXM, and a new kind of enterprise software company that the world’s largest organisations truly love.”
