Sprinklr, a social media management company with a $US1 billion valuation, has hired former Andreessen Horowitz consultant Tom Butta as its CMO.
Sprinklr, an enterprise social media management company that competes with companies like Hootsuite, was founded five years ago.
Social media management has become way too much work for the biggest of Fortune 500 companies to simply delegate the responsibility to an intern or a sole social media manager. That’s where Sprinklr comes in, helping large companies like Virgin America and McDonald’s manage their social media channels.
In his new role, Butta will lead Sprinklr’s global marketing organisation as the company continues to grow. And the company is growing quickly: Sprinklr nearly doubled its valuation in a year.
When the company closed a $US40 million Series D round in April 2014, its valuation was $US520 million. In April 2015, the New York-based marketing startup raised $US46 million, bringing its valuation up to $US1.17 billion.
“Today’s marketers face a new paradigm for engaging with their customers, but they don’t yet have the tools to truly know, understand, or communicate with them one-on-one — let alone on a global scale,” Butta said in a press release. “Sprinklr is changing that.”
Sprinklr is among the newest member of a growing number of companies called “unicorns” — privately held companies with valuations of $US1 billion or more. They’re called unicorns because they used to be rare, but today there’s more than 100 of them. Sprinklr was the first social media management company to become a unicorn.
Prior to coming to Sprinklr, Butta was a consultant for Silicon Valley venture capital firm Andreessen Horowitz, and served as CMO for tech companies including Red Hat and AppNexus.
“Tom has served as CMO for some of the world’s most pioneering private and public enterprise software companies, including those that fundamentally transformed their industries and inspired entire marketplaces,” Ragy Thomas, Sprinklr’s CEO and founder, said in the press release. “We have similar ambitions for Sprinklr, and Tom’s leadership will help put the company and our customers in a position to capitalise on that opportunity.”
Disclosure: Marc Andreessen, co-founder of Andreessen Horowitz, is an investor in Business Insider.