This startup just raised $46 million to become the newest member of tech's billion-dollar unicorn club

New York-based marketing startup Sprinklr just raised $US46 million, bringing its valuation up to $US1.17 billion.

In other words, Sprinklr just became the newest member of a growing group of companies known as unicorns. It’s also the first social media management company to become a unicorn.

Tech unicorns are private companies that have been valued at $US1 billion or more. You’re probably familiar with unicorn companies: Snapchat, Uber, Pinterest, and Airbnb are among them.

Sprinklr, an enterprise social media management company that competes with companies like Hootsuite, was founded five years ago.

The new round of funding — which comes from existing investors Intel Capital, Battery Ventures and Iconiq Capital — brings Sprinklr’s total funding to $US123.5 million. And, the company says, this new round of funding brings its valuation to $US1.17 billion.

Sprinklr nearly doubled its valuation in a year. When the company closed its last round of funding, a $US40 million Series D round in April 2014, its valuation was $US520 million.

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. Sprinklr helps companies like Virgin America and McDonald’s manage their social media channels.

In addition to serving enterprise social needs, Sprinklr says it will also start to help companies manage their customer service experience too, as the company writes in its fundraising announcement.

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