Sprinklr, which partnered with Battery for 10 years, helps organizations listen to customers, learn from them and show them love across digital channels.
Sprinklr began in founder Ragy Thomas’ spare bedroom in September of 2009 and officially launched with its first customer in January 2010. Ragy, a two-time entrepreneur, founded Sprinklr on the belief that the way brands reach, engage and listen to customers would dramatically change with the growth of social media and messaging—though social media was a nascent industry at the time.
New customers quickly signed up for the new service, including Cisco, Microsoft and Nike. They were drawn to Sprinklr’s vision of a purpose-built platform for managing customer experiences on modern channels.
Battery, with deep experience backing marketing-tech software platforms, in the early 2010s was simultaneously developing an investment thesis around marketing tech and social media. The firm developed a landscape of relevant companies to canvas. This thesis work led Battery General Partner Neeraj Agrawal and his team to Sprinklr, a bootstrapped company at the time. Battery led Sprinklr’s series A financing—the first institutional round founder Ragy Thomas raised for Sprinklr—which closed in August 2011, when the company had less than 10 employees.
“Battery Ventures brought us patterns for success in our early stage of growth, which was incredibly valuable. They helped us avoid mistakes that common early-stage companies come across and they brought us their network of active supporters and coaches who were critical in our journey.”
–Ragy Thomas, founder and CEO, Sprinklr
- As Sprinklr scaled, Battery focused on bringing in the right set of advisors and executives for each step in the company’s journey. Battery helped Sprinklr hire its CFO Chris Lynch, who was previously VP of finance at Battery-backed Bazaarvoice, and Chief Revenue Officer Luca Lazzaron, who had worked with Battery previously through the firm’s founding investment in BladeLogic.
- Early on in the company’s journey Battery brought in well-known sales advisor John McMahon, who is widely regarded for training and advising a generation of software sales leaders, to join the Sprinklr board and advise on the company’s go-to-market function and scaling its sales organization. Battery also introduced Sprinklr to board member and audit committee chair Ed Gillis.
- Battery has been deeply supportive of Sprinklr’s growth, leading the company’s series A financing, co-leading its series B and leading its series C. Battery also introduced Sprinklr to subsequent investors and board members, including Iconiq Capital and Hellman & Friedman.
Today, Sprinklr has over 2,000 employees globally and works with some of the world’s most valuable companies including L’Oréal, McDonald’s, Microsoft and more than 50 percent of the Fortune 100*.
In June 2021, the company completed its initial public offering, listing on the New York Stock Exchange under the ticker CXM.
Working together for more than a decade, Battery is proud to have supported Sprinklr’s journey from series A to IPO and beyond.
*As of June 2021
The presented case study investment was made in particular economic and market conditions. There can be no assurance that Battery Venture would elect, or be able, to exploit similar opportunities in a similar manner under similar or different economic and market conditions. More generally, there can be no assurances that the Battery vehicles will have comparable investment opportunities in the future. No assumptions should be made that any investments identified above were or will be profitable. It should not be assumed that recommendations made in the future will be profitable or comparable to the portfolio company described in this case study. For a full list of all Battery Ventures investments, please click here.
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