Sprout Social, a provider of social relationship management services not be confused with Sprout Inc, Sprout or Sprout, has received a Series A round of funding from Lightbank, the recently launched investment vehicle created by Groupon founders Eric Lefkofsky and Brad Keywell.
The terms of the investment deal were not disclosed, but Lightbank typically invests less than $1 million.
Sprout Social, which is currently in closed beta, says it will use the capital infusion for its formal launch later this Spring, as well as to expand its service offering.
The startup markets a platform that allows businesses to connect to customers and monitor key metrics and the overall competitive landscape using social media tools. The Sprout Social platform, featuring the Social Dashboard, integrates with social networks such as Facebook, Twitter, Yelp, LinkedIn and Foursquare and includes lead generation, business intelligence, offer and promotion distribution services, as well as brand monitoring and analytics.
Sprout Social allows businesses to efficiently and effectively manage & grow their social presence across channels and turn social connections into loyal customers. The web application integrates with Twitter, Facebook Pages, LinkedIn, FourSquare, Gowalla and other networks where consumers are engaging with businesses and brands. In addition to communication tools, Sprout Social offers contact management, competitive insight, lead generation, analytics and more all in a package that’s intuitive and easy to use.
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