- MoEngage — an insights-led customer engagement platform — announced that it has raised an additional $30 million in funding. These are the details.
MoEngage — an insights-led customer engagement platform — announced that it has raised an additional $30 million in funding, more than doubling the company’s previous valuation from its earlier Series C1 investment in July. This funding round was led by new investor Steadview Capital with participation from the company’s existing investors Multiples Alternate Asset Management, Eight Roads Ventures, F-Prime Capital, and Matrix Partners.
With this new round of funding, MoEngage surpassed the $100 million mark in total funding raised. And this latest round of funding comes only four months after the company’s Series C1, in which it raised an additional $32.5 million.
MoEngage is continuing to invest in AI, insights, and cross-channel marketing solutions to empower brands to gain greater intelligence and scale their campaigns with advanced optimization. And customers can easily analyze audience insights and then act on those insights to engage consumers with contextual communications in the moment.
Since then, MoEngage announced several new product updates towards empowering marketers with its insights-led customer engagement approach, including the launch of its new AI-powered predictions capabilities — which allows marketers and product owners to accurately forecast customer actions and offer the most relevant product or message at the best moment, on the optimal channel. Plus MoEngage released new affinity segments to help brands move beyond segmentation based on behavior and transactions and move toward building segments based on lifestyle, time, or usage.
The company has focused on integrations and partnerships with leading players such as Mixpanel, mParticle, Microsoft, Sinch, Adjust, Segment, Appsflyer, Amplitude, TCS, Merkle, and more, to help its customers drive higher ROI with existing investments.
Over the last year, MoEngage has achieved:
— Annualized Recurring Revenue (ARR) growth of over 120%
—Onboarding of 350 new customers, including Enterprises like Domino’s Pizza, CIMB Bank, XL Axiata, IHH Healthcare, The Body Shop and Digital first brands like Sharechat, Atom Finance, Policy Bazaar, Payactiv, Byjus, Flipkart Shopsy, SWVL
— Annualized Net Revenue Retention of over 140%, driven by best-in-class customer retention
MoEngage plans to utilize the additional capital to continue to strengthen the product’s AI and predictive capabilities while accelerating its global growth strategy. And the company has surpassed 450 employees and recently opened up offices in Boston, the UK, Germany, and Vietnam over the past year.
KEY QUOTES:
“From the beginning, MoEngage has been focused on helping our customers overcome key challenges to deliver the best possible customer experience. This latest round of funding is a testament to our investments in product innovation and customer success. We’re pleased to welcome Steadview Capital as a new investor, and we’re excited to invest further in delivering continuous value for our customers.”
— Raviteja Dodda, Co-Founder and CEO of MoEngage
“At Atom Finance, it’s paramount to provide the most robust, easy-to-use investment platform to our customers. This means offering a personalized, multichannel experience for each and every user and ensuring they recognize how invaluable our powerful data, news, and research tools are to their investment journey. MoEngage helps us seamlessly communicate with our audiences while providing us with actionable insights to better understand where they are in their discovery of our product.”
— Tracy Solorzano, Director of Lifecycle Marketing and Retention of Atom Finance
“Delivering a personalized customer experience across channels has never been more relevant than it is today. We are thrilled to partner with the MoEngage team on their mission and growth journey. MoEngage’s unique insights-led approach to customer engagement and campaigns makes it easier for brands to drive results and build better relationships with their customers.”
— Ravi Mehta, Founder and CIO of Steadview Capital
