San Francisco-headquartered MoEngage, an insights-led customer engagement platform that helps companies retain customers and give insights on user journeys across channels, has raised $77 million in a Series E funding round led by Goldman Sachs Asset Management and B Capital.
The round also saw participation from existing investors, including Steadview Capital, Multiples Alternate Asset Management, Eight Roads Ventures, and Matrix Partners India.
This is MoEngage’s third funding round in the last 12 months. Previously, The startup had raised $30 million in a Series D round in December last year. Concluding the current round, the San Francisco-based startup has raised over $170 million in funding till date.
According to the company’s statement, the raised funding will be utilized towards deepening its geographic footprint in the US, Europe, Asia, and Middle-East markets and also expand in new markets like Latin America and Australia.
The company will also explore strategic acquisitions that can help extend its platform capabilities and provide more value to customers, it said.
“Our rapid growth is validation that consumer brands today are moving beyond campaign-centric tools and are adopting an insights-led multi-channel approach to customer engagement,” said Raviteja Dodda, Co-founder & CEO of MoEngage.
According to Raviteja, MoEngage has more than 1200 customers in 35 countries and 650+ global employees across our offices in the US, UK, Germany, UAE, India, Indonesia, Singapore, Vietnam, Malaysia, Philippines, and Thailand.
Sharechat, Byju’s, Ola, Domino’s, IIFL, Airtel, Ujjivan Bank, and Navi, are some of its notable clients.
“We have built several product features specifically for the Indian market. For instance, we pioneered Push Amplification Plus, a trademark feature that provides the best delivery rates for push notifications in India. We will continue investing in India and will soon open offices in Delhi, Mumbai, and Hyderabad to better support our customers and tap into talent outside Bengaluru,” Dodda added.
In the last 12 months, MoEngage says it has grown annualized recurring revenue (ARR) by more than 105%, added 500 new customers, and doubled its headcount to more than 650.
“MoEngage’s leading technology platform provides marketers with real-time data, enabling them to orchestrate and run effective campaigns to build and retain customer relationships to enhance customer lifetime value. We look forward to leveraging our global resources and network to support the ambitions and continued growth of the company,” said Rajat Sood, Managing Director – Goldman Sachs Asset Management.
“MoEngage is an AI-first platform helping companies retain customers and give insights on user journeys across channels. It helps companies engage and retain over 1 billion users on the platform globally,” added Kabir Narang, Founding General Partner at B Capital Group.