MoEngage, a customer engagement platform with significant operations in Southeast Asia, has announced that it has secured US$32.5 million in a Series C extension round, led by private equity firm Multiples Alternate Asset Management.
Existing investors Eight Roads Ventures, F-Prime Capital, and Matrix Partners also participated in the round, which is a mix of primary and secondary investments.
This follows a US$25-million Series C round led by Eight Roads in February last year.
The company will use the fresh capital to accelerate its global growth strategies and product innovation. In addition, MoEngage also intends to improve the AI and predictive capabilities of its platform.
“Over the last 12 months, we have seen rapid global adoption of insights-led customer engagement. Our customer base and recurring revenue have doubled in the last 12 months and our business growth in the US and Europe has tripled in the first half of 2021 as compared to the second half of 2020. This funding will help us further accelerate our global growth and product innovation,” Raviteja Dodda, co-founder and CEO of MoEngage, said.
“Over the last two years, we have made significant investments in Sherpa, our AI engine, to add a layer of intelligence,” added Dodda.
Launched in 2014, San Francisco-headquartered MoEngage provides marketers and product managers with consumer behaviour data and the ability to act on those insights to engage customers across web, mobile, email, social, and messaging channels.
It claims it serves clients in 35 countries with 250 new customers landed on the platform over the past year. Its clientele includes global consumer brands such as Ally Financial, McAfee, Flipkart, Nestle, T-Mobile, JD.ID, Telekom Malaysia, and Travelodge.
MoEngage has a presence in the UK, Germany, Singapore, Vietnam, Thailand, and Indonesia. The firm also says its business growth tripled in the US and Europe H1 2021 as compared to the H2 of 2020.
The startup earlier raised US$9 million in Series B funding from Ventureast and Helion Venture in 2018.
According to Accenture’s COVID-19 Consumer Survey of 2020, 71 per cent spent more time online during the crisis with 32 per cent of purchases being made online. This indicates the shift in customer behaviours and requires companies to develop better digital experiences to mirror the new way of living and working.
Image Credit: MoEngage
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