To improve its AI and predictive capabilities, MoEngage raised US $32.5 M in Series C extension
MoEngage, a consumer interaction platform based in Southeast Asia, has raised $32.5 million in a Series C expansion round headed by private equity company Multiples Alternate Asset Management.
Eight Roads Ventures, F-Prime Capital, and Matrix Partners were among the existing investors that took part in the round, which included both primary and secondary investments.
In February of last year, Eight Roads led a $25 million Series C investment.
The new funds will be used to boost the company’s worldwide expansion and product development initiatives. MoEngage also plans to enhance its platform’s AI and predictive capabilities.
“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.
MoEngage, based in San Francisco, offers marketers and product managers’ consumer behaviour data as well as the capacity to act on that data to engage customers across online, mobile, email, social, and messaging channels.
It claims to have customers in 35 countries, with 250 new companies joining the platform in the last year. Global consumer brands such as Ally Financial, McAfee, Flipkart, Nestle, T-Mobile, JD.ID, Telekom Malaysia, and Travelodge are among its clients.
In the United Kingdom, Germany, Singapore, Vietnam, Thailand, and Indonesia, MoEngage has a presence. According to the company, business growth in the United States and Europe quadrupled in H1 2021 compared to H2 2020.
In 2018, the company received $9 million in Series B investment from Ventureast and Helion Venture.
According to the COVID-19 Consumer Survey of 2020 from Accenture, 71% of people spent more time online during the crisis, and 32% of transactions were done online. This reflects a shift in consumer behaviour, necessitating the development of improved digital experiences to reflect the changing way of life and work.
