MoEngage, the insights-led customer engagement platform, today announced that it has raised USD $77M in Series E funding. This round was led by Goldman Sachs Asset Management and B Capital, with participation from the company’s existing investors; Steadview Capital, Multiples Alternate Asset Management, Eight Roads Ventures, and Matrix Partners India. This is the third fundraising undertaken by MoEngage in the last 12 months, having raised $32.5M in July and $30M in Dec 2021, taking its total investment to $178m within 8 years.
MoEngage helps consumer brands and online retailers adopt a more customer-centric approach through data-driven, insights-led customer engagement, as Raviteja Dodda, Co-Founder and CEO of MoEngage, explained: “The current tech landscape forces marketers to be campaign-centric. Multi-channel marketing tools available today are built to deliver campaign analytics and manage workflow automation. What’s missing are insights into customers’ channel preferences, the best time to communicate, their likes and dislikes, the ideal omnichannel journeys, their lifestyle choices, their level of engagement with your brand, their likelihood to convert or churn, and more. We not only deliver these insights using our AI-engine, but also provide marketers and ecommerce teams the ability to instantly act on these insights and engage customers through personalised multi-channel lifecycle campaigns.”
“Earlier our engagement approach was very traditional, but with digitalisation, we were able to explore new avenues and observed that even our customers are excited to be more digital. With MoEngage’s insights-led engagement platform, we created a seamless digitalised customer engagement where we were engaging our customers using personalised communication,” said Kirsten Theiner, Product Owner at Magenta Telekom.
“Connecting with our customers in a meaningful way is a key part of our success as a business. MoEngage helps us gain actionable insights at our fingertips so we can create the most relevant experiences for our customers and scale our personalised outreach across channels,” said Deepak Thakral, Vice President of Consumer Commerce at McAfee.
Rajat Sood, a Managing Director at Goldman Sachs Asset Management, said: “We anticipate the continued expansion of the marketing automation and analytics industry. As companies seek to better engage customers across digital channels, MoEngage’s leading technology platform provides marketers with insightful, 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.”
In the last 12 months, MoEngage has grown annual recurring revenue (ARR) by 105%, added 500 new customers to its roster of international brands and retailers it supports, and doubled its headcount to more than 650 globally. The company has a very healthy annual net revenue retention of over 135% and has been named as a “Strong Performer” in the Q3 2021 Forrester Wave report on Cross-Channel Campaign tools.
Dodda added: “We ramped up our investments in local sales, support, and partnership functions in the last 24 months and have seen rapid growth in the UK and Europe as a result. We now have over 60 customers, including Travelodge, Deutsche Telekom, and Nestlé, that are supported locally from our offices in London and Berlin. We have a robust network of 15+ partners who offer consulting services and help in extending our platform capabilities within Europe. The additional capital will enable us to expand our team, our partnership network, and strengthen our AI product capabilities in the region. We will also explore strategic acquisitions that can help extend our platform capabilities and provide more value to our customers.”