MoEngage secures $30m funding as it posts a four-fold increase in revenue

Leading insights-led customer engagement platform, MoEngage, has announced a four-fold increase in European revenues year-on-year, as it looks to accelerate its next growth phase, consolidating its position as a martech leader while opening up new European markets in 2022.

Whilst adding a raft of new logos in H2 2021 to the roster of brands and retailers already working with MoEngage, including Nestlé, Travelodge and Deutsche Telekom, it was also able to maintain customer retention globally of 97%.  MoEngage also grew its technology partner ecosphere, signing strategic alliances with a raft of leading solutions providers, including customer data platform, mParticle, and product analytics software business, Mixpanel, as it strengthens its offer and capabilities further.

With the accelerated and sustained demand for ecommerce, with global digital retail sales surging 25.7% during 2020 prompted by the pandemic and rising to $4.2trillion, online retail sales worldwide are expected to climb further, reaching $5.5trillion in 2022 according to eMarketer’s data.  This digital-first demand has paved the way for evolved expectations when it comes to customer engagement, with shoppers now wanting seamless, personalised communications that deliver the right message, at the right time to the right device to support their buying journeys and build brand loyalty.

This positions MoEngage’s solution central to the new needs of shoppers, as it digitally transforms the way consumers interact with brands through its insight-led customer engagement platform.  Offering hyper-personalisation at scale across multiple channels – from mobile push to email, SMS, and on-site and in-app messaging and beyond – its AI-powered automation and optimisation allows brands to unlock data-led analysis of consumer behaviours, to improve segmentation, and enhancing personalisation at each and every touchpoint.

MoEngage’s ability to help customer-obsessed marketers improve engagement, retention and customer lifetime value, whilst driving greater ROI on marketing dollar and reducing the cost of customer acquisition (CAC), has also seen it named as the highest ranked technology in Gartner’s ‘Voice of the Customer’ report.  It was also accredited by Forrester as a ‘Strong Performer’ in its ‘Cross-Channel Campaign Management 2021’ wave, with MoEngage leading across 9 criteria categories, including AI, Personalisation, Mobile Engagement and Digital Intelligence.

The technology powering MoEngage’s game-changing customer engagement platform isn’t just catching the eye of the analyst community.  Its fast-paced growth, strong product roadmap and solution capabilities have also turned the heads of several high-profile investors.

In December 2021, MoEngage announced its latest Series D funding round, with a $30 million investment led by Steadview Capital, taking the total capital raised to date to over $100 million.  The latest finance injection will underpin MoEngage’s rapid growth trajectory, fast-forwarding its R&D efforts and fuelling its development through a series of strategic hires as part of its European expansion.

It recently appointed Jason Smith as VP of Sales (UK & Europe), who brings more than 10 years’ experience in scaling fast-growth technology and martech businesses, having held senior positions at Google, Groupon, Exponea and Insider.  In addition, MoEngage plans to double the size of its European team across all departments in 2022, as well as opening up dedicated offices in France, Spain and Italy, which will join its newly opened European HQs in London and Berlin.

Raviteja Dodda, CEO & Co-Founder of MoEngage, commented:

“The digital acceleration we have seen over the past 18months has led many retailers and brands to reassess where they are in their customer engagement journeys.  But without being able to join the dots through data-led insights, and truly see a customer in 360degrees across every touchpoint, many aren’t able to operate at the scale needed for success.  As we look to build on this demand from shoppers, we look forward to helping more brands put their customers at the heart of everything they do to grow engagement, retention and loyalty.”

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