MoEngage, the leading insights-led customer engagement platform, announced a fresh fundraise of $32.5 million led by Multiples Alternate Asset Management. Existing investors Eight Roads Ventures, F-Prime Capital and Matrix Partners also participated while Exfinity Venture Partners made a healthy exit in this round. The funding will support and accelerate its global growth strategy and further strengthen the product’s AI and predictive capabilities. Over 1,000 global consumer brands across 35 countries use MoEngage to power digital experiences for over 900 million users every month.
“We are thrilled to welcome Multiples as our new strategic partner as part of this Series C1 funding. This round of funding is a mix of primary and secondary investments,” said Raviteja Dodda, co-founder and CEO of MoEngage. “Over the last 12 months, we have seen rapid global adoption of insights-led customer engagement. Our customer base and recurring revenue has 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.”
MoEngage has added over 250 new customers in the past year and counts large brands such as McAfee, Nestle, Domino's, Deutsche Telekom, Travelodge, Ally Financial, Byju's, Flipkart, CIMB Bank and JD.ID as customers. Overall, more than 1,000 global brands use MoEngage to power digital experiences for 900 million users monthly across email, mobile, web, social and messaging channels.
“In a digital-first world, omnichannel customer engagement is critical for customer facing brands. We’re excited to partner with Ravi (Dodda) and team as MoEngage empowers global enterprises to be more insights driven, while crafting personalized engagement at scale,” said Manish Gaur, managing director and head - enterprise technology at Multiples Alternate Asset Management. “We continue our pursuit of partnering exceptional entrepreneurs and backing distinctive ideas to create industry leaders.”
As part of this funding round, MoEngage also completed an Employee Stock Option Plan (ESOP) buyback of $1.5 million for its current and former employees to acknowledge their belief in the vision and contribution over the years. This is the first ESOP buyback by the company or its investors.
The company which has 375 members said that it has ambitious hiring plans.. It has opened up offices in the UK, Germany and Vietnam over the past year, with plans to open offices in New York City and Boston this year. The company also plans to invest in strengthening the partnership ecosystem.
“Our rapid growth can be attributed to investments in the areas of product innovation and customer success,” said Dodda.
Over the last two years, the firm has made significant investments in Sherpa, its AI engine, to add a layer of intelligence. Today, the AI engine delivers actionable insights to determine users who have a propensity to churn, the best performing customer journey path, most preferred channel, ideal frequency, and the right time to communicate. “We will continue our investments to extend our lead in this space," said Dodda. “As the digital space becomes competitive, we envision brands shifting from a rule-based tool to an intelligent platform that empowers marketers and product owners with AI-driven insights and optimization.”