Customer engagement platform, MoEngage, has raised Series D funding of $30 million from Steadview Capital, along with the participation of the company’s existing investors, Multiples Alternate Asset Management, Eight Roads Ventures, F-Prime Capital, and Matrix Partners.
The company’s valuation is said to have doubled from its $32.5 million Series C1 fundraise in July, and so far, the company has raised a total of over $100 million.
With this funding, MoEngage will continue to invest in AI-powered and insights-driven cross-channel engagement solutions.
The additional capital will also be used to accelerate the company’s growth. MoEngage has scaled rapidly in the last 12 months, doubling its headcount to 450 employees globally. It recently opened offices in Boston, London, Berlin, and Ho-Chi Minh City and will continue to invest in growing its team.
In the last 12 months, the company’s Annualized Recurring Revenue (ARR) has grown over 120 per cent and it has onboarded 350 new customers, including enterprise brands such as Domino’s Pizza, CIMB Bank, XL Axiata, Sharechat, Policy Bazaar, Byjus, and Flipkart Shopsy among others.
Personalising customer interaction
The company helps marketers in consumer brands gain deep insights into their customer behaviour, likes, preferences, journeys, and then meaningfully engage them with contextual cross-channel communications across the customer lifecycle.
“Our vision is to create the most trusted customer engagement platform that enables brands to personalise every customer interaction. This growth and funding is a validation of our vision and product innovation, particularly, Sherpa, our AI Engine, has been a game-changer,” said Raviteja Dodda, co-founder and CEO of MoEngage.
Marketers can automatically segment their customers, not just based on their past transactions, but also on their affinities and lifestyle, and orchestrate contextual communication campaigns across the website, mobile app, push notifications, email, WhatsApp, and retargeting.