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MoEngage Raises Additional Funding Of $30M

This round was led by Steadview Capital, with participation from the company’s existing investors Multiples Alternate Asset Management, Eight Roads Ventures, F-Prime Capital, and Matrix Partners.

MoEngage, the insights-led customer engagement platform, today announced that it has raised Series D funding of $30M USD, at double the valuation from its earlier Series C1 investment of $32.5Mn in July. This round was led by Steadview Capital, with participation from the company’s existing investors Multiples Alternate Asset Management, Eight Roads Ventures, F-Prime Capital, and Matrix Partners.  

MoEngage will continue to invest in AI powered and insights driven cross-channel engagement solutions. With MoEngage marketers in consumer brands can gain deep insights into their customer behavior, 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 personalize every customer interaction” said Raviteja Dodda, Co-Founder and CEO of MoEngage. “This growth and funding is validation of our vision and product innovation – particularly, Sherpa, our AI Engine, has been a game changer. We are excited to welcome Steadview Capital and look forward to working with them” 

Sherpa, by MoEngage, allows marketers and product owners  to gain visibility into customer behavior, their likes, their channel preferences, the optimal frequency and timing of messages, product or content preferences, ideal cross-channel journeys and more. 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. 

“MoEngage has helped us engage our customers contextually based on their shopping habits and behavior. We have seen significant uplifts in customer engagement and lifetime value. We feel confident that with the deep domain experience and algorithms that MoEngage brings to the table, we will be able to drive better experience for our customers” said Mahadevan Iyer, SVP – Group CRM & Analytics, Landmark Group, India 

The additional capital will also be used to further accelerate growth. The company has scaled rapidly in the last 12 months and has doubled 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 it’s team, the partnership ecosystem and the #GROWTH community program. 

“Delivering a personalized customer experience across channels has never been more relevant than it is today. We are thrilled to partner with the MoEngage team on their mission and growth journey. MoEngage’s unique insights-led approach to customer engagement and campaigns makes it easier for brands to drive results and build better relationships with their customers” said Ravi Mehta, Founder and CIO of Steadview Capital.

In the last 18 months, MoEngage has seen significant adoption of it’s Insights-Led Customer Engagement platform which enables marketers to be more customer centric, rather than being campaign centric. In the last 12 months,

  • Annualized Recurring Revenue (ARR) has grown over 120%

  • Onboarding of 350 new customers, including enterprise brands such as Domino’s Pizza, CIMB Bank, XL Axiata, IHH Healthcare, The Body Shop. As well as digital first brands like Sharechat, Atom Finance, Policy Bazaar, Payactiv, Byjus, Flipkart Shopsy and SWVL

  • Annualized Net Revenue Retention of over 140%, driven by best-in-class customer support and service. 

  • Named as a “Strong Performer” in the Q3 2021 Forrester Wave report for Cross-Channel Campaign Management and as a “Leader” in the 2020 Gartner Magic Quadrant for Mobile Marketing Platforms. 

  • Listed by G2 as “One of the Best Software Companies for 2021”, and one of the “Top 50 Software Products for Marketers

Source: Business World

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