MoEngage Raises Funds For Acquisitions, ME Expansion
MoEngage, the insights-led customer engagement platform, announced that it has raised $77 million in Series E funding 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. MoEngage will use the additional funds to deepen its […]
Topics
MoEngage, the insights-led customer engagement platform, announced that it has raised $77 million in Series E funding 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.
MoEngage will use the additional funds to deepen its geographic footprint in the U.S., Europe, Asia, and Middle-East markets and also expand in new markets like Latin America and Australia. The funds will also be used to explore strategic acquisitions that can help extend its platform capabilities and provide more value to customers.
This is the third round of funding raised by the company in the last 12 months, with $32.5 million raised in July and $30 million in December 2021.
Raviteja Dodda, Co-Founder and CEO of MoEngage said:“Our rapid growth is validation that consumer brands today are moving beyond campaign-centric tools and are adopting an Insights-Led Multi-Channel Approach to Customer Engagement. We now have 1200+ customers in 35 countries and 650+ global employees across our offices in the US, UK, Germany, UAE, India, Indonesia, Singapore, Vietnam, Malaysia, Philippines, and Thailand. We are thrilled to welcome Goldman Sachs Asset Management and B Capital on our journey.”
“We are the leading multi-channel customer engagement platform in the Middle East. We ramped up our investments in local sales, support, and partnership functions in the last 24 months. We doubled our headcount and onboarded 15 local partners who offer consulting and supporting services. I am pleased to announce that we now have over 65 customers in the region, including Mashreq Bank, Azadea, Landmark Group, DAMAC, and Swvl. that are supported locally from our offices in Dubai. We will continue investing in the region to further expand our team and partner network”
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.”
“We partnered with MoEngage to leverage their AI-enabled, insights-led customer engagement platform. This integration has enabled us better understand customer behavior, allowed us to make proactive decisions, significantly reduce manual intervention, and improve omnichannel customer experiences evident from CTR uplift, boost in debit card activation, and increased consumption of reward points,” said Jayanth Ananthakrishnan, Product and portfolio head, Mashreq Neo. “We look forward to working with MoEngage in streamlining our customer engagement approach further and providing a superior banking experience to our customers.
“We are excited to welcome MoEngage to our growing portfolio of cross-border SaaS investments. MoEngage is an AI-first platform helping companies retain customers and give insights on user journeys across channels. It helps companies engage and retain over 1 billion users on the platform globally. We are thrilled to partner with Ravi, Yashwanth, and the entire MoEngage team as they build an insights-led customer engagement platform across the world,” said Kabir Narang, Founding General Partner at B Capital Group.
