Following the company’s success in the customer engagement market, new funding will further accelerate its product innovation and global growth strategy
SAN FRANCISCO, December 8, 2021 /PRNewswire/ -- MoEngage, the insights-led customer engagement platform, today announced that it has raised an additional $30M USD in funding, more than doubling the company’s previous valuation from its earlier Series C1 investment in July. This funding round was led by new investor Steadview Capital, with participation from the company’s existing investors Multiples Alternate Asset Management, Eight Roads Ventures, F-Prime Capital, and Matrix Partners.
MoEngage continues to invest in AI, insights, and cross-channel marketing solutions to empower brands to gain greater intelligence and scale their campaigns with advanced optimization. Customers can easily analyze audience insights and then act on those insights to engage consumers with contextual communications in the moment, at every touchpoint across their lifecycle.
"From the beginning, MoEngage has been focused on helping our customers overcome key challenges to deliver the best possible customer experience,” said Raviteja Dodda, Co-Founder and CEO of MoEngage. “This latest round of funding is a testament to our investments in product innovation and customer success. We’re pleased to welcome Steadview Capital as a new investor, and we’re excited to invest further in delivering continuous value for our customers.”
Accelerating Product Innovation and Global Scale
With this new round of funding, MoEngage has surpassed the $100M mark in total funding raised. This latest round of funding comes only four months after the company’s Series C1, in which it raised an additional $32.5M.
Since then, MoEngage has announced several new product updates towards empowering marketers with its insights-led customer engagement approach, including the launch of its new AI-powered predictions capabilities, that allows marketers and product owners to accurately forecast customer actions and offer the most relevant product or message at the best moment, on the optimal channel. In addition, MoEngage released new affinity segments to help brands move beyond segmentation based on behavior and transactions, and move toward building segments based on lifestyle, time, or usage. The company has focused on integrations and partnerships with leading players like Mixpanel, mParticle, Microsoft, Sinch, Adjust, Segment, Appsflyer, Amplitude, TCS, Merkle and more, to help its customers drive higher ROI with existing investments.
“At Atom Finance, it’s paramount to provide the most robust, easy-to-use investment platform to our customers. This means offering a personalized, multichannel experience for each and every user and ensuring they recognize how invaluable our powerful data, news, and research tools are to their investment journey,” said Tracy Solorzano, Director of Lifecycle Marketing and Retention of Atom Finance. “MoEngage helps us seamlessly communicate with our audiences while providing us with actionable insights to better understand where they are in their discovery of our product."
MoEngage has seen massive adoption of its platform from brands globally, fueling its business growth. In the last 12 months, MoEngage has achieved:
- Annualized Recurring Revenue (ARR) growth of over 120%
- Onboarding of 350 new customers, including Enterprises like Domino’s Pizza, CIMB Bank, XL Axiata, IHH Healthcare, The Body Shop, and Digital-first brands like Sharechat, Atom Finance, Policy Bazaar, Payactiv, Byjus, Flipkart Shopsy, SWVL
- Annualized Net Revenue Retention of over 140%, driven by best-in-class customer retention
This momentum is underscored by the industry’s recognition of the value MoEngage provides to its customers. MoEngage has received the following accolades in the last 12 months:
- Named a “Leader” in the 2020 Gartner Magic Quadrant for Mobile Marketing Platforms report
- One of the Highest Rated Private Cloud Companies to Work For in 2020 by Battery Ventures
- Featured by G2 as “One of the Best Software Companies for 2021”, and one of the “Top 50 Software Products for Marketers”
- Named a “Strong Performer” in The Forrester Wave™: Cross-Channel Campaign Management, (Independent Platforms), Q3 2021 report
Accelerating the Next Wave of Growth
MoEngage will utilize the additional capital to continue to strengthen the product's AI and predictive capabilities while accelerating its global growth strategy. The company has surpassed 450 employees and recently opened up offices in Boston, the UK, Germany, and Vietnam over the past year. MoEngage will further invest in strengthening its partnership ecosystem and #GROWTH Peer-to-Peer learning community for marketers and product managers.
Helping Customers Overcome Customer Engagement Challenges
Today’s consumers demand a consistent, personalized experience across online and offline channels, with relevant content in context - and that’s hard for brands to deliver. More channels and touchpoints mean more data to sift through, more tools to use, and more fragmented experiences to manage. Gathering disjointed customer data and managing siloed channels shouldn’t detract from reaching, engaging, and retaining brands’ most valuable customers.
MoEngage solves these challenges for customers through its insights-led customer engagement platform and approach. Brands can get insights at their fingertips - such as customer behavior, funnel analysis, customer journey path, and cohort analysis - and then can act on these insights to engage and retain customers throughout their lifecycle. Teams can better understand audiences’ preferences, behaviors, and affinity so they can take the best appropriate action on the consumers’ preferred channel at the right time. Our AI engine allows customers to determine users who have a propensity to churn, the optimal customer journey path, channel of choice, frequency, and time of messaging. MoEngage was built with multichannel in mind, empowering teams with real-time insights and the ability to craft contextual, cross-channel engagement campaigns for each individual - in just a few clicks, all in one platform.
"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.
MoEngage is an insights-led customer engagement platform, trusted by more than 1000 global consumer brands such as Ally Financial, McAfee, Flipkart, Domino’s, Nestle, Deutsche Telekom, Travelodge, and more. MoEngage empowers marketers and product owners with insights into customer behavior and the ability to act on those insights to engage customers across the web, mobile, email, social, and messaging channels. Consumer brands across 35 countries use MoEngage to power digital experiences for over 900 million users every month. With offices in nine countries, MoEngage is backed by Steadview Capital, Multiples Private Equity, Eight Roads, F-Prime Capital, Matrix Partners, Ventureast and Helion Ventures.
To learn more, visit www.moengage.com.
About Steadview Capital
Steadview is a leading global investment firm headquartered out of London with over US$5 billion in AUM. The fund has a crossover structure and makes concentrated long-term investments in both public markets and private equity with a primary focus on technology-oriented businesses.
To learn more, visit www.steadview.com