Singapore – Customer engagement platform MoEngage has announced that it has successfully raised US$32.5m in funding, which will be vital for the company’s acceleration of their global growth strategy, particularly for the greater benefit of their proprietary platform.
Said funding was led by Multiples Alternate Asset Management, with participation from current investors Eight Roads Ventures, F-Prime Capital and Matrix Partners.
In addition to their visions of global growth, MoEngage aims as well to use the funding to further strengthen the product’s AI and predictive capabilities.
For Raviteja Dodda, co-founder and CEO of MoEngage, their recent funding speaks to the continuous growth of the company, noting that they have seen rapid global adoption of insights-led customer engagement.
He also added that their customer base and recurring revenue has doubled in the last 12 months and our business growth in the U.S. and Europe has tripled in the first half of 2021 as compared to the second half of 2020, hence this funding will help their company to further accelerate global growth and product innovation.
“Our rapid growth can be attributed to investments in the areas of product innovation and customer success. Over the last two years we have made significant investments in Sherpa, our AI engine, to add a layer of intelligence. Today, our 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,” Dodda said.
He added, “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.”
As part of this funding round, MoEngage also completed an Employee Stock Option Plan (ESOP) buyback of US$1.5m 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.