LEADING CUSTOMER ENGAGEMENT PLATFORM, MOENGAGE RAISES $32.5 MILLION IN SERIES C1 FUNDING
2 years ago Rituka MThe importance of Customer Engagement Optimization has seen an immense spike, especially amidst the pandemic with social media engagement becoming the primary platform to reach customers. With increasing dependence on software to automate & record data, Customer Engagement Platforms utilize software to manage, analyze & optimize the customer experience & journey from onboarding to retention & growth. Such platforms engage & manage customer queries & automatically sends personalized messages through various online & offline channels to customers. Present-day customers, being super tech-savvy, switch between platforms, devices & locations, wanting a personalized customer experience from user-centric brands ranging across e-commerce, retail, travel & hospitality, banking & financial services, media & entertainment, telecom, food delivery, and mobility verticals.
Understanding this burning need for digital engagement & user growth and management for user-centric companies, IIT-Kharagpur alumnus, Ravitega Dodda & Yashwanth Kumar founded MoEngage in 2014. Having its headquarters in San Fransico, MoEngage is a full-stack customer analytics & engagement platform that leverages AI & cloud-based marketing services, which allows marketers to delegate their customer obsession & focus on creating & developing their product. With a scalable & reliable solution, MoEngage visualizes, creates & automates customer lifecycle campaigns through their advanced customer journey orchestration engine, Flows which has the ability to predict & optimize customer flow without any manual intervention. Being compliant with GDPR, CCPA, Workflow Approvals & Access Controls such as Single sign-on & Two-factor authentication, MoEngage ensures the security of the customer data. Apart from this, their proprietary Push Amplification+ technology enables higher engagement allowing marketers to reach more customers & connect any BI tool to export consumer behavior data to analyze & optimize accordingly. Seven years down the road, MoEngage has expanded across 35 countries & 9 head offices, with over 500 Million monthly active users, and a growing family of 375 employees.
On 30th July 2021, MoEngage announced a raise of $32.5 Million in their Series C1 round led by Multiples Alternate Asset Management with participation from existing investors Eight Roads Ventures, F-Prime Capital, and Matrix Partners. Having raised a total of $40.8 Million over a series of 7 funding rounds, the company boasts an investor portfolio including Hyderabad-based VenturEast, Startup Equity Partners, Helion Venture Partners, Alchemist Accelerator with Exfinity Venture Partners making a healthy exit. Having doubled their customer base over the last 12 months, MoEngage has added 250 customers, including McAfee, Nestle, Domino’s, Deutsche Telekom, Travelodge, Ally Financial, Byju’s, Flipkart, CIMB Bank, and JD.ID. With strong momentum in the U.S & E.U regions, the company intends to utilize the latest funds towards strengthening the AI products’ predictive capabilities & expanding vigorously globally. On the innovation of their product, Mr. Raviteja said in a statement, “Over the last 2 years, we have made significant investments in Sherpa, our AI engine, to add a layer of intelligence and make it easier for marketers to adopt an insights-led approach to customer engagement. Today Sherpa can tell marketers the most preferred channel, ideal message frequency, the right time to communicate, and the best cross-channel path. It also helps with predictive intelligence around customer actions and automatically segments them based on their level of engagement and affinities. We will continue to invest and strengthen our platform’s intelligence, through AI and predictive capabilities.”
Having established its presence in India, San Francisco, London, Dubai, Vietnam, Berlin, Indonesia, and Bangkok, MoEngage aims to expand into New York, Boston, Germany, and the UK. Speaking on their latest launch, #GROWTH Community aims at fostering growth, sharing new insights for product owners, entrepreneurs, growth marketers, and user engagement professionals from consumer-first brands, Raviteja Dodda, CEO & Co-Founder, MoEngage said, “We truly believe in building an ecosystem and community around MoEngage, enabling our customers to get the best out of the MoEngage platform. We will invest in strengthening the partnership ecosystem and the #GROWTH Peer-to-Peer learning community. You can expect a lot of relevant learning opportunities through our #GROWTH community initiative in the coming months.” As a part of the funding round, MoEngage completed an Employee Stock Option Plan (ESOP) buyback of $1.5 million from some of their current and former employees, as a reward for their relentless & faithful effort.
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