MoEngage Acquires $30 Million In Funding To Fuel Growth
The customer experience platform achieved annualized recurring revenue growth of over 120 percent in the past year.
MoEngage, a powerful data insights-driven customer engagement platform, has announced it has acquired $30 million in Series D funding to continue driving its product development. The funding round was led by Steadview Capital, with additional participation from investors Multiples Alternate Asset Management, Eight Roads Ventures, F-Prime Capital, and Matrix Partners.
“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 2022, an estimated $641 billion will be spent on customer experience technologies by various companies in multiple industries. The $130 billion increase from 2019 is largely driven by 67 percent of customers reporting they have raised their expectations to an all-time high.
With the new resources, MoEngage will continue to grow its platform of AI, insights, and cross-channel marketing solutions. The tools are designed to allow brands to gain consumer insights and scale campaigns for optimization. Using insights gathered from MoEngage, customers can easily determine when and how to engage best their audience.
The funding pushes the company’s total funding raised to above $100 million. The customer engagement platform has already used some of the funding to invest in product updates and launch partnerships with software brands such as Microsoft, Sinch, Adjust, Segment, Appsflyer, and Amplitude.
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In just the past 12 months, MoEngage has seen massive growth as a result of these investments. Annualized Recurring Revenue (ARR) growth came in at over 120 percent as the company added 350 new customer brands such as Domino’s, IHH Healthcare, Atom Finance, and XL Axiata. The company also reported annualized Net Revenue Retention of over 140 percent during the same time span. Around the world, MoEngage is used by more than 1,000 brands and more than 900 million users every month.
“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.”