E-commerce And Marketing Tech Company Rokt Raises $325 Million
The new funding increases the AI-powered e-commerce and marketing solution’s valuation to nearly $2 billion.
Ecommerce and marketing technology leader Rokt, which uses AI and machine learning to make transactions more valuable, has announced it has raised $325 million in Series E funding to push its total valuation to $1.95 billion. The funding round was led by Tiger Global with additional participation from Wellington Management, Whale Rock Capital Management, Pavilion Capital, and Square Peg.
“Customers are demanding a more relevant ecommerce experience and businesses need to ensure they have the right economics to be able to grow,” said Bruce Buchanan, CEO of Rokt.
“Our technology solves these two problems by optimizing every element of the transaction moment, both for relevancy and value for each individual customer, enabling digital businesses to remove irrelevant clutter and double their profitability. We’re thrilled to partner with Tiger Global and the rest of this prestigious group of investors to accelerate our product development and global expansion efforts and enable more partners to boost their profitability, connect brands to new customers, and deepen engagement and loyalty.”
With the new funding, the award winning tech company aims to invest in its international market expansion, R&D, and strategic acquisitions. In addition, the company will be rewarding its employees and current investors with a liquidity opportunity thanks to the new funding.
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Rokt is used around the world by more than 3,000 global brands to increase engagement, revenue and customer acquisition strategies. Industry-leading brands such as Ticketmaster, Live Nation, Groupon, Staples, Wayfair, and Fanatics trust the solution to power their first-party data analytics and personalization strategies.
“Rokt has unlocked a new digital advertising opportunity for the online ecosystem – the transaction moment. And they are scratching the surface of what is possible in this moment,” said Griffin Schroeder, Partner at Tiger Global.
“Rokt’s exceptional management team has the vision and the capability to continue accelerating growth and providing unique solutions for their clients.”