MoEngage bags US$32.5m in funding, to accelerate global growth strategy

MoEngage has bagged US$32.5 million in Series C1 funding which will be used to accelerate its global growth strategy and further strengthen the product’s AI and predictive capabilities. The company currently employs 375 people and touts itself to have "ambitious hiring plans". The latest round was led by Multiples Alternate Asset Management, with participation from current investors Eight Roads Ventures, F-Prime Capital and Matrix Partners.

MoEngage has added over 250 new customers in the past year and counts large brands such as McAfee, Nestle, Domino's, Telekom Malaysia, CIMB Bank, JD.ID, Travelodge, Ally Financial, Byju's and Flipkart as customers. It has also opened offices in the UK, Germany and Vietnam over the past year, with plans to open offices in New York City and Boston in 2021. The company also plans to invest in strengthening the partnership ecosystem and the #GROWTH Peer-to-Peer learning community.

As part of this funding round, MoEngage also completed an Employee Stock Option Plan buyback of US$1.5 million 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. MARKETING-INTERACTIVE has reached out to MoEngage for additional information.

Raviteja Dodda, co-founder and CEO of MoEngage, said: "Over the last 12 months, we have seen rapid global adoption of insights-led customer engagement. Our customer base and recurring revenue has doubled in the last 12 months and our business growth in the US and Europe has tripled in the first half of 2021 as compared to the second half of 2020. This funding will help us further accelerate our global growth and product innovation."

Meanwhile, it was recently named a strong performer in The Forrester Wave: Cross-Channel Campaign Management (Independent Platforms), Q3 2021 report. According to the report, MoEngage was recognised for its AI-driven insights, engagement personalization, and marketer-friendly analytics. It also received the highest scores possible in nine criteria: AIe, personalisation, mobile, customer profiles and preferences, testing and optimisation, digital intelligence, emerging channels, social media and digital advertising, and marketing performance management.

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