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MoEngage's insights-led customer engagement platform has registered a x2 growth in business, doubling its global headcount in 2021
LONDON, June 1, 2022 /PRNewswire/ -- MoEngage, the insights-led customer engagement platform, today announced that it has raised USD $77M in Series E funding. This round was led by Goldman Sachs Asset Management and B Capital, with participation from the company's existing investors; Steadview Capital, Multiples Alternate Asset Management, Eight Roads Ventures, and Matrix Partners India. This is the third fundraising undertaken by MoEngage in the last 12 months, having raised $32.5M in July and $30M in Dec 2021, taking its total investment to $178m within 8 years.
MoEngage helps consumer brands and online retailers adopt a more customer-centric approach through data-driven, insights-led customer engagement, as Raviteja Dodda, Co-Founder and CEO of MoEngage, explained:
"The current tech landscape forces marketers to be campaign-centric. Multi-channel marketing tools available today are built to deliver campaign analytics and manage workflow automation. What's missing are insights into customers' channel preferences, the best time to communicate, their likes and dislikes, the ideal omnichannel journeys, their lifestyle choices, their level of engagement with your brand, their likelihood to convert or churn, and more. We not only deliver these insights using our AI-engine, but also provide marketers and ecommerce teams the ability to instantly act on these insights and engage customers through personalised multi-channel lifecycle campaigns."
"Earlier our engagement approach was very traditional, but with digitalisation, we were able to explore new avenues and observed that even our customers are excited to be more digital. With MoEngage's insights-led engagement platform, we created a seamless digitalised customer engagement where we were engaging our customers using personalised communication." said Kirsten Theiner, Product Owner at Magenta Telekom.
"Connecting with our customers in a meaningful way is a key part of our success as a business. MoEngage helps us gain actionable insights at our fingertips so we can create the most relevant experiences for our customers and scale our personalised outreach across channels," said Deepak Thakral, Vice President of Consumer Commerce at McAfee.
Rajat Sood, a Managing Director at Goldman Sachs Asset Management, said: "We anticipate the continued expansion of the marketing automation and analytics industry. As companies seek to better engage customers across digital channels, MoEngage's leading technology platform provides marketers with insightful, real-time data, enabling them to orchestrate and run effective campaigns to build and retain customer relationships to enhance customer lifetime value. We look forward to leveraging our global resources and network to support the ambitions and continued growth of the company."
In the last 12 months, MoEngage has grown annual recurring revenue (ARR) by 105%, added 500 new customers to its roster of international brands and retailers it supports, and doubled its headcount to more than 650 globally. The company has a very healthy annual net revenue retention of over 135% and has been named as a "Strong Performer" in the Q3 2021 Forrester Wave report on Cross-Channel Campaign tools.
Dodda added: "We ramped up our investments in local sales, support, and partnership functions in the last 24 months and have seen rapid growth in the UK and Europe as a result. We now have over 60 customers, including Travelodge, Deutsche Telekom, and Nestlé, that are supported locally from our offices in London and Berlin. We have a robust network of 15+ partners who offer consulting services and help in extending our platform capabilities within Europe. The additional capital will enable us to expand our team, our partnership network, and strengthen our AI product capabilities in the region. We will also explore strategic acquisitions that can help extend our platform capabilities and provide more value to our customers."
About MoEngage
MoEngage is an insights-led customer engagement platform, trusted by more than 1200 global consumer brands such as Ally Financial, McAfee, Flipkart, Domino's, Nestle, Deutsche Telekom, Travelodge, and more. MoEngage empowers marketers and product owners with insights into customer behaviour and the ability to act on those insights to engage customers across the web, mobile, email, social, and messaging channels. Consumer brands across 35 countries use MoEngage to power digital experiences for over 1 billion customers every month. With offices in ten countries, MoEngage is backed by Goldman Sachs, B Capital, Steadview Capital, Multiples Private Equity, Eight Roads, F-Prime Capital, Matrix Partners, Ventureast, and Helion Ventures.
MoEngage has been named as a "Strong Performer" in the Q3 2021 Forrester Wave report for Cross-Channel Campaign Management and as a "Leader" in the 2020 Gartner Magic Quadrant for Mobile Marketing Platforms. It was listed as one of the Top 25 Highest Rated Private Cloud Computing Companies To Work For by Battery Ventures in 2021.
To learn more, visit www.moengage.com
About Goldman Sachs Asset Management Growth Equity
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world's leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of March 31, 2022. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Since 2003 the Growth Equity business within Goldman Sachs Asset Management comprising more than 75 individuals has invested over $13 billion in companies led by visionary founders and CEOs. We focus exclusively on investments in growth stage and technology-driven companies spanning multiple industries, including enterprise technology, financial technology, consumer and healthcare. Follow us on LinkedIn
About B Capital
B Capital is a multi-stage global investment firm that partners with extraordinary entrepreneurs to shape the future through technology. With over $3.5 billion in assets under management across multiple funds, we focus on seed to late-stage growth investments, primarily in the enterprise, financial technology and healthcare sectors. Founded in 2015, B Capital leverages an integrated team across eight locations in the US and Asia, as well as a strategic partnership with BCG, to provide the value-added support entrepreneurs need to scale fast and efficiently, expand into new markets and build exceptional companies. For more information, click here.
