MoEngage, the leading Insights-led customer engagement platform, announced a fresh fundraise of $32.5M USD led by Multiples Alternate Asset Management, with participation from their current investors, Eight Roads Ventures, F-Prime Capital and Matrix Partners.
“We are thrilled to welcome Multiples as our new strategic partner as part of this Series C1 funding. This round of funding is a mix of primary and secondary investments,” said Raviteja Dodda, Co-Founder and CEO of MoEngage. “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 U.S. 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.”
MoEngage has added over 250 new customers in the past year and counts large brands such as McAfee, Nestle, Domino’s, Deutsche Telekom, Travelodge, Ally Financial, Byju’s, Flipkart, CIMB Bank and JD.ID as customers. Overall, 1000+ global brands trust MoEngage to power digital experiences for 900 million users monthly across Email, Mobile, Web, Social and Messaging channels.
“In a digital-first world, omnichannel customer engagement is critical for customer facing brands. We’re excited to partner with Ravi and team as MoEngage empowers global enterprises to be more insights driven, while crafting personalized engagement at scale.” said Manish Gaur, Managing Director and Head – Enterprise Technology at Multiples Alternate Asset Management. “We continue our pursuit of partnering exceptional entrepreneurs and backing distinctive ideas to create industry leaders.”
As part of this funding round, MoEngage also completed an Employee Stock Option Plan (ESOP) buyback of $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.