MoEngage raises $77M in Series E led by Goldman Sachs Asset Management & B Capital
This is the third round of funding raised by the company in the last 12 months
MoEngage has announced that it has raised $77M in Series E funding. This round is led by Goldman Sachs Asset Management and B Capital, with participation from the company’s existing investors Matrix Partners India, Steadview Capital, Multiples Alternate Asset Management, and Eight Roads Ventures. This is the third round of funding raised by the company in the last 12 months, with $32.5M raised in July and $30M in December 2021.
MoEngage will use the additional funds to deepen its geographic footprint in the U.S., Europe, Asia, and Middle East markets, and expand in new markets like Latin America and Australia. The funds will also be used to explore strategic acquisitions that can help extend its platform capabilities and provide more value to customers.
Raviteja Dodda, Co-Founder and CEO of MoEngage said “Our rapid growth and the leadership position is a validation that consumer brands today are moving beyond campaign-centric tools and adopting an insights-led multi-channel approach to customer engagement. We now have over 1200 customers in 35 countries and more than 650 employees across our offices in the U.S., UK, Germany, UAE, India, Indonesia, Singapore, Vietnam, Malaysia, Philippines, and Thailand.”
In the last 12 months, MoEngage has grown its annualized recurring revenue (ARR) by over 105%, added 500 new customers, and doubled its headcount to more than 650 employees worldwide. The company has a very healthy annualized net revenue retention of over 135% and was named a “Strong Performer” in Q3 2021, Forrester Wave report for Cross-Channel Campaign Management.
Rajat Sood, 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.”
“We are excited to welcome MoEngage to our growing portfolio of cross-border SaaS investments. MoEngage is an AI-first platform helping companies retain customers and give insights on user journeys across channels. It helps companies engage and retain over 1 billion users on the platform globally. We are thrilled to partner with Ravi, Yashwanth, and the entire MoEngage team as they build an insights-led customer engagement platform across the world,” said Kabir Narang, Founding General Partner at B Capital Group.
“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 personalized outreach across channels,” said Deepak Thakral, Vice President of Consumer Commerce at McAfee.
"Enterprises continue to embrace Digital with a renewed sense of urgency, with marketers & product owners focused on personalising customer-experience across channels. MoEngage has strengthened its position as a trusted partner & market leader in the insights-led customer engagement space. We're privileged to be early partners on this journey and welcome Goldman Sachs & B Capital to the partnership," commented Tarun Davda, Managing Director, Matrix India.
