MoEngage Raises Additional USD30M Funding, Achieves 120% CARR Growth in SEA
Following the company’s success in the customer-engagement software space, the new funding will help further accelerate it’s product innovation and global growth strategy
MoEngage, the insights-led customer engagement platform, today announced that it has raised additional funding of $30M USD, at double the valuation from its earlier Series C1 investment of $32.5M in July 2021. This round was led by Steadview Capital, with participation from the company’s existing investors Multiples Alternate Asset Management, Eight Roads Ventures, F-Prime Capital, and Matrix Partners India.
MoEngage has seen significant adoption of its platform in the last 18 months, which enables marketers to be more customer-centric, rather than being campaign-centric. The company will continue to invest in AI-powered and insights-driven cross-channel engagement solutions. With MoEngage, marketers can gain deep insights into their customer behavior, likes, preferences, journeys and then meaningfully engage them with contextual cross-channel communications across the customer lifecycle.
In the last 12 months,
- MoEngage has doubled its headcount to 450 employees globally and recently opened offices in Boston, London, Berlin and Ho-Chi Minh City.
- Annualized Recurring Revenue (ARR) has grown over 120%.
- Contracted annual recurring revenue (CARR) in Southeast Asia has grown by 120%.
- Onboarding of 350 new customers across the globe, including over 90 in Southeast Asia, such as CIMB Bank, XL Axiata, Atom Finance, AllValue, JD.ID, Blibli, POPS Worldwide, IHH Healthcare, The Body Shop, Policy Bazaar, Byjus and SWVL.
- Annualized Net Revenue Retention of over 140%, driven by best-in-class customer support and service.
- 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.
- Listed by G2 as “One of the Best Software Companies for 2021”, and one of the “Top 50 Software Products for Marketers
“Our vision is to create the most trusted customer engagement platform that enables brands to leverage insights and personalize every customer interaction,” said Raviteja Dodda, Co-Founder and CEO of MoEngage. “This growth and funding is validation of our vision and product innovation – particularly, Sherpa, our AI Engine, has been a game changer. We are excited to welcome Steadview Capital and look forward to working with them”
“Delivering a personalized customer experience across channels has never been more relevant than it is today. We are thrilled to partner with the MoEngage team on their mission and growth journey. MoEngage’s unique insights-led approach to customer engagement and campaigns makes it easier for brands to drive results and build better relationships with their customers” said Ravi Mehta, Founder and CIO of Steadview Capital.
Sherpa, by MoEngage, allows marketers and product owners to gain visibility into customer behavior, their likes, their channel preferences, the optimal frequency and timing of messages, product or content preferences, ideal cross-channel journeys and more. Marketers can automatically segment their customers, not just based on their past transactions, but also on their affinities and lifestyle – and orchestrate contextual communication campaigns across the website, mobile app, push notifications, email, WhatsApp, and retargeting.
“MoEngage has helped us engage our customers contextually based on their shopping habits and behavior. We have seen significant uplifts in customer engagement and lifetime value. We feel confident that with the deep domain experience and algorithms that MoEngage brings to the table, we will be able to drive better experience for our customers” said Mahadevan Iyer, SVP – Group CRM & Analytics, Landmark Group, India
“Southeast Asia’s internet economy is expected to reach $360 billion by 2025, driven by new and deeper digital consumption patterns. We are committed to enabling businesses to capitalize on the myriad of opportunities that the region’s digital economy holds, through personalized customer interactions that matter,” said Saurabh Madan, General Manager, Australia & New Zealand and South East Asia, MoEngage. “The additional capital through this funding will enable us to further accelerate our local presence, partner ecosystem and the #GROWTH community program in all the key markets, including Southeast Asia.”