San Francisco-based customer engagement platform MoEngage announced that it has raised $32.5 million in a funding round led by Multiples Alternate Asset Management, with participation from Eight Roads Ventures, Matrix Partners, and F-Prime Capital.
MoEngage provides an “insights-led” customer engagement platform providing customers personalization capabilities across channels, including mobile push, email, SMS, web push, on-site messaging, in-app messaging, cards, and connectors to other technologies.
The company plans to use the funding for global expansion and to strengthen its AI and predictive capabilities.
“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.
Founded in 2014 by Raviteja Dodda and Yashwanth Kumar, MoEngage has brought its total raise to more than $72 million. The company, which added 250 new customers in 2020, states that its platform is currently processing over 1 trillion data points, 50 billion messages, and 1 billion emails per month.
“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.” added Raviteja Dodda.
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.
Having a workforce of over 375 people, MoEngage has offices in London, Berlin, San Francisco, Dubai, Bengaluru, Singapore, Jakarta, Bangkok, and Ho Chi Minh City currently. The company plans to open offices in Boston and New York City in 2021. The company also wants to continue its investments in the Asian markets to sustain its leadership position in the region.