MoEngage raises $77 million in Series E funding

San Francisco-based customer engagement platform MoEngage has raised $77 million in Series E funding round led by Goldman Sachs Asset Management and Capital B. 

The company’s existing investors Steadview Capital, Multiples Alternate Asset Management, Eight Roads Ventures, and Matrix Partners India also participated in the round. 

MoEngage plans to use the funding to deepen its geographic footprint in the US, Europe, Asia and Middle East markets and expand into new markets such as Latin America and Australia. The company will also use the funding to explore strategic acquisitions.

“To respond to the increased demand, we ramped up our investments in R&D and U.S. sales, customer success support, and partnership functions in the last 24 months,” said Raviteja Dodda, Co-founder and CEO at MoEngage. “With this newest round of funding, MoEngage will have the ability to expand what we’ve been building, enter new markets, and add even more innovation to our platform. We’re proud to add Goldman Sachs Asset Management and B Capital to our outstanding team of investors and look forward to our next phase of unprecedented growth.”

This is MoEngage’s third funding round in the last twelve months, with $32.5 million raised in July and $30 million in December 2021. 

In the last 12 months, the company has grown its annualized recurring revenue (ARR) by 105%, added 500 new customers, and doubled its headcount to surpass 650 employees across its offices in the U.S., UK, Germany, UAE, India, Indonesia, Singapore, Vietnam, Malaysia, Philippines, and Thailand. MoEngage says it has a very healthy annualized net revenue retention of over 135%.

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.”