San Francisco / Bengaluru. 4th December, 2018: California-based MoEngage Inc., a leading intelligent marketing cloud platform founded by Raviteja Dodda and Yashwanth Kumar, has raised USD 9 million in a Series B funding round led by Matrix Partners India and VenturEast. Existing investors Helion Venture Partners and Exfinity Ventures have also participated in the round. MoEngage will use the freshly infused capital to expand their global presence, further strengthen their data science capabilities and aggressively rollout its integrated marketing technology stack for enterprise clients with user engagement, analytics and personalization products.
Commenting on the development Raviteja Dodda, Founder & CEO, MoEngage said, “The unprecedented growth in mobile interactions & messaging coupled with heightened customer expectations has created an engagement gap for many brands. At MoEngage, we’ve built an enterprise solution for brands to deliver personalized engagement at any touchpoint, powered by machine learning and it is great to see the validation from all quarters including customers, analysts, and investors.” He further added, “The funding comes at a time when we are looking to establish category leadership in Asia, grow our presence in North America & Europe and enhance our widely recognized AI Engine Sherpa.”
"VenturEast invests in companies that are leading the revolution in adopting deep-tech like Big Data, ML and AI to solve unique problems. MoEngage is the latest addition to our portfolio. MoEngage's AI/ML-based innovations enable hyper-personalization at required scale and reliability; MoEngage also has several industry-first innovations to their credit disrupting the traditional marketing cloud offerings,” said Srikanth Sundararajan, General Partner, VenturEast.
MoEngage was recently featured in the prestigious Gartner Magic Quadrant as a purpose-built mobile marketing platform. It is the only Asian company to find mention in this category and is joined by giant enterprise software firms like Salesforce, IBM and Oracle.
Several Fortune 500 companies such as Samsung, Deutsche Telekom, Hearst, Vodafone, Prudential and McAfee have joined hands with MoEngage, showcasing confidence in the enterprise capabilities of the platform. Tokopedia, Oyo, Traveloka, Airtel-Wynk and Viu are some other internet-first brands the company is working with, making MoEngage a leading player in the marketing automation space in Asia.
“Our core focus is enabling our customers to engage with us digitally. To accelerate this digital shift, we are re-launching our self-care apps across our European footprint, taking customer care, servicediscovery, payments, and much more right to our users’ fingertips. MoEngage’s forward-looking engagement platform has been critical in enabling us to deliver contextual, personalized and relevant communications & alerts to our customers, at the right time, based on usage and behavior patterns,” said Jonathan Abrahamson, VP Digitization, Europe, Deutsche Telekom.
“MoEngage helps deliver significantly higher ROI on an enterprise marketer’s time and digital spends. Using a mobile-first approach, MoEngage’s AI-personalization engine uses real-time campaign optimization helping its clients stay ahead in a hyper-competitive world. Over the last 18 months, the team has shown strong growth in international markets, winning key enterprise contracts with market leaders in telecom, retail, BFSI and internet verticals. We are excited to partner with Ravi and Yashwanth in this journey.” said Tarun Davda, Managing Director, Matrix India.
MoEngage is a Next-Generation Marketing Cloud, built for the Mobile-first world. With MoEngage, companies can orchestrate campaigns across channels like push, email, in-app messaging, web push, and SMS, with auto-optimization towards higher conversions powered by machine learning. MoEngage works with consumer businesses across the world including Fortune 500 brands like Samsung, Deutsche Telekom (T Mobile), Vodafone, Hearst, and Prudential. They enable hyper-personalization at scale, analyzing 250 million+ users and delivering 20 billion+ interactions across channels in a month. To know more visit www.moengage.com
Co-founded in 2014 by Raviteja Dodda and Yashwanth Kumar, both alumni of IIT Kharagpur, MoEngage is the preferred omnichannel user engagement partner for companies in the e-commerce, telecom, retail, BFSI, online travel, and media verticals helping them enhance their digital customer experience and grow online sales.
Ventureast is one of the longest standing Venture capital fund managers in India, investing since 1997 and managing close to $400+ million. The company has a diverse portfolio of more than 100 investments in Technology, Healthcare and Clean Environment. Ventureast is possibly the only Indian Fund Manager that has dedicated funds and teams for each sector - life sciences & healthcare, and separately for technology-driven businesses. Our hallmark has been to build companies to leadership from early-stage through innovation. For more information, visit www.ventureast.net
About Matrix Partners India:
Matrix Partners India is an investment firm with INR 4,500 crores under management. Founded in 2006, the firm invests in companies targeting the Indian consumer and enterprise market at the seed, early and early growth stages. Matrix India has invested in several market leading companies such as Ola (local transportation), Quikr (online classifieds), Practo (digital health platform), Dailyhunt (mobile local language platform), Treebo (digital hotel chain), Limeroad (social e-commerce platform), Mswipe (mobile POS), Five Star Business Finance (SME lending), OfBusiness (credit led B2B marketplace) and Belong (recruitment platform) among others. Matrix India has advisory offices in Bangalore, Delhi and Mumbai. Matrix Partners has a global network of funds investing in the US, China and India. Further information is available at www.matrixpartners.in