Matrix-backed MoEngage raises $32.5M led by Multiples Alternate Asset Management
2nd August, 2021. Bengaluru: MoEngage, the leading insights-led customer engagement platform, announced a fresh fundraise of $32.5M led by Multiples Alternate Asset Management. Existing investors Matrix Partners India, Eight Roads Ventures, and F-Prime Capital also participated while Exfinity Venture Partners made a healthy exit in this round. The funding will support and accelerate its global growth strategy and further strengthen the product's AI and predictive capabilities. Over 1000 global consumer brands across 35 countries use MoEngage to power digital experiences for over 900 million users every month.
"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. "Over the last 12 months, we have seen rapid global adoption of insights-led customer engagement. Our customer base and recurring revenue have 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.'
MoEngage has added over 250 new customers in the past year and counts large brands such as McAfee, Nestle, Domino's, Deutsche Telekom, Travelodge, Ally Financial, Byju's, Flipkart, CIMB Bank, and JD.ID as customers. Overall, 1000+ global brands trust MoEngage to power digital experiences for 900 million users monthly across email, mobile, web, social, and messaging channels.
As part of this funding round, MoEngage also completed an Employee Stock Option Plan (ESOP) buyback of $1.5M for its current and former employees to acknowledge their belief in the vision and contribution over the years. This is the first ESOP buyback by the company or its investors.
Global Growth and Product Investments:
The company is 375 members strong and has ambitious hiring plans. It was ranked by Battery Ventures as one of the 25 highest-rated private cloud companies to work for during the COVID crisis. It has opened up offices in the UK, Germany, and Vietnam over the past year, with plans to open offices in New York City and Boston this year. The company also plans to invest in strengthening the partner ecosystem and the #GROWTH peer-to-peer learning community.
"Our rapid growth can be attributed to investments in the areas of product innovation and customer success. Over the last two years, we have made significant investments in Sherpa, our AI engine, to add a layer of intelligence. Today, our AI engine delivers actionable insights to determine users who have a propensity to churn, the best performing customer journey path, most preferred channel, ideal frequency, and the right time to communicate. We will continue our investments to extend our lead in this space," said Dodda. "As the digital space becomes competitive, we envision brands shifting from a rule-based tool to an intelligent platform that empowers marketers & product owners with AI-driven insights and optimization.'
"In a digital-first world, omnichannel customer engagement is critical for customer facing brands. We're excited to partner with Ravi and team as MoEngage empowers global enterprises to be more insights driven, while crafting personalized engagement at scale,' said Manish Gaur, Managing Director and Head - Enterprise Technology at Multiples Alternate Asset Management. "We continue our pursuit of partnering with exceptional entrepreneurs and backing distinctive ideas to create industry leaders.'
"As Enterprises around the world embrace Digital with a renewed sense of urgency, 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, look forward to the next phase of growth, and welcome Multiples to the partnership.' said Tarun Davda, Managing Director, Matrix India.
About MoEngage:
MoEngage is an insights-led customer engagement platform, trusted by more than 1000 global consumer brands such as Ally Financial, McAfee, Flipkart, Nestle, T-Mobile, Travelodge, and more. MoEngage empowers marketers and product owners with insights into customer behavior and the ability to act on those insights to engage customers across the web, mobile, email, social, and messaging channels. Consumer brands across 35 countries use MoEngage to power digital experiences for over 900 million users every month. With offices in nine countries, MoEngage is backed by Multiples Private Equity, Eight Roads, F-Prime Capital, Matrix Partners India, Ventureast, and Helion Ventures. To learn more, visit www.moengage.com.
About Matrix Partners India:
Matrix Partners India is an investment firm with approximately $1 billion 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 (mobility), Dailyhunt (mobile local language platform), Razorpay (payments), Five Star Business Finance (SME lending), OfBusiness (credit led B2B marketplace), Ola Electric (electric vehicles), Stanza Living (tech-enabled student housing platform), OneCard (mobile-first credit card), Country Delight (D2C dairy & fresh foods brand), DealShare (social commerce platform), Mswipe (mobile POS), Zupee (leading skill-based gaming app) and Bijnis (digital B2B marketplace) 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, with approximately $5 billion under management. Further information is available at'¯www.matrixpartners.in. To know more about our investment philosophy & ideologies, check out the #MatrixMoments podcast series.
