MoEngage, a platform that provides real time insights into customers engagement to help companies drive more personalized cross-channel engagement, has raised $32.5Mn in Series C1 funding.
The round, which saw participation from current investors, Eight Roads Ventures, F-Prime Capital, and Matrix Partners, was led by Multiples Alternate Asset Management. Moreover, with this, one of the company’s earliest investors, Exfinity Venture Partners exited from the firm, having backed it in 2015 when it was just 1 year old.
MoEngage is a platform that aims to revolutionize the digital markets for good. The company’s offering allows businesses to get real time insights into customer experience, allowing them to not only provide a better experience, but also take decisions that are more in line with customers’ reactions.
With the world going digital over the past year, MoEngage’s offering has become a favorite among businesses, allowing it to drive massive growth.
This is reflected in the company’s numbers, as the customer engagement insights platform has managed to double its customer base over the past 12 months. Over this period, it has added over 250 new customers including McAfee, Nestle, Domino’s, Deutsche Telekom, Travelodge, Ally Financial, Byju’s, Flipkart, CIMB Bank, and JD.ID.
Today, MoEngage’s customers deliver 100 billion messages every month, and power digital experiences for 900 million users monthly across Email, Mobile, Web, Social, and Messaging channels.
“This funding comes on the back of the rapid adoption of insights-led customer engagement across global markets. In the digital-first world, brands compete based on customer experience. Winning brands empower their teams with real-time insights into customer behavior and the ability to act on them instantly. That’s why MoEngage’s unique value proposition of insights-led customer engagement which leverages real-time customer insights to drive more personalized cross-channel engagement, resonates well,” said Raviteja Dodda – Founder and CEO of MoEngage Inc.
Now, the company plans to use this funding to not only improve upon its AI and strengthen its product’s predictive capabilities, but also drive global growth.
As part of its global growth strategy, the company is looking to hire new talent, to help it continue its strong momentum. It has already been seeing massive success in US and EU, and has also recently entered Germany.
Even though MoEngage operates in a fairly competitive market, it hopes that by investing in product strengthening, it can manage to over do its competitors and become the biggest force in the customer engagement arena.
