Customer lifecycle and user retention platform CleverTap has completed a $35m (£27.5m) Series C investment round, led by existing investors Tiger Global Management and Sequoia India.
The company said it intends to use the funds to build out its new US-based engineering hub, add enhanced predictive capabilities to its platform, and fuel an aggressive global go-to-market expansion strategy. Funds will be used to fuel team growth across engineering, sales, and marketing across the US, Latin America, Europe, and Asia.
CleverTaps platform leverages machine learning to offer an engagement suite that enables brands to convert, engage, retain, and grow their mobile user base. The solution has been adopted by some of the worlds leading organizations across multiple industries, and customer growth has more than doubled over the past year alone with an average of over 8bn user actions processed each day. CleverTap currently reaches more than 1bn devices and over 8,000 consumer apps in more than 100 countries, and claims to have helped generate over $2bn in incremental revenue for its customers.
“Leading companies know that the key to driving revenue growth in the mobile app space is increasing user retention and raising long-term customer lifetime value,” said CleverTap co-founder and CEO, Sunil Thomas. “Were in the unique position to deliver a holistic solution that not only provides actionable customer insights but also delivers the right message to drive deeper engagement based on real-time customer usage, all at scale. This latest round of funding will enable CleverTap to help more companies achieve their retention goals as they build long-lasting relationships with their customers.”