Insights-led customer engagement platform, MoEngage has announced a fresh fundraise of $32.5m (£23.36m) led by Multiples Alternate Asset Management, with participation from their current investors, Eight Roads Ventures, F-Prime Capital, and Matrix Partners.
MoEngage has added over 250 new customers in the past year, including large brands such as McAfee, Nestle, and Domino's. Overall, over 1000 global brands trust MoEngage to power digital experiences for 900m users monthly across email, mobile, web, social, and messaging channels.
MoEngage plans to utilise the additional capital to accelerate its global growth strategy and further strengthen the product’s AI and predictive capabilities.
The company is 375 members strong and has ambitious hiring plans. 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 in 2021.
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.
“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" said CEO of MoEngage, Raviteja Dodda. "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. 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 optimisation.”