MoEngage, an insights-led customer engagement platform, raised $77 million in Series E funding earlier this month to expand its footprint globally and explore “strategic acquisitions” to improve the platform.
In a release, MoEngage said the latest round of funding was led by Goldman Sachs and B Capital, and was participated in by the company’s existing investors like Steadview Capital and Eight Roads Ventures. Previous fundraisings secured $32.5 million in July and $30 million in December last year.
Aside from deepening its geographic footprint in the United States, United Kingdom and Asia, MoEngage is also eyeing to expand to the Latin America and Australia markets. The company said it will also use the funds for acquisition “that can help extend its platform capabilities and provide more value to customers.”
“Our investments have resulted in the adoption of MoEngage’s platform by 220+ consumer brands in Southeast Asia, and a new milestone of over 100 customers in Indonesia,” said Saurabh Madan, MoEngage Vice President & General Manager of Southeast Asia and Australia & New Zealand. “As the Southeast Asian region continues to digitalize rapidly, we have only strengthened our commitment to the region to help businesses navigate the future economy.”
In the previous year, MoEngage said it posted 105% growth in annualized recurring revenue, added 500 new customers, and doubled its employee count to more than 650. It also launched offices in Singapore and Philippines this year, with another in Australia in the works.
“Our rapid growth is validation that consumer brands today are moving beyond campaign-centric tools and are adopting an Insights-Led Multi-Channel Approach to Customer Engagement,” said Raviteja Dodda, MoEngage co-founder and CEO. “We will continue investing in region-specific product innovations and expand our geographical footprint to Australia as well,” he added.
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