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Matrix-backed MoEngage raises $25mn in a Series C investment round
11th February 2020. Bengaluru: MoEngage, an intelligent customer analytics and cross-channel engagement platform announced today that it has raised $25 Million in its Series C round of funding led by Eight Roads Ventures with participation from its US-based sister fund, F-Prime Capital. The round also saw participation from existing investors Matrix Partners India as well as Ventureast.
MoEngage centralizes consumer behavioural analytics, insights and marketing automation into one dashboard where brands can engage with their customers across channels and personalize touchpoints. MoEngage's AI and automation platform map customer journeys and develops hyper-personalized offers, updates, recommendations and other communications across mobile, web, email and SMS thus delivering an omnichannel experience.
Hundreds of global brands across 35 countries use MoEngage to connect with 400+ million monthly active users, processing over 65+ billion interactions and 40+ billion messages every month and counts several unicorns and enterprise brands as its customers, including the likes of Deutsche Telekom, CIMB Bank, Travelodge, Samsung, McAfee, Vodafone, Future Retail, Landmark Group, Mashreq Bank along with internet-first brands such as Ola, OYO, BigBasket and Tokopedia. Today, enterprise clients contribute nearly 50% of MoEngage's total revenue.
The new round of funding will be used to deepen relationships in Asia, integrate advanced capabilities into the product mix and scale operations in the USA and Europe, MoEngage's two fastest-growing markets.
MoEngage recently achieved Amazon Web Services (AWS) Retail Competency and has also been featured in the Gartner Magic Quadrant for Mobile Marketing Platform twice in a row and has received Highest Overall Customer Ratings (4.6/5) in 2019 Gartner Peer Insights '˜Voice of the Customer' Report.
"The latest round of funding will help us reach more brands and empower them with the next-generation customer engagement platform built for the mobile-first world that is easier to use, fully integrated and intelligent.' said Raviteja Dodda, Founder & CEO, MoEngage Inc. "We also welcome the wealth of experience and expertise that Eight Roads Ventures and F-Prime Capital brings into the boardroom with this investment.'
"The rapid rise of mobile has increased the complexity of how digital-first and consumer-focused enterprises interact with customers. Marketers now need to seamlessly engage with customers in a personalized and real-time manner across different channels.' said Shweta Bhatia, Partner at Eight Roads Ventures. "What differentiates MoEngage from other engagement platforms is the combination of their ever-evolving AI-enabled customer journey capabilities, industry-best channel reachability and top-notch customer support. We are thrilled to partner with Raviteja and his team as they look to expand globally.'
"On our mission to build mobility for a billion people and beyond, we aim to offer a differentiated and personalized customer experience. MoEngage, with its differentiated offering, scalable platform and a customer-first approach, will play an important role in enabling us to deliver contextual and relevant communications to our customers and drive higher customer lifetime value.' said Arun Srinivas, Chief Operating Officer at Ola, India's leading mobility platform and one of the world's largest ride-hailing platforms.
"MoEngage has gained the trust of marquee enterprise customers globally and further strengthened their position as market leaders in the mobile-first customer engagement and analytics space. We're privileged to have been early partners with Raviteja and the team, and to have had a ringside view to their growth journey. We welcome Eight Roads and F-Prime to the partnership.' said Tarun Davda, Managing Director, Matrix India.
About MoEngage:
MoEngage is an intelligent customer engagement platform, built for the mobile-first world. With AI-powered automation, optimization capabilities, and in-built analytics, MoEngage enables hyper-personalization at scale across multiple channels like mobile push, email, in-app, web push, On-site messages, and SMS. Fortune 500 brands across 35+ countries such as Deutsche Telekom, Samsung, Vodafone and McAfee along with internet-first brands such as Ola, OYO, BigBasket, and Tokopedia use MoEngage to orchestrate their cross-channel campaigns. To learn more about omnichannel user engagement with MoEngage, visit our website 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 (local transportation), Quikr (online classifieds), Practo (digital health platform), Dailyhunt (mobile local language platform), Treebo (digital hotel chain), Limeroad (social e-commerce platform), Mswipe (mobile POS), Five Star Business Finance (SME lending), OfBusiness (credit led B2B marketplace), Ola Electric (multimodal electric vehicle platform), Razorpay (payments), Stanza Living (tech enabled student housing platform) Vogo (scooter sharing) and Cloudnine Hospitals (leading chain of maternity hospitals), 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
For more information, please contact:
Salonie Ganju
+91 9820380274
