Matrix-backed MoEngage raises $77M in Series E led by Goldman Sachs Asset Management and B Capital

MoEngage's multi-channel customer engagement platform registered 2x growth in business and doubled its global team in 2021.

1st June 2022. Bengaluru: MoEngage, the insights-led customer engagement platform, today announced that it has raised $77M in Series E funding. This round is led by Goldman Sachs Asset Management and B Capital, with participation from the company's existing investors Matrix Partners India, Steadview Capital, Multiples Alternate Asset Management, and Eight Roads Ventures This is the third round of funding raised by the company in the last 12 months, with $32.5M raised in July and $30M in December 2021.

MoEngage will use the additional funds to deepen its geographic footprint in the U.S., Europe, Asia, and Middle East markets, and expand in new markets like Latin America and Australia. The funds will also be used to explore strategic acquisitions that can help extend its platform capabilities and provide more value to customers.

Raviteja Dodda, Co-Founder and CEO of MoEngage said "Our rapid growth and the leadership position is a validation that consumer brands today are moving beyond campaign-centric tools and adopting an insights-led multi-channel approach to customer engagement. We now have over 1200 customers in 35 countries and more than 650 employees across our offices in the U.S., UK, Germany, UAE, India, Indonesia, Singapore, Vietnam, Malaysia, Philippines, and Thailand.'

In the last 12 months, MoEngage has grown its annualized recurring revenue (ARR) by over 105%, added 500 new customers, and doubled its headcount to more than 650 employees worldwide. The company has a very healthy annualized net revenue retention of over 135% and was named a "Strong Performer' in Q3 2021, Forrester Wave report for Cross-Channel Campaign Management.

Rajat Sood, Managing Director at Goldman Sachs Asset Management, said: "We anticipate the continued expansion of the marketing automation and analytics industry. As companies seek to better engage customers across digital channels, MoEngage's leading technology platform provides marketers with insightful, real-time data, enabling them to orchestrate and run effective campaigns to build and retain customer relationships to enhance customer lifetime value. We look forward to leveraging our global resources and network to support the ambitions and continued growth of the company.'

"We are excited to welcome MoEngage to our growing portfolio of cross-border SaaS investments. MoEngage is an AI-first platform helping companies retain customers and give insights on user journeys across channels. It helps companies engage and retain over 1 billion users on the platform globally. We are thrilled to partner with Ravi, Yashwanth, and the entire MoEngage team as they build an insights-led customer engagement platform across the world,' said Kabir Narang, Founding General Partner at B Capital Group.

"Connecting with our customers in a meaningful way is a key part of our success as a business. MoEngage helps us gain actionable insights at our fingertips so we can create the most relevant experiences for our customers and scale our personalized outreach across channels,' said Deepak Thakral, Vice President of Consumer Commerce at McAfee.

"Enterprises continue to embrace Digital with a renewed sense of urgency, with marketers & product owners focused on personalising customer-experience across channels. MoEngage has strengthened its position as a trusted partner & market leader in the insights-led customer engagement space. We're privileged to be early partners on this journey and welcome Goldman Sachs & B Capital to the partnership," commented Tarun Davda, Managing Director, Matrix India.

About MoEngage:
MoEngage is an insights-led customer engagement platform, trusted by more than 1,200 global consumer brands such as Ally Financial, McAfee, Flipkart, Domino's, Nestle, Deutsche Telekom, Travelodge, and more. MoEngage empowers marketers and product owners with insights into customer behavior and the ability to act on those insights to engage customers across the web, mobile, email, social, and messaging channels. Consumer brands across 35 countries use MoEngage to power digital experiences for over 1 billion customers every month. With offices in ten countries, MoEngage is backed by Goldman Sachs, B Capital, Steadview Capital, Multiples Private Equity, Eight Roads, F-Prime Capital, Matrix Partners, Ventureast, and Helion Ventures.

MoEngage has been named as a "Strong Performer' in the Q3 2021 Forrester Wave report for Cross-Channel Campaign Management and as a "Leader' in the 2020 Gartner Magic Quadrant for Mobile Marketing Platforms. MoEngage was recognized as one of the "Top 25 Highest Rated Private Cloud Computing Companies To Work For' by Battery Ventures in 2021. To learn more, visit www.moengage.com

About Goldman Sachs Asset Management Growth Equity:
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world's leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market'”overseeing more than $2 trillion in assets under supervision worldwide as of March 31, 2022. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Since 2003 the Growth Equity business within Goldman Sachs Asset Management comprising more than 75 individuals has invested over $13 billion in companies led by visionary founders and CEOs. We focus exclusively on investments in growth stage and technology-driven companies spanning multiple industries, including enterprise technology, financial technology, consumer and healthcare. Follow us on LinkedIn

About B Capital:
B Capital is a multi-stage global investment firm that partners with extraordinary entrepreneurs to shape the future through technology. With over $3.5 billion in assets under management across multiple funds, we focus on seed to late-stage growth investments, primarily in the enterprise, financial technology and healthcare sectors. Founded in 2015, B Capital leverages an integrated team across eight locations in the US and Asia, as well as a strategic partnership with BCG, to provide the value-added support entrepreneurs need to scale fast and efficiently, expand into new markets and build exceptional companies. For more information, click here.

About Matrix Partners India:
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 (mobility), Dailyhunt (mobile local language platform), Razorpay (payments), OfBusiness (B2B Commerce, fintech), Five Star Business Finance (SME lending), Ola Electric (electric vehicles), DealShare (social commerce platform), Stanza Living (tech-enabled student housing platform), OneCard (mobile-first credit card), Country Delight (D2C dairy & fresh foods brand), GoKwik (e-commerce enablement platform), Captain Fresh (seafood marketplace), Bijnis (B2B platform for factories), Jupiter (consumer neobank), Mswipe (mobile POS), Zupee (leading skill-based gaming app), and Oxyzo (a tech-enabled smart financing solution provider) 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. To know more about our investment philosophy & ideologies, check out the #MatrixMoments podcast series.