Bengaluru and US-based intelligent marketing cloud platform MoEngage has announced that it has raised $25 Mn in Series C funding. The investment has been led by Eight Roads Ventures with participation from its US-based sister fund, F-Prime Capital, along with Matrix Partners India and Ventureast.
The fresh funds will help MoEngage 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. Prior to this, the company has raised $14.5 Mn from investors like Ventureast and Matrix Partners India.
MoEngage was founded in 2014 by Raviteja Dodda and Yashwanth Kumar. The platform offers a one-to-one user engagement platform, which helps internet companies organise campaigns via push notifications, in-app recommendations, email, web-push, and other communication channels.
MoEngage centralizes consumer behavioural analytics, insights and marketing automation into one dashboard where brands can engage with their customers across channels and personalise 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. The company claims that hundreds of global brands across 35 countries use MoEngage to connect with 400 Mn monthly active users, processing over 65 Bn interactions and 40 Bn messages every month.
“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 and CEO, MoEngage.
Shweta Bhatia, partner at Eight Roads Ventures said, “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. 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.”
MoEngage faces competition from other players such as WebEngage, Kahuna, Swrve, CleverTap, Localytics among many others. According to data from Grand View Research, the mobile marketing market is expected to reach $223.41 Bn by 2025 growing at a CAGR of 22.8% in the said period.