Venture Capital

MoEngage raises $32.5 million funding to fuel growth

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BENGALURU: Bengaluru-based MoEngage, an insights-led customer engagement platform, announced a fresh Series C1 fundraise of $32.5 million led by Multiples Alternate Asset Management.

Existing investors Eight Roads Ventures, F-Prime Capital and Matrix Partners also participated while Exfinity Venture Partners made an exit in this round.

“The funding will support and accelerate its global growth strategy and further strengthen the product’s artificial intelligence (AI) and predictive capabilities. Over 1,000 global consumer brands across 35 countries use MoEngage to power digital experiences for over 900 million users every month,” the company said in a statement.

MoEngage said it has added over 250 new customers in the past year. It counts large brands such as McAfee, Nestle, Domino’s, Deutsche Telekom, Travelodge, Ally Financial, Byju’s, Flipkart, CIMB Bank and JD.ID as customers.

“Over the last 12 months, we have seen rapid global adoption of insights-led customer engagement. Our customer base and recurring revenue doubled in the last 12 months and our business growth in the US and Europe has tripled in the first half of 2021 as compared to the second half of 2020. This funding will help us further accelerate our global growth and product innovation,” said Raviteja Dodda, co-founder and CEO of MoEngage.

As part of this funding round, MoEngage also completed an employee stock option plan (ESOP) buyback of $1.5 million 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.

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