MoEngage raises 27.3 million euros
Customer engagement platform MoEngage has raised 32.5 million dollars (27.34 million euros) in a funding round led by India-dedicated private equity firm Multiples. With the money, MoEngage wants to invest more in the UK and the DACH region. “We want to go to the next stage of our growth plans in Europe.”
The Series C1 funding round was led by Multiples Alternate Asset Management, with participation from current investors Eight Roads Ventures, F-Prime Capital and Matrix Partners.
Customer base and recurring revenue doubled
“Over the last 12 months, we have seen rapid global adoption of insights-led customer engagement. Our customer base and recurring revenue has doubled in the last 12 months”, co-founder and CEO Raviteja Dodda comments. The company says it has added over 250 new customers in the past year. Large brands including McAfee, Nestle, Domino’s and Deutsche Telekom make use of the customer engagement platform.
Our business growth in the US and Europe has tripled.
“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”, Dodda continues.
ESOP buyback plan
As part of the funding round, MoEngage also completed an Employee Stock Option Plan (ESOP) buyback of about 1.26 million euros for its current and former employees. With this plan it wants to acknowledge their belief in the vision and contribution over the years. It’s the company’s (or its investors’) first ESOP buyback.
Investing in UK and DACH markets
MoEngage says it wants to use the additional capital to accelerate its global growth and to further strengthen its AI and predictive capabilities. “We are investing more in the United Kingdom and the DACH region“, Shalini Devji-Jethwa, Director of Marketing Europe at MoEngage tells Ecommerce News Europe. “This includes local-base team members especially around customer advisory and support.”
We are now hiring for a regional European leader to take us to the next stage of our growth plans for Europe.
“We have grown ahead of the plan in the EU market, driven by deeper adoption by major customers such as Deutsche Telekom and Travelodge”, she adds. “We are now hiring for a regional European leader to take us to the next stage of our growth plans for Europe.”
New offices in the UK and Germany
MoEngage has opened up offices in the United Kingdom, Germany and Vietnam over the past year, with plans two open two in the US later this year. “Our rapid growth can be attributed to investments in the areas of product innovation and customer success. Over the last two years we have made significant investments in Sherpa, our AI engine, to add a layer of intelligence”, Dodda explains.
“Today, our AI engine delivers actionable insights to determine users who have a propensity to churn, the best performing customer journey path, most preferred channel, ideal frequency, and the right time to communicate. We will continue our investments to extend our lead in this space.”