MoEngage Raises $77 Million in Series E Funding
The round was led by Goldman Sachs Asset Management and B Capital
Customer engagement platform MoEngage has raised $77 million in Series E funding led by Goldman Sachs Asset Management and B Capital, with participation from the company's existing investors Steadview Capital, Multiples Alternate Asset Management, Eight Roads Ventures, and Matrix Partners India. This is Goldman Sachs Asset Management's first investment in an Indian SaaS company.
This is the third round of funding raised by the company in the last 12 months, with $32.5 million raised in July and $30 million 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 also 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.
"Our rapid growth is validation that consumer brands today are moving beyond campaign-centric tools and are adopting an Insights-Led Multi-Channel Approach to Customer Engagement. We now have 1200+ customers in 35 countries and 650+ global employees across our offices in the US, UK, Germany, UAE, India, Indonesia, Singapore, Vietnam, Malaysia, Philippines, and Thailand. We are thrilled to welcome Goldman Sachs Asset Management and B Capital on our journey," said Raviteja Dodda, co-founder and CEO of MoEngage.
In the last 12 months, MoEngage claims to have grown annualized recurring revenue (ARR) by more than 105 per cent, added 500 new customers, and doubled its headcount to more than 650. The company has a very healthy annualized net revenue retention of over 135% and has been named as a "Strong Performer" in Q3 2021, Forrester Wave report on Cross-Channel Campaign tools, it 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," said Rajat Sood, a Managing Director at Goldman Sachs Asset Management.