MoEngage raises $9 million Series B funding led by Matrix Partners and VenturEast
MoEngage, the California-based marketing cloud platform, has raised $9 million Series B funding led by Matrix Partners and VenturEast. Existing investors Exfinity Ventures and Helion Venture Partners participated in this round of funding.
The funds raised will be used for global expansion, strengthen data science capabilities and to rollout its technology stack for enterprise clients with user engagement, analytics and other personalisation products.
Several Fortune 500 companies such as Samsung, Deutsche Telekom, Hearst, Vodafone, and Prudential have joined hands with MoEngage, showcasing confidence in the enterprise capabilities of the platform. Tokopedia, OYO, Traveloka, Airtel-Wynk, and Viu are some other internet-first brands the company is working with, making MoEngage a leading player in the marketing automation space in Asia.
Raviteja Dodda, Founder and CEO, MoEngage said in a press release MoEngage has built an enterprise solution for brands to deliver personalised engagement at any touchpoint, powered by Machine Learning. He added that they are looking to grow their presence in North America and Europe and also enhance their AI Engine - Sherpa.
“The unprecedented growth in mobile interactions and messaging coupled with heightened customer expectations has created an engagement gap for many brands,” he stated.
Founded in 2014 by IIT Kharagpur alumni Raviteja and Yashwanth Kumar, MoEngage works as an omni-channel user engagement platform for B2B clients in the space of retail, ecommerce, BFSI, online travel, telecom and media. It helps companies enhance their digital customer experience and grow their online sales.
Tarun Davda, Managing Director, Matrix India, said: MoEngage’s AI-personalisation engine uses campaign optimisation that helps clients stay ahead.
“Over the last 18 months, the team has shown strong growth in international markets, winning key enterprise contracts with market leaders in telecom, retail, BFSI and internet verticals,” he said.
The platform helps companies work campaigns along different channels like email, push, in-app messaging, SMS and web push. This is done through auto-optimisation and ML. The team claims to have companies like Samsung, Vodafone, Hearst and Prudential as its clients.
"VenturEast invests in companies that are leading the revolution in adopting deep-tech like Big Data, ML and AI to solve unique problems. MoEngage is the latest addition to our portfolio. MoEngage's AI/ML-based innovations enable hyper-personalisation at required scale and reliability. MoEngage also has several industry-first innovations to its credit disrupting the traditional marketing cloud offerings,” said Srikanth Sundararajan, General Partner, VenturEast.
