[Funding alert] B2B startup MoEngage raises $25M in Series C led by Eight Roads Ventures
MoEngage has raised $40 million to date. The startup will use the funding towards product development and expansion in markets like the US and Europe.
MoEngage, a B2B startup focussed on the customer engagement space, raised $25 million in Series C round, led by Eight Roads Ventures with participation from its US-based sister fund, F-Prime Capital.
The round also saw participation from existing investors Matrix Partners India as well as Ventureast.
This new round of funding will be used to deepen the startup's relationships in Asia, integrate advanced capabilities into the product mix and scale operations in the US and Europe, two of its fastest-growing markets.
With this funding round, MoEngage has cumulatively raised $40.8 million to date.
“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.
MoEngage was started in Bengaluru in 2014 by Raviteja Dodda and Yashwant Kumar. The startup later shifted its headquarters to the US. It is an Artificial Intelligence (AI) driven omnichannel marketing platform with a focus on the mobile segment.
According to MoEngage, Fortune 500 brands across 35 plus countries, including Deutsche Telekom, Samsung, Vodafone, and McAfee, along with internet-first brands such as Ola, OYO, BigBasket, and Tokopedia use its technology platform.
At present, enterprise clients contribute nearly 50 percent of MoEngage’s total revenue.
Shweta Bhatia, Partner, Eight Roads Ventures, said, “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.”
The startup's AI and automation platform maps customer journeys and develops hyper-personalised offers, updates, recommendations, and other communications across mobile, web, email, and SMS, delivering an omnichannel experience.
“MoEngage has gained the trust of marquee enterprise customers globally and further strengthened their position as market leaders in the mobile-first customer engagement and analytics space. We’re privileged to have been early partners with Raviteja and the team, and to have had a ringside view to their growth journey, said, Tarun Davda, Managing Director, Matrix India.
(Edited by Saheli Sen Gupta)