MoEngage raises $100M from Goldman Sachs, A91 Partners
SaaS company MoEngage will deploy the funds to expand its AI capabilities and wider reach in the North America market.
MoEngage, the Bengaluru and San Francisco-headquartered Software as a Service (SaaS) company, on Wednesday said it raised $100 million in funding from Goldman Sachs Alternatives and A91 Partners, as it looks to make deeper inroads in the North American market.
This latest round of funding takes the total capital raised by MoEngage to over $250 million. Goldman Sachs is an existing investor, while A91 Partners is a new entrant.
Founded in 2014 by Raviteja Dodda and Yashwant Kumar, MoEngage provides technology solutions that drive customer engagement for brands. The company will use the funds to expand its suite of AI agents, MerlinAI, which will help marketing and product teams at B2C brands launch campaigns faster and scale conversions with AI decisioning.
In a statement, MoEngage said InMobi-owned Glance has reduced campaign go-live times by 50% using Merlin AI.
It will also use the funding to expand its go-to-market and customer success teams in North America and EMEA.
On the funding received, MoEngage CEO and Co-founder Raviteja Dodda said, “Our global momentum on top of our category leadership in Asia is a validation that consumer brands are moving beyond legacy marketing clouds. Over 300 enterprises worldwide have turned to MoEngage for its ease of use and AI-led agility, achieving time-to-value within weeks of migration. These enterprise migrations have accelerated our growth in the North America and EMEA regions.”
With a presence across 75 countries, MoEngage has partnered with over 1,350 brands globally, and claims that its technology platform engages with over two billion people every month.
Rajat Sood, a Managing Director at Goldman Sachs Alternatives, said, “Our investment in MoEngage reflects Goldman Sachs’ commitment to backing category-leading technology platforms that are leveraging AI for serving enterprises globally. By leveraging our global network, expertise, and capital, we look forward to helping the company accelerate growth, expand into new markets, and deliver lasting value to its customers.”
Edited by Suman Singh