MoEngage Raises $100 Million in Series F Funding
MoEngage, a prominent customer engagement platform, has successfully secured $100 million in its Series F funding round. This round includes contributions from both existing investor Goldman Sachs Alternatives and new investor A91 Partners. After more than three years, this funding marks a significant milestone for the company, which operates from Bengaluru and San Francisco. The funding round consists of 60% as primary investment, with the rest classified as secondary. Consequently, MoEngage’s total funding has now exceeded $250 million.
The company plans to utilise these funds to enhance the Merlin AI suite, which is a set of AI agents designed to assist consumer brands in automating campaign creation, making informed decisions, and boosting conversion rates. Additionally, MoEngage aims to expand its go-to-market strategies and strengthen customer success teams in North America and EMEA.
Raviteja Dodda, the chief executive officer and co-founder of MoEngage, mentioned that over 300 enterprises globally rely on MoEngage for its user-friendly and AI-driven agility. He noted that these transitions to the enterprise level have significantly propelled the growth of the company in North America and EMEA.
Goldman Sachs, which initially invested in MoEngage in 2022, has decided to double its endorsement in this latest funding round. Reports suggest that the company might have reached a valuation exceeding $1 billion during this funding event. According to sources from Startup Superb, the valuation was notably around $700 million (post-money) previously.
A spokesperson from MoEngage opted not to comment on the current valuation.
Founded in 2014 by Dodda and Yashwanth Kumar, MoEngage provides insights-driven customer engagement tools that empower brands to reach users across web, mobile, email, and messaging platforms. A few notable clients include SoundCloud, McAfee, Flipkart, Kayak, Domino’s, and Deutsche Telekom.
The platform presently caters to over 1,350 consumer brands across 75 countries, facilitating digital experiences for more than 2 billion users each month. MoEngage has garnered recognition as a “Customers’ Choice” in Gartner Peer Insights and has been identified as a “Strong Performer” in The Forrester Wave for Cross-Channel Marketing Hubs.