Announcement: Record Growth and Series C1 Funding at MoEngage

  • UPDATED: 08 July 2023
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I am excited to announce that MoEngage has raised $32.5 million in Series C1 funding led by Multiples Alternate Asset Management with participation from our current investors, Eight Roads Ventures, F-Prime Capital, and Matrix Partners.

This funding is very fulfilling because of two main reasons:

  • One of our earliest investors, Exfinity Venture Partners, chose to exit and have realized healthy returns. They backed us early in 2015 when we were a year old. I am delighted that we have been able to repay their trust in us.
  • We also completed an Employee Stock Option Plan (ESOP) buyback of $1.5 million from some of our current and former employees. Many intelligent, capable, and hard-working people chose to help build MoEngage over the years. It is satisfying to be able to reward them for their faith in our vision.

Rapid Adoption of Insights-led Customer Engagement Strategy

This funding comes on the back of the rapid adoption of insights-led customer engagement across global markets. In the digital-first world, brands compete based on customer experience. Winning brands empower their teams with real-time insights into customer behavior and the ability to act on them instantly. That’s why MoEngage’s unique value proposition of insights-led customer engagement which leverages real-time customer insights to drive more personalized cross-channel engagement, resonates well.

Over the past 12 months, we doubled our customer base and recurring revenues with the strong tailwinds around digital transformation and the growth of digital businesses across the world. We added over 250 customers, including McAfee, Nestle, Domino’s, Deutsche Telekom, Travelodge, Ally Financial, Byju’s, Flipkart, CIMB Bank, and JD.ID.

Today more than 1000 global brands across a wide category, from banks to retail chains, streaming media to gaming apps, trust our product to engage millions of their customers at scale. To give you a sense of the platform’s scalability – our customers deliver 100 billion messages every month, and power digital experiences for 900 million users monthly across Email, Mobile, Web, Social, and Messaging channels.

What’s Next?

We plan to use the additional capital in two key areas – accelerate our global growth and strengthen our product’s AI and predictive capabilities.

Global Growth

We have seen strong momentum in the U.S. and E.U. regions. Both our business growth and the team size have almost tripled in the last 12 months. We will continue to expand in these regions in the areas of sales, service, and support. We recently opened our innings in Germany, to better serve our European customers and we will expand the team further here.

We doubled our team and opened a new office in Vietnam over the last 12 months to support our rapidly growing customer base in Asia. We will also continue investments in the Asian markets to sustain our leadership in the region.

We now have 375+ employees across the world and have ambitious hiring plans. We’ll look to add smart, humble, and hardworking professionals to our team. Take a look at our open positions here.

Building a Community

We truly believe in building an ecosystem and community around MoEngage, enabling our customers to get the best out of the MoEngage platform. We will invest in strengthening the partnership ecosystem and the #GROWTH Peer-to-Peer learning community. You can expect a lot of relevant learning opportunities through our #GROWTH community initiative in the coming months.

Product Innovation

As the digital space becomes more competitive, we envision marketers shifting from a rules-based platform to an intelligent platform. Over the last 2 years, we have made significant investments in Sherpa, our AI engine, to add a layer of intelligence and make it easier for marketers to adopt an insights-led approach to customer engagement. Today Sherpa can tell marketers the most preferred channel, ideal message frequency, the right time to communicate, and the best cross-channel path. It also helps with predictive intelligence around customer actions, and automatically segment them based on their level of engagement and affinities.

We will continue to invest and strengthen our platform’s intelligence, through AI and predictive capabilities. I would welcome you to join us at MoEngage Next, our bi-annual event, to learn more about our new feature launches.

After seven years, hundreds of people, and thousands of hours in MoEngage’s journey, I want to thank three remarkable groups of people – our customers, investors, and employees for your faith in MoEngage. I look forward to your continued support in the future as well.