The funding will help MoEngage expand into new markets and explore strategic acquisition opportunities. Here are the top-line bullets you need to know.
MoEngage, a marketing automation platform, has raised $77M in a Series E. The round drew participation from Goldman Sachs Asset Management, B Capital Group, Eight Roads Ventures, and Matrix Partners India, among others.
How’s the company performing?
- California-based MoEngage helps consumer brands better understand customer behavior and personalize customer communication across a variety of channels.
- Over the past year, the company has reportedly increased its annualized recurring revenue (ARR) by more than 105%.
- It currently caters to over 1.2K global customers — more than 500 are based in India, such as Byju’s, Flipkart, Airtel, Domino’s, and Ola.
- MoEngage is currently supported by a team of more than 650 employees.
- The company has offices across India, Thailand, Indonesia, Malaysia, Vietnam, Singapore, the Philippines, the UAE, the UK, the US, and Germany.
Why does the market matter?
- The global customer data platform market is expected to reach a value of $5.5B by 2028, growing at a CAGR of 25%, according to Fortune Business Insights.
- The increasing adoption of digital marketing and advertising campaigns for customer acquisition as well as the widespread proliferation of digital touchpoints are driving the market’s growth.