Optimove now has $95M in total funding. Here are the top-line bullets you need to know.
Optimove, a developer of CRM software for business-to-consumer brands, has raised $75M in growth equity funding from Summit Partners.
How’s the company performing?
- Israel-based Optimove’s CRM platform leverages AI to help companies discover customer segments and manage marketing communications.
- The company facilitates the delivery of 23B optimized messages to more than 3B customers via email, text, and various ad platforms on an annual basis.
- Reportedly, over 2,200 marketers across more than 500 brands use Optimove’s software — brands include Staples, Papa John’s, Dollar Shave Club, Varsity Tutors, and BetMGM.
- The company’s annual recurring revenue grew 40% over the last year.
- Optimove integrates with platforms like Shopify, Salesforce, and Snowflake and execution channels like Google Ads, Facebook, Attentive, and Criteo.
Why does the market matter?
- The customer data platform market is projected to grow at a CAGR of 34.6% and reach a value of $15.3B by 2026, according to Markets and Markets.
- Increasing digital marketing complexities, the rise of e-commerce, and the growing demand for data analytics and business solutions are driving industry growth.
- Digital consumption and customer acquisition cost (CAC) have surged amid Covid-19. Personalization has become key to fostering and maintaining customer loyalty, driving demand for solutions that address this need.