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, as their website says:
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.
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.