MoEngage Secures $32.5 Million in Series C1 Funding to Enhance Customer Engagement Solutions
In an era where customer engagement has become critical, particularly amid the pandemic, businesses increasingly rely on advanced customer engagement platforms to optimize and manage interactions across various digital and physical channels. These platforms leverage software to analyze, manage, and enhance customer experiences from onboarding through to retention and growth. Modern consumers, accustomed to switching between devices and platforms, demand personalized experiences from brands in e-commerce, retail, travel, banking, media, telecom, food delivery, and more.
Recognizing this need for sophisticated digital engagement, Raviteja Dodda and Yashwanth Kumar, both IIT-Kharagpur alumni, founded MoEngage in 2014. Headquartered in San Francisco, MoEngage provides a full-stack customer analytics and engagement platform that harnesses AI and cloud technology to help marketers streamline their customer interactions. Its robust solutions include the advanced customer journey orchestration engine, Flows, which automates and optimizes customer lifecycle campaigns with minimal manual input. MoEngage also adheres to rigorous security standards, including GDPR and CCPA compliance, as well as advanced access controls like Single Sign-On and Two-Factor Authentication. The company’s proprietary Push Amplification+ technology further enhances engagement by connecting BI tools to export and analyze consumer behavior data.
Since its inception, MoEngage has grown significantly, now operating in 35 countries with nine offices and supporting over 500 million monthly active users. On July 30, 2021, MoEngage raised $32.5 million in its Series C1 funding round, led by Multiples Alternate Asset Management, with contributions from existing investors such as Eight Roads Ventures, F-Prime Capital, and Matrix Partners. This latest round brings MoEngage’s total funding to $40.8 million across seven rounds, with notable investors including Hyderabad-based VenturEast and Startup Equity Partners, among others.
MoEngage’s growth has been impressive, doubling its customer base over the past year to include major brands like McAfee, Nestle, Domino’s, and Flipkart. With strong momentum in the U.S. and E.U. regions, the company plans to use the new funds to enhance its AI capabilities and accelerate global expansion. Raviteja Dodda, CEO and Co-Founder of MoEngage, highlighted the advancements in their AI engine, Sherpa, which now offers insights into customer preferences and behaviors, helping marketers optimize engagement strategies.
MoEngage is also focusing on expanding its global footprint, with plans to enter New York, Boston, Germany, and the UK. The company is committed to fostering a growth-oriented community through its #GROWTH initiative, aimed at sharing insights and supporting product owners, entrepreneurs, and growth marketers. Additionally, as part of the funding round, MoEngage completed a $1.5 million ESOP buyback to reward current and former employees for their dedication and hard work.