This is the third fundraising for the company in the last 12 months, having raised $32.5 million in July and $30 million in December 2021. Existing investors Steadview Capital, Multiples Alternate Asset Management, Eight Roads Ventures, and Matrix Partners India also participated in the latest round.
MoEngage said it will use the additional funds to deepen their geographic footprint in the US, UK, and Asia markets and also expand in new markets like LATAM and Australia. The funds will be used to explore strategic acquisitions that can help extend its platform capabilities and provide more value to customers.
In the last 12 months, MoEngage has grown annualized recurring revenue (ARR) by more than 105%, added 500 new customers, and doubled its headcount to more than 650. The company has a very healthy annualized net revenue retention of over 135% and has been named as a “Strong Performer” in Q3 2021, Forrester Wave report on Cross-Channel Campaign tools.
Within Southeast Asia, MoEngage has doubled its headcount across Indonesia, Singapore, Vietnam, Thailand, and the Philippines. This includes new hires Anmol Arora, Regional Director, SEA & ANZ and Patrick Tang, Associate Director, ASEAN to lead the business growth and strategic direction of MoEngage in the region, as well as in country-specific sales and support team members. The firm launched offices in Singapore and Philippines this year, with an Australian office coming soon.
MoEngage is an insights-led customer engagement platform, trusted by more than 1,200 global consumer brands such as Ally Financial, McAfee, Flipkart, Domino’s, Nestle, Deutsche Telekom, Travelodge, and more. It empowers marketers and product owners with insights into customer behavior and the ability to act on those insights to engage customers across the web, mobile, email, social, and messaging channels. Consumer brands across 35 countries use MoEngage to power digital experiences for over 1 billion customers every month.
“Our rapid growth is validation that consumer brands today are moving beyond campaign-centric tools and are adopting an Insights-Led Multi-Channel Approach to Customer Engagement. Innovation has also been a key priority for MoEngage, with the launch of Push Amplification® Plus, a trademark feature that provides the best delivery rates for push notifications in Southeast Asia,” said Raviteja Dodda, Co-Founder and CEO of MoEngage said.