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MoEngage has raised $32.5M in a Series C1 funding from Multiples Alternate Asset Management and completed an ESOP buyback worth $1.5 million for its existing and former employees.
MoEngage, a provider of AI-leveraged and cloud-based customer engagement platform, has recently announced a fresh fundraise of $32.5 million in a Series C1 funding round led by Multiples Alternate Asset Management.
Alongside the funding, MoEngage revealed in an official blog that it completed an employee stock option plan (ESOP) buyback worth $1.5 million for its employees (current and former). The previous funding for MoEngage was a Series C investment, where it netted $25 million.
Other and existing investors – Eight Roads Ventures, F-Prime Capital and Matrix Partners – also participated in this round. Another previous backer, Exfinity Venture Partners, made an exit, after bagging healthy returns, MoEngage announced in an official blog post.
MoEngage, founded in 2014, provides an insights-driven customer engagement platform, which enables personalization across channels like emails, SMS, web push, on-site messaging, among others. The platform leverages AI automation and optimization and assists brands in analyzing audience behavior and engaging with consumers at various touchpoints.
Raviteja Dodda, founder and CEO of MoEngage, said in a blog post that the company would continue to use the proceeds from the funding towards accelerating the company’s growth.
We have seen strong momentum in the US and EU regions. Both our business growth and the team size have almost tripled in the last 12 months. We will continue to expand in these regions in the areas of sales, service, and support. We recently opened our innings in Germany, to better serve our European customers and we will expand the team further hereRaviteja Dodda, founder and CEO of MoEngage
Mr. Dodda added that the other key area where the funds would be injected is strengthening the company’s AI predictive capabilities. Stating that MoEngage has made significant investments in Sherpa, its AI engine, to add a layer of intelligence and make it easier for marketers to adopt an insights-led approach to customer engagement, Mr. Dodda added,
Today Sherpa can tell marketers the most preferred channel, ideal message frequency, the right time to communicate, and the best cross-channel path. It also helps with predictive intelligence around customer actions, and automatically segment them based on their level of engagement and affinities.Raviteja Dodda, founder and CEO of MoEngage