Insights-led customer engagement platform MoEngage made its Finovate debut at FinovateFall 2019 in New York. Three years later, the company returned to the Finovate stage for FinovateEurope 2022 in London. At this year’s conference, MoEngage demonstrated its full-stack solution featuring customer analytics, automated cross-channel engagement, and AI-driven personalization.
“71% of banking customers expect to receive personalized digital offers yet banks fail to do so because they have data silos,” MoEngage Senior Director Saket Toshniwal said during his demo at FinovateEurope in March. “We are here to solve that (problem), leveraging MoEngage.”
Founded in 2014, MoEngage enables hyper-personalization at scale across multiple channels including mobile, email, SMS, web, on-site and in-app messaging, and more. The MoEngage platform leverages AI-powered automation and optimization to enable brands to analyze behavior and serve consumers with personalized communications at every stage of engagement.
“Using MoEngage technology to create effective campaigns based on customers insight will increase your engagement, increase retention, and definitely increase your revenue,” Toshniwal said.
And while MoEngage’s return to the Finovate stage was certainly a big deal for the company, we’re willing to bet that the $77 million raised at the end of May represents an even bigger deal for the San Francisco, California-based firm. The Series E round, led by Goldman Sachs Asset Management and B Capital, represents the third round of funding raised by MoEngage in the past year. The company secured $23.5 million in July 2021 and another $30 million in December of that year.
Also participating in the round were existing investors Steadview Capital, Multiples Alternative Asset Management, Eight Roads Ventures, and Matrix Partners India. MoEngage said in a statement that it would use the new capital to deepen its presence in the U.S., Europe, Asia, and the Middle East, as well as fuel its expansion into new markets in Latin America and Australia. The investment also will give MoEngage the ability to pursue strategic acquisitions that would extend the platform’s capabilities and bring greater value to users.
“Our rapid growth and the leadership position is a validation that consumer brands today are moving beyond campaign-centric tools and adopting an insights-led multi-channel approach to customer engagement,” MoEngage CEO and co-founder Raviteja Dodda said when the Series E was announced. “We now have over 1,200 customers in 35 countries and more than 650 employees across our offices in the U.S., U.K., Germany, UAE, India, Indonesia, Singapore, Vietnam, Malaysia, Philippines, and Thailand.”