MoEngage, an insights-led customer engagement platform, has today announced the closing of a $32 million Series E funding round. Goldman Sachs Alternatives is leading this investment to fuel MoEngage’s global expansion and enhance its artificial intelligence capabilities. The privately held company has 75 locations around the world and works with more than 1,350 consumer brands. It recently announced it was on track to achieve adjusted EBITDA-positive status by the end of this fiscal year.
The current funding round was for $100 million total, but about 60% of that round went to primary shares and about 40% went to secondary shares. This investment builds on Goldman Sachs’ previous support in June 2022 when it co-led MoEngage’s Series E round of $77 million alongside B Capital. MoEngage’s CEO, Raviteja Dodda, expressed confidence in the company’s trajectory, stating, “We see an opportunity to build a multi-billion dollar revenue company in our space.”
In the last two or three years, MoEngage has heavily invested in the space of generative AI. These new and emerging decisioning AI capabilities are critical to deepening customer engagement. The company leverages its Merlin AI suite to help marketing and product teams launch campaigns more effectively and enhance targeting efficiency.
With the addition of MoEngage, Sinch has gained more than 300 new customers. This extraordinary expansion is most clearly seen in North America and the EMEA regions. MoEngage has pursued a rapid expansion into North America, which now makes up roughly 30% of total revenue. In this effort, the company first focused on emerging markets in India and Southeast Asia.
About 60% of MoEngage’s business comes from legacy companies, the other 40% from internet-first companies. About 25% of the firm’s business is in Europe and the Middle East. At the same time, 45% of it is produced in India and Southeast Asia. MoEngage proudly serves a diverse clientele of public, private and nonprofit clients. Among the most notable names are SoundCloud, McAfee, Kayak, Domino’s, Deutsche Telekom and Travelodge, as well as more than 25 international banks including JPMorgan Chase and Citibank.
To support this growth strategy, MoEngage plans to grow its North American and European teams by several hundred percent. The company has begun to increase its customer success, support, sales and marketing teams. This expansion will allow them to continue providing excellent individualized attention to their rapidly expanding client base.
“We help B2C brands engage more effectively with their customers by leveraging the first-party data they already have,” Dodda remarked. This combination sets the stage for any organization looking to bring all of their customer data together. It unifies every touchpoint, from physical retail locations to ecommerce sites and mobile apps.
MoEngage presently has a total workforce of about 800 people operating from its 15 global offices. It is a company with extremely ambitious growth plans. Together, these plans illustrate the company’s focus on not just expanding their offerings, but on deepening their foothold in the increasingly competitive landscape of customer engagement.