Eight Roads, Matrix Partners join $32.5m round of AI customer engagement firm

MoEngage, an AI-powered customer engagement platform, has bagged US$32.5 million in its most recent funding round. The firm provides insights into buyers’ behavior to help businesses engage customers across digital channels.

More funding details

• Lead investors: Multiples Alternate Asset Management
• Returning investors: Eight Roads Ventures, F-Prime Capital, and Matrix Partners
• Stage: Series C1

More company updates

• MoEngage plans to use the fresh funding to strengthen its product’s AI and predictive capabilities and to accelerate its global growth strategy.
• The company also plans to hire more staff, but it didn’t specify the number of people it is looking to recruit. It currently employs 375 people.
• The latest round involved a mix of primary and secondary investments, said MoEngage.
• As part of the funding round, the customer engagement firm also completed an employee stock option buyback plan worth US$1.5 million for its current and former employees.
• Raviteja Dodda, co-founder and CEO of MoEngage, said the company’s customer base and recurring revenue doubled in the last 12 months. He also noted that its growth in the US and Europe has tripled so far this year.
• MoEngage said that it added more than 250 new customers in the past year. The firm’s customers include large brands such as McAfee, Nestle, Domino’s, Telekom Malaysia, CIMB Bank, JD.id, Travelodge, Ally Financial, Byju’s, and Flipkart.

For more coverage about the company, head here. You can also click on the link below to view the company’s key details and funding history.