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MoEngage Secures $100 Million in Funding to Fuel Global Expansion and AI-Driven Growth
MoEngage, a customer engagement platform that works with consumer brands across 75 countries, has raised $100 million in a Series F round led by its existing investor, Goldman Sachs Alternatives. The funding will be used to ramp up global growth and infuse more AI into its platform, marking a significant milestone for the company.
The funding round, which includes both primary and secondary investments, has brought the total amount raised by MoEngage to $250 million. The company has seen significant growth over the past few years, with its revenue increasing by 40% year-over-year last year. MoEngage aims to maintain a 35% compound annual growth rate (CAGR) over the next three years and become adjusted EBITDA-positive on a quarterly basis by the end of the current fiscal year.
Expanding Global Presence and AI Capabilities
MoEngage has invested heavily in generative AI and decisioning AI capabilities, which are reflected in its Merlin AI suite. The suite includes a range of AI agents built for marketing use cases, such as drafting marketing messages, creating multiple variants of a campaign, and generating text in natural language along with relevant images. The decisioning AI tools help brands determine which customers should receive a particular message or offer, on which channel, and at what time.
The company currently serves over 1,350 consumer brands worldwide, including SoundCloud, McAfee, Kayak, Domino’s, Deutsche Telekom, and Travelodge. MoEngage has won over more than 300 brands from incumbents such as Adobe, Oracle, and Salesforce, and has helped them consolidate multiple point solutions into a unified platform to cut costs and streamline marketing operations.
IPO Plans and Future Growth
MoEngage plans to become IPO-ready within the next couple of years, although no specific timeline has been shared. The company sees an opportunity to build a multi-billion dollar revenue company in its space and is focused on expanding its workforce, particularly in North America and Europe. MoEngage also intends to build additional AI capabilities and hire more talent to support that effort.
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