Matrix and VentureEast lead $9 Mn Series B round in MoEngage

Marketing automation platform MoEngage has raised $9 million in its Series B round led by Matrix Partners and VentureEast. The California and Bengaluru-based startup's existing investors Exfinity Ventures and Helion Venture Partners also participated in this round.

The fresh capital infusion will go to expand its global presence and to ramp up data science capabilities. Besides, the Raviteja Dodda and Yashwanth Kumar-led firm will roll out its integrated marketing technology stack for enterprise clients.

Founded in 2014, MoEngage is a machine learning-powered cloud marketing platform where companies can orchestrate campaigns across channels like push notification, email, in-app messaging, web push, and SMS.

MoEnage essentially integrates APKs or APIs with the apps or websites of its customers to track end-user behaviour on those platforms, based on which push notifications and e-mails can be sent to the target audience.

The startup claims to analyse over 250 million users each day and delivers more than 20 billion interactions every month. It works with consumer businesses across the world including Samsung, Deutsche Telekom (T Mobile), Vodafone, Hearst, Oyo, Tokopedia and Prudential.

The AI-based engagement platform has grown by 200 per cent in FY18 and aims to reach an annual recurring revenue of $25M by 2020. More than 65 per cent of the company's revenue comes from its key markets that include Europe and Middle-East, North America and South-East Asia.

WebEngage and CleverTap compete with MoEngage.

Earlier, it had raised $4.25 million Series A round in 2015 and counts Snapdeal co-founders Kunal Bahl and Rohit Bansal, and TaxiForSure co-founder Raghunandan G as early investors.