MoEngage Secures $100 Million to Enhance AI Marketing Tools and U.S. Growth Efforts

MoEngage Secures $100 Million for Growth in North America

MoEngage, the esteemed customer engagement platform based in Bengaluru and San Francisco, has recently announced a significant funding achievement, raising $100 million from existing investor Goldman Sachs Alternatives and new partner A91 Partners. This investment comes amid the company's rapid expansion, particularly within the North American market, which now represents its largest revenue source.

The newly acquired capital will play a pivotal role in driving innovation within MoEngage’s Customer Engagement Platform. A key focus will be on enhancing Merlin AI, a suite of AI-driven marketing tools designed to streamline campaign launches and improve conversion rates for B2C brands. Notably, one of MoEngage's innovative solutions, Glance, managed to cut campaign launch times by an impressive 50%, underscoring the effectiveness of their AI technology.

In the past year, MoEngage's North American business has experienced remarkable growth, doubling its revenue contributions. This success has positioned the company as a leading figure in the move away from traditional marketing clouds. According to Raviteja Dodda, CEO and Co-founder of MoEngage, "Our expansion is a clear indication that consumer brands are opting for more agile, AI-led solutions over legacy systems. With over 300 enterprises choosing MoEngage, we are ready to continue this momentum, especially in regions like North America and EMEA."

Strategic Partnerships Fuel Expansion

The financial backing from Goldman Sachs is particularly noteworthy. Rajat Sood, a Managing Director at Goldman Sachs Alternatives, emphasized the company's commitment to supporting category-leading technology firms that utilize AI to cater to enterprise needs globally. The partnership aims to leverage Goldman Sachs' vast network and expertise to further accelerate MoEngage's growth trajectory, facilitating entry into new markets while delivering long-term value to its customers.

Additionally, A91 Partners has shown strong confidence in MoEngage’s potential, having monitored its evolution over the past six years. Kaushik Anand, Partner at A91, expressed excitement about supporting MoEngage in scaling its customer relationships through advanced technology innovations that empower marketing teams.

A Trusted Platform for Consumer Engagement

MoEngage's success is built upon its robust platform that has gained the trust of over 1,350 global brands, including renowned companies like SoundCloud, McAfee, and Flipkart. The platform provides invaluable insights into customer behavior, allowing marketers to act quickly across multiple channels—web, mobile, email, social media, and messaging. This versatility is crucial as brands seek to foster deeper customer connections in an increasingly crowded marketplace.

The capabilities of the Merlin AI suite are particularly remarkable. Its AI agents not only simplify the campaign launch process but also enhance decision-making through sophisticated data analysis. Companies utilizing MoEngage have reported swiftly realizing value post-migration due to the platform's user-friendly nature and AI-driven agility. As an example, SoundCloud, one of MoEngage's partners, seamlessly transitioned over 120 million users using the platform, enabling faster product launches and improved customer retention rates.