MoEngage Secures $100 Million in Funding from Goldman Sachs to Drive Global Expansion
MoEngage, a leading customer engagement platform operating in 75 countries, has successfully completed a funding round, raising $100 million, primarily led by Goldman Sachs Alternatives. This strategic investment aims to enhance MoEngage’s global presence and further integrate artificial intelligence into its offerings. The Series F funding attracted new participation from Indian venture firm A91 Partners and brings MoEngage’s total funding to $250 million.
As brands increasingly rely on digital marketing channels to connect with consumers, the need for effective, personalized customer engagement is more critical than ever. MoEngage meets this demand with its Merlin AI suite, designed to streamline campaign execution and improve targeting. “We empower B2C brands to better engage their customers by leveraging their existing first-party data,” noted Raviteja Dodda, co-founder and CEO of MoEngage.
Goldman Sachs’ continued investment underscores confidence in MoEngage’s business model, following their co-lead in the startup’s previous Series E funding round. “The insights of existing investors provide a strong validation of our performance,” added Dodda.
In recent years, MoEngage has heavily focused on enhancing its generative and decision-making AI capabilities. This includes AI agents that function as marketing assistants, offering services from drafting campaign messages to optimizing audience targeting based on data-driven insights.
Currently, MoEngage supports over 1,350 brands globally, including notable clients such as SoundCloud, Domino’s, and several leading Indian firms like Swiggy and Flipkart. Approximately 60% of its clientele consists of traditional enterprises, while 40% are digital-first companies.
The platform has demonstrated significant success, with SoundCloud transitioning over 120 million users to MoEngage in just 12 weeks, showcasing the efficacy of AI-enhanced strategies in boosting product launches and customer retention. As MoEngage looks to the future, the company aims for a 35% compound annual growth rate (CAGR) and plans to achieve quarterly adjusted EBITDA positivity by year-end.
With around 800 employees across 15 global offices, MoEngage is set to expand its workforce, especially in North America and Europe. This growth will focus on enhancing customer success, support, and marketing efforts, as well as refining its AI capabilities to maintain its competitive edge against rivals like Braze and CleverTap, as well as established marketing giants Adobe and Oracle. “We see tremendous potential for building a multi-billion dollar revenue enterprise,” Dodda concluded.
