MoEngage, a prominent customer engagement platform used by consumer brands worldwide, recently secured $180 million in a Series F follow-on round shortly after raising $100 million. The majority of the new funding facilitated liquidity for investors and employees through secondary transactions.
In this latest funding round, approximately $123 million was allocated for secondary transactions, including a $15 million employee tender that provided liquidity to 259 current and former employees. The remaining $57 million was raised as primary capital to support the company’s operations. Leading the round were ChrysCapital and Dragon Funds, along with Schroders Capital, TR Capital, and B Capital as participants. Early investors like Eight Roads Ventures, Helion Venture Partners, Z47, and Ventureast sold shares in the secondary transactions.
Valued at over $900 million post-money, MoEngage is on track to achieve $100 million in annual recurring revenue this year. The company plans to utilize the fresh funding to further develop its Merlin AI suite, enhance AI agent utilization to improve marketing team decision-making and efficiency, and expand its product and engineering teams by integrating analytics and transactional messaging tools into a more comprehensive offering. This strategic move is expected to increase average contract values and broaden the company’s market reach.
Additionally, MoEngage intends to allocate a portion of the new capital for strategic acquisitions, particularly in the U.S. and Europe, focusing on software companies that complement its customer engagement platform.
Source: TechCrunch
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