MoEngage Inc., a marketing analytics and automation startup that counts major brands such as Samsung Electronics Co. Ltd. among its customers, has raised $32.5 million in new funding. 

MoEngage announced the Series C1 round today. New investor Multiples led the round while existing backers Eight Roads Ventures, F-Prime Capital and Matrix Partners participated as well. The startup disclosed on the occasion that its annual recurring revenues had doubled in the 12 months leading up to the investment. 

MoEngage provides a software platform that enables brands to create automatic workflows for delivering promotions to customers. For example, an e-commerce firm could use the platform to create a workflow that detects when visitors add a product to their shopping cart but don’t buy it, then sends them a marketing email encouraging them to complete the purchase. Mobile developers, meanwhile, can harness the startup’s technology to automatically display in-app ads to users for opportune times.

MoEngage also offers integrations that allow companies to connect its platform to their product catalogs to generate shopping recommendations. 

The startup’s platform includes an artificial intelligence engine that helps companies optimize customer acquisition activities. To use it, brands create multiple versions of a marketing workflow. One version may send a marketing email to a shopper within 24 hours of a purchase, while the other might send the same message after 48 hours. Sherpa compares the two workflows and automatically selects the one that is most successful at generating additional sales.

Alongside its automation features, MoEngage offers analytics tools to let marketers measure the effectiveness of their customer acquisition efforts. Those tools uncover, among other insights, what percentage of users make repeat purchases and why. The startup says that this information enables brands to find ways of fine-tuning marketing workflows to increase revenue per customer.

“Over the last 12 months, we have seen rapid global adoption of insights-led customer engagement,” said MoEngage co-founder and Chief Executive Officer Raviteja Dodda. “Our customer base and recurring revenue has doubled in the last 12 months and our business growth in the U.S. and Europe has tripled in the first half of 2021 as compared to the second half of 2020. This funding will help us further accelerate our global growth and product innovation.”

As part of its product development efforts, MoEngage will invest a portion of the newly raised funds in building more AI and predictive analytics features. The startup also plans to open new offices in New York City and Boston by year’s end.

MoEngage says brands use its platform to engage more than 900 million users worldwide every month. The startup was founded in 2014, according to Crunchbase, and has raised more than $70 million from investors including the new funding round. 

Marketing automation tools are increasing in popularity not only because they can help improve sales but also thanks to their ability to improve marketers’ productivity. Tasks such as finding the best time to send a marketing email to customers after they make a purchase can normally take hours of manual trial and error. By automating the process, companies can free up employees for other projects. 

A number of other startups with cloud services that offer marketing automation features have also raised funding in recent months.

Image: MoEngage