Eight Roads leads Series C round in Matrix-backed MoEngage
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Customer analytics and cross-channel engagement platform MoEngage Inc. has raised $25 million (about Rs 178 crore) in its Series C funding round.

Global investment firm Eight Roads Ventures led the round. Eight Roads sister fund F-Prime Capital, as well as MoEngage's existing investors Matrix Partners and Ventureast, also participated.

The Bengaluru- and San Francisco-based company will use the funds to deepen its presence in Asia, enhance its product and scale up its operations in the US and Europe, MoEngage said in a statement.

“The latest round of funding will help us reach more brands and empower them with the next-generation customer engagement platform built for the mobile-first world that is easier to use, fully integrated and intelligent,” MoEngage founder and CEO Raviteja Dodda said.

Separately, Eight Roads partner Shweta Bhatia said the firm was confident in its investment because of MoEngage’s artificial intelligence-enabled customer platform and channel reachability.

MoEngage was set up by Doda and Yashwanth Kumar in 2014. Prior to launching the company, the duo had co-founded Pipal Tech Ventures, a technology company developing mobile, social and location-based products. Dodda also had a brief stint with Cisco Systems.

MoEngage says its platform centralises behavioural analytics, insights and marketing automation, allowing its clients to engage with their customers across channels and personalise touchpoints with them.

The company says it has clients across 35 countries, including Deutsche Telekom, Samsung, Vodafone, Ola, OYO, BigBasket, and Tokopedia.

The Series C funding comes after the company raised $9 million (around Rs 63 crore). That round was led by Matrix Partners and Ventureast, with participation from Helion Venture Partners and Exfinity Ventures.

In September 2015, it raised $4.25 million (Rs 28 crores then) in a Series A funding round led by Helion Venture Partners. Exfinity Ventures, Snapdeal co-founders Kunal Bahl and Rohit Bansal, and TaxiForSure co-founder Raghunandan G had also participated in that round.

The investment in MoEngage is the latest bet by Eight Roads Ventures on an Indian company. According to its website, other companies in the firm’s domestic portfolio include BankBazaar, Ashish Life Science, CareStack, Pharmeasy, Cygnus and Northern Arc.

Eight Roads was set up in 1969 and says it focusses on helping entrepreneurs to grow and scale their ventures. The firm invests in businesses through its funds, but also makes direct investments and identifies themes and teams to start ventures from scratch.

In March last year, Whatfix, which provides solutions for engagement with software, raised $12.5 million (Rs 87 crore) in a Series B funding round led by Eight Roads Ventures.

In July, StashAway raised $12 million (Rs 82.5 crore) in its Series B funding round led by Eight Roads Ventures.

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