CleverTap, a US-based mobile marketing technology producer backed by human resources firm Recruit Holdings, closed a $35m series C round co-led by hedge fund Tiger Global Management and venture capital firm Sequoia India yesterday.
The round valued the company at $385m, up from a $150m valuation in April 2019 when it secured $26m in a series B round led by Sequoia India that also featured Tiger Global and VC firm Accel.
Founded in 2013, CleverTap operates a consumer retention platform that relies on machine learning technology to help businesses understand what drives customer loyalty and support targeted marketing campaigns.
CleverTap will now look to build out its engineering hub and hire engineering, sales and marketing staff across the US, Europe, Asia and Latin America, in addition to extending the predictive capabilities of its platform and accelerating its international expansion efforts.
Sunil Thomas, CleverTap’s co-founder and CEO, said: “We are in the unique position to deliver a holistic solution that not only provides actionable customer insights but also delivers the right message to drive deeper engagement based on real-time customer usage – all at scale.
“This latest round of funding will enable CleverTap to help more companies achieve their retention goals as they build long-lasting relationships with their customers.”
WizRocket, CleverTap’s holding company, raised approximately $6m from Recruit investment vehicle RSP India Fund, Sequoia and Accel in January 2018. Sequoia India and Accel had already supplied $8m for the company in 2015, adding to $1.6m in seed capital supplied by Accel the previous year.
