CleverTap, a B2B SaaS platform for customer engagement and retention, signed a definitive agreement to raise $105 million in a Series D funding round led by CDPQ, a global investment group with a $75 million commitment. The round also saw participation from IIFL AMC’s Tech Fund and existing investors Tiger Global and Sequoia India.
CleverTap will utilize the funds to advance the company’s international expansion plans and product development.
CleverTap is headquartered in Mountain View, California and was founded in Mumbai in 2013. Its customer engagement and retention SaaS platform uses machine learning and artificial intelligence to provide a complete user engagement suite that enables businesses to forge valuable, long-lasting relationships with their customers.
“The fresh funds will help fuel our plans to strengthen our presence in key geographies further and expand our teams. The last few months have been quite exciting for us with the Leanplum acquisition and unveiling of TesseractDB,” said Sunil Thomas, Co-founder and Executive Chairman, CleverTap.
CleverTap helps its clients generate significant incremental revenue
The successful investment comes soon after CleverTap acquired rival Leanplum for an undisclosed sum in June and named Leanplum co-founder Momchil Kyurkchiev as chief strategy officer. It also acquired Leanplum’s investors as shareholders.
The last fundraising round for the company was a $35 million Series C round in October 2019.
Digital consumer brands can use CleverTap to boost lifetime value and client retention. The startup uses a single and deep data layer, insights powered by AI/ML, and automation to help drive contextual individualization, allowing marketers to provide their customers with highly customized and enjoyable experiences.
The startup provides service to 1,200 clients in 100 nations and 10,000 apps, including, to mention a few, Gojek, ShopX, Canon, Electronic Arts, TED, and the English Premier League.
“As consumer brands are increasingly focused on customer retention and prioritize tools offering a tangible return on investment, we believe CleverTap is well positioned to maintain its global growth trajectory and help more businesses enhance their customer experience,” said Martin Laguerre, Executive Vice-President and Head of Private Equity, CDPQ.