Sunnyvale, California-based CleverTap, which develops a suite of customer life cycle management and engagement tools, is gearing up for its next round of growth. Today the company announced it has secured $26 million in series B funding that values the company at $150 million. The round was led by Sequoia India, with participation from Tiger Global Management and Accel. The fresh capital comes after a $6 million round in November 2017 and an $8 million round in August 2017 and brings CleverTap’s total raised to over $40 million.
“We are building CleverTap for the long term,” said CEO and cofounder Sunil Thomas, who added that the infusion will be used to “accelerate” the company’s product capabilities and scale to meet customer demand. “At the core, we believe that every business will benefit from the investments we continue to make in our platform … In 2019, we will continue to focus on creating cutting-edge solutions, building our team, and expanding our presence while keeping customers at the heart of everything we do.”
CleverTap’s cloud dashboard offers a collated, consolidated view of customers’ journeys, augmented by machine learning algorithms that autonomously segment and surface valuable, at-risk, and “hibernating” customers in thousands of interactions. Its AWS-backed push, email, and SMS campaign tools enable brand managers to orchestrate targeted, timely experiences across channels with as many as billions of events per microsecond.
Customers aren’t just tracked by transactions — CleverTap logs their demographic data (e.g., gender, age, location), website interactions, and campaign visits, which it taps to trigger campaigns based on events and customizable rules. Campaigns can be designed from scratch with a drag-and-drop visual editor (or with preloaded templates) and populated with auto-generated deep links to webpages, coupons, promo codes, and more.
CleverTap says campaigns managed through its platform reduce churn by up to 20% and boost revenue 3 times, on average, all while increasing conversions by 1.6 times. Moreover, it claims it powers over 8,000 apps across more than 1 billion devices and says its over 8,000 customers — which include name brands like Vodafone, Star, Sony, Fandango, Domino’s, GO-JEK, Cleartrip, Hotstar, and BookMyShow — have used it to send 20 million campaigns and deliver $2 billion in combined incremental revenue.
“CleverTap is meeting the growth and retention needs of some of the fastest-growing consumer apps,” said Accel partner Prashanth Prakash. “Powered by the next generation of data science-enabled capabilities, it is allowing companies to automate their marketing decisions — leading to better business outcomes. And we are excited to bring our expertise to CleverTap to support them in this mission.”
In addition to its Singapore headquarters, CleverTap has offices in San Francisco, London, Singapore, Mumbai, and Bengaluru.