Total amount raised
$181.6 Million
Latest funding date
8/1/2022
Location
CleverTap has successfully raised funding through six rounds, with the latest being a Series D round led by La Caisse. The platform is designed to help brands create personalized experiences and maximize Customer Lifetime Value (CLV).
With a total of seven investors, including 360 ONE Asset, CleverTap continues to attract significant interest from the investment community. Keep reading to explore the intricacies of CleverTap's fundraising journey and the investors backing this innovative platform.
What Is CleverTap?
CleverTap, founded in 2013, is a global customer engagement and retention platform. Headquartered in San Francisco, California, the company operates in various industries including Analytics, Marketing Automation, Mobile, Real-Time, and SaaS.
With a significant employee base of 501-1000, CleverTap offers a range of features such as customer data and analytics, experimentation and optimization, personalization, and campaign orchestration. The platform is trusted by over 2000 leading brands worldwide, providing tailored solutions for e-commerce, subscriptions, financial services, and gaming.
How Much Funding Has CleverTap Raised?
- Seed Round
- Amount Raised: USD 1,600,000
- Date: July 2014
- Lead Investors: Accel
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and establish a market presence.
- Series A
- Amount Raised: USD 8,000,000
- Date: August 2015
- Lead Investors: Peak XV Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product features.
- Series Unknown
- Amount Raised: USD 6,000,000
- Date: November 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and expand the customer base.
- Series B
- Amount Raised: USD 26,000,000
- Date: April 2019
- Lead Investors: Peak XV Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance platform capabilities and drive international expansion.
- Series C
- Amount Raised: USD 35,000,000
- Date: October 2019
- Lead Investors: Peak XV Partners, Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate product development and expand into new markets.
- Series D
- Amount Raised: USD 105,000,000
- Date: August 2022
- Lead Investors: La Caisse
- Valuation at Round: USD 775,000,000
- Motivation Behind the Round: To support global expansion and enhance technology solutions.
Total Amount Raised: USD 181,600,000. Current Valuation: USD 775,000,000.
Key Investors
- La Caisse (CDPQ)
- Details: CDPQ is a long-term institutional investor managing funds primarily for public and parapublic pension and insurance plans. It is one of Canada's leading institutional fund managers.
- Investment Focus Areas: Infrastructure, real estate, private equity, fixed income.
- Notable Investments: Lightspeed POS, Nuvei, CAE.
- Peak XV Partners
- Details: Peak XV Partners is a venture capital firm that partners with founders across India and Southeast Asia. It focuses on early and growth-stage investments.
- Investment Focus Areas: Technology, consumer, healthcare.
- Notable Investments: Byju's, Zomato, OYO Rooms.
- Tiger Global Management
- Details: Tiger Global is an investment firm that deploys capital globally in both public and private markets. It focuses on technology-driven companies.
- Investment Focus Areas: Technology, internet, software, consumer, financial technology.
- Notable Investments: Facebook, LinkedIn, Spotify, Stripe.
- Accel
- Details: Accel is a venture capital firm that invests in early-stage and growth-stage technology companies. It has a global presence with a strong focus on innovation.
- Investment Focus Areas: Internet technology, software, mobile.
- Notable Investments: Facebook, Dropbox, Slack.
- IIFL AMC’s Tech Fund
- Details: IIFL AMC is part of the IIFL Wealth group, focusing on alternative investment funds, including technology-focused funds. It targets high-growth sectors and innovative companies.
- Investment Focus Areas: Technology, financial services, consumer sectors.
- Notable Investments: PolicyBazaar, Nazara Technologies, Dailyhunt.
What's Next for CleverTap?
As CleverTap looks to the future, the opportunities for growth are vast. With a recent $105 million Series D funding round, the company is well-positioned to accelerate its global expansion and enhance its product offerings. This substantial capital injection will allow CleverTap to strengthen its presence in key markets like North America and Europe, leveraging its acquisition of Leanplum to bolster its market position.
Future fundraising opportunities seem promising, given the company's robust valuation and the ongoing interest from major investors. As CleverTap continues to innovate and expand, additional funding rounds could be on the horizon, attracting new institutional investors eager to support its growth trajectory.
However, challenges remain. The competitive landscape of the SaaS market, integration of newly acquired companies, and the need for continuous innovation are hurdles CleverTap must navigate. Despite these challenges, the company's strategic focus on customer engagement and retention, coupled with its strong financial backing, positions it well for sustained growth and success.
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