CleverTap, a leading AI-powered customer lifecycle and user retention platform, has announced it has completed its Series C investment round, allowing further acceleration in mobile app marketing.
The company intends to use the funds to build out its new US-based engineering hub, add enhanced predictive capabilities to its platform, and fuel an aggressive global go-to-market expansion strategy.
CleverTap’s Series C round is led by existing investors Tiger Global Management and Sequoia India. This new funding increases CleverTap’s outside investment to $61 million since the beginning of 2019 — a period that has seen the company’s valuation more than double from $150 million to $385 million.
“Leading companies know that the key to driving revenue growth in the mobile app space is increasing user retention and raising long-term customer lifetime value,” said Sunil Thomas, co-founder and CEO of CleverTap.
Its platform leverages machine learning to offer a robust engagement suite that enables brands to convert, engage, retain, and grow their mobile user base.