Ecommerce marketing technology firm Rokt has announced its latest Series E round of funding.
Rokt’s solution allows companies to offer personalised messages to customers, using AI and machine learning to deliver them relevant products, services and marketing messages at the time when they are most likely to convert. Its customers include the likes of Live Nation, Groupon, Staples, Lands’ End, Fanatics, GoDaddy, Vistaprint and HelloFresh.
The company framed its success in part due to restrictions on cookies and other forms of digital advertisement tracking, which have reduced the return on investment achieved by businesses advertising on search platforms and social media sites. Rokt’s solution helps companies utilise their own first-party data in order to provide personalised messages and offers, in turn leading to improved engagement and revenue.
The company’s latest $325mn Series E was led by Tiger Global, alongside Wellington Management, Whale Rock Capital Management, Pavilion Capital and Square Peg. The round resulted in the company being valued at $1.95bn, well above the $1bn tech unicorn threshold.
“Customers are demanding a more relevant ecommerce experience and businesses need to ensure they have the right economics to be able to grow,” said Bruce Buchanan, CEO of Rokt. “Our technology solves these two problems by optimising every element of the transaction moment, both for relevancy and value for each individual customer, enabling digital businesses to remove irrelevant clutter and double their profitability.”
Rokt said it would use the funding to invest in research and development, international expansion, as well as strategic acquisitions.
“Rokt has unlocked a new digital advertising opportunity for the online ecosystem – the transaction moment. And they are scratching the surface of what is possible in this moment,” said Griffin Schroeder, Partner at Tiger Global. “Rokt’s exceptional management team has the vision and the capability to continue accelerating growth and providing unique solutions for their clients.”
