Optimove Raises $75M to Build on its Category Leadership. Here’s Why Now
Following strong business momentum and in the wake of recent global eCommerce growth, Optimove's most significant funding to date will help accelerate the company's momentum through M&A, strategic hiring, and expansion of its CRM Marketing hub
Some blog posts are more exciting than others: Today, we proudly announce a $75 million investment led by global growth investor Summit Partners. This is especially exciting because Optimove has been a profitable company since its inception, and after bootstrapping for our first five years, we’ve only raised $20 million in the last decade.
We took this investment now to accelerate what is a fantastic momentum, as we grew 40% over the past 12 months, keeping healthy profit margins, and just recently were named “Leaders” by Forrester. This new capital positions us to accelerate our growth further, expand our global footprint, and cement our position as category leaders.
So, what will we be doing with an extra $75 million in our coffers? Well, this financing will support our continued investment in strategic hiring and M&A (something we successfully ventured into once or twice before), expansion of our platform’s capabilities, and further acceleration of our overall rapid growth.
We plan to continue hiring aggressively to help achieve these ambitious goals (we aim to double our headcount by the end of next year! Check out open positions here). And maybe load even MORE (healthy, of course healthy) snacks in the kitchen. Who knows?
We’re also excited to welcome Summit Partners’ Head of Europe, Han Sikkens, and Managing Director Steffan Peyer to our Board of Directors.
The timing of it all is not coincidental. In the last 18 months, as costs of acquiring new customers kept risings even further, global digital consumption grew like never before. Now more than ever, brands understand the urgency to invest in existing customers to drive growth.
This puts us in an incredibly critical position. After all, we built Optimove to address the challenges brands face when scaling the delivery of relevant, personalized customer experiences. Such experiences drive customers back for more. And this need is becoming a necessity.
Our solutions offer marketing teams direct access to their customer data and the ability to build, test, and optimize their CRM campaigns–an essential element in the effort to scale CRM Marketing. Then, the AI engine helps ensure that every customer receives marketing messages that increase their lifetime value at any brand interaction through the optimal channel.
Our announcement follows a string of accomplishments and accolades, further cementing Optimove’s recognition as a category leader. Among our most notable recent acknowledgments, we’ve been named a Leader in “The Forrester Wave™: Cross-Channel Campaign Management (Independent Platforms), Q3 2021; a Challenger in Gartner’s 2021 Magic Quadrant for Multichannel Marketing Hubs; and as one of the Top Five Leading Customer Data Platforms from G2’s Fall 2021 Grid® Report.
This significant momentum in our lifecycle is the direct result of years-long dedication and concentrated effort to help brands demonstrate emotional intelligence when communicating with existing customers. The kind of practice that requires massive personalization, which in turn, allows enterprises to grow their customers’ lifetime value significantly. This is what we bring to the table. And yes, you’ll be surprised to learn how many brands still don’t tap into the revenue potential that their existing customers represent.
But, together with the ones that do, today, our CRM Marketing platform sends more than 23 billion optimized messages to over 3 billion customers every year. We have over 2,200 users from over 500 brands across e-commerce, gaming, retail, QSR, telecommunications, and financial services.
And none of this would have been possible without our long list of wonderful clients, partners, and the entire ecosystem around us. So, thank you, everyone.
Another big thank you, probably the biggest one I owe, is to the team here at Optimove. The talented folks who work passionately to make all of this possible. From building a category-leading product to bringing it to market, supporting our clients, and ensuring everything is always ticking. I want to send a huge thank you to each and every one of Optimove’s 280 employees across the globe. You make me feel like a very lucky founder.