Customer engagement service MoEngage raises a $77M Series E led by Goldman Sachs and B Capital; MoEngage has raised close to $140M over the past 12 months
MoEngage says it has grown its annualised recurring revenue by more than 105 percent In the last 12 months, and has added 500 new customers.
Context & Ripple Effects
This $77M Series E caps a steepening curve: MoEngage went from a $25M Series C led by Eight Roads Ventures in early 2020 to a $32.5M round in mid-2021, and has now pulled in close to $140M in just the past 12 months. The step-up tracks reported traction — annualised recurring revenue up more than 105% year over year and 500 new customers added.
The lead investors matter as much as the size: Goldman Sachs taking the top slot here prefigures its return at the next stage, when Goldman Sachs Alternatives led MoEngage's $100M Series F in late 2025, followed weeks later by a $180M follow-on split between primary and secondary.
First-order effects
- MoEngage exits the round with roughly double its prior total raised and a balance sheet sized to keep buying customers against its 105% ARR growth rate, while Goldman Sachs and B Capital take anchor positions in a company still private.
Second-order effects
- Goldman Sachs' decision to lead again at Series F — and to back a secondary component in the follow-on — turns this round into the entry point for a multi-year capital relationship, giving MoEngage a repeat institutional buyer rather than a one-off check.
Third-order effects
- If the pattern holds, customer-engagement SaaS consolidates around a small set of heavily capitalized platforms where late-stage funds like Goldman Sachs Alternatives supply successive rounds and liquidity via secondaries, raising the capital bar for sub-scale rivals.
The trend: Growth-stage SaaS in customer engagement is consolidating capital around repeat institutional backers who fund the same company across multiple rounds and stages.