Australia’s Rokt raises $325m Series E at $1.9b valuation
Tiger Global Management has led a $325 million Series E round for Australia-based e-commerce marketing technology provider Rokt.
Wellington Management, Whale Rock Capital Management, Pavilion Capital, and Square Peg Capital also participated. Square Peg and TDM Growth Partners featured in an $80 million Series D last year at a valuation of $450 million.
Rokt specializes in technology that helps online retailers use transaction data to build their customer base and develop marketing strategies such as cross-selling and brand positioning. It has been used by more than 3,000 brands globally, including Expedia, Ticketmaster, Groupon, Staples, Lands' End, GoDaddy, Wayfair, and HelloFresh.
The B2B platform leverages artificial intelligence to optimize every customer action to deliver more value. The idea is that recently enacted restrictions on digital ad tracking have reduced the return on investment online businesses achieve by advertising on search platforms and social media sites. Online shoppers are said to be twice as likely to engage with products at the transaction moment of purchase.
"Customers are demanding a more relevant e-commerce experience and businesses need to ensure they have the right economics to be able to grow,” Rokt CEO Bruce Buchanan (pictured) said in a statement.
“Our technology solves these two problems by optimizing 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 will use the new funding to invest in R&D, international expansion, and strategic acquisitions. It currently operates in 19 countries across Asia Pacific, North America, and Europe.
“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," Griffin Schroeder, a partner at Tiger Global, added. “Rokt's exceptional management team has the vision and the capability to continue accelerating growth and providing unique solutions for their clients.”
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