Mobile engagement company Leanplum announced a Series D funding round worth $47 million led by Norwest Venture Partners. Participating investors include Canaan Partners, Kleiner Perkins Caufield & Byers, and Shasta Ventures. As part of the deal, Scott Beechuk, partner at Norwest, will join the board of directors at Leanplum.
Leanplum hopes that the extra cash can drive acceleration of its marketing cloud product development through addition of machine learning, cross-channel automation and personalization.
According to a blog post, Leanplum has been tripling its growth and revenue year-on-year for the last three years.
The company will also be expanding internationally to meet worldwide demand.
“Mobile has changed the face of marketing, and the industry is undergoing a major transformation. Legacy marketing clouds are built for web and lack the real-time infrastructure to respond to customer needs across channels and devices,” said Scott Beechuk, partner at Norwest Venture Partners.
Leanplum captures around 16 billion mobile data points each day on its end-to-end platform providing real-time insights for better consumer engagement. It’s all about messaging and personalization as the company says.
Leanplum was designed to help marketers deliver in-the-moment engagement across every user’s journey. And at volume. Personalization at scale has always been the holy grail of marketing. This is why we founded Leanplum.
Noteworthy clients of the company already include Tinder, Grab, Red Bull, Topshop, and Zynga.
“Leanplum is designed from the ground-up to deliver this value. One of their secret weapons is a world-class A/B testing solution that’s fundamental to their platform, allowing customers to optimize campaigns and generate higher ROI than competing solutions. Not only has Leanplum become the fastest growing mobile engagement platform, tripling revenue year over year for the past three years, but they’ve built an amazing work culture and are poised for continued growth in 2018.”
The company has made a series of strategic hires over recent months, including Jim Lightsey as Chief Financial Officer as well as Oliver Stein and Julio Bermúdez to drive European sales operations and Asia Pacific operations, respectively.
“Marketing is relationship-driven by nature, but over time, digital has optimized for reach versus meaningful connections,” adds Momchil Kyurkchiev, Leanplum CEO and co-founder. “We’re excited to partner with Norwest because they share our long-term vision and realize that Leanplum is uniquely positioned to help marketers deliver in-the-moment engagement across every user’s journey. Leanplum is building an engagement platform that will transform the industry and take us to true relationship marketing, and in early December, we’ll unveil the next chapter in this journey.”