Rokt, the leading ecommerce technology using AI and machine learning to make transactions more relevant to each shopper, announced that it has closed a USD$325 million Series E funding round led by Tiger Global, bringing the company’s valuation to USD$1.95 billion. The tech unicorn will use the new funding to invest in R&D, international expansion and strategic acquisitions. Other participants in the round included Wellington Management, Whale Rock Capital Management, Pavilion Capital and existing shareholder Square Peg.
More than 3,000 brands globally, including Live Nation, Groupon, Staples, Wayfair, Fanatics, Vistaprint and Ticketmaster use Rokt’s technology products for increased engagement, revenue and customer acquisition.
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“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 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. We’re thrilled to partner with Tiger Global and the rest of this prestigious group of investors to accelerate our product development and global expansion efforts and enable more partners to boost their profitability, connect brands to new customers, and deepen engagement and loyalty.”
Online shoppers are twice as likely to engage with relevant products, services and marketing messages at the transaction moment of their purchase journey. Rokt’s solution leverages AI and machine learning to optimize every customer action to deliver more value.
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“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.”
Recently enacted restrictions on digital ad tracking have reduced the ROI online businesses achieve by advertising on search platforms and social media sites, prompting brands to reallocate marketing funds to new solutions like Rokt’s. Ecommerce businesses that partner with Rokt are able to use their own first-party data to deliver more relevant and personalized messages and offers, leading to higher engagement and more revenue.
As it has with previous funding rounds, with its Series E round, Rokt is rewarding its employees and current investors for their hard work and support by providing them with a liquidity opportunity.
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