Israeli customer relationship management marketing company Optimove today announced the completion of a $75 million financing round. The round was led by Summit Partners, whose managing director Steffan Peyer, and head of Europe Han Sikkens have joined Optimove's board.
In addition to the investment by Summit Partners, all the shares of Israel Growth Partners (IGP), which invested $20 million in Optimove in 2016, are being acquired. The shares are currently worth $100 million.
The financing will be used to expand Optimove’s work force, acquisitions, and further developing its CRM marketing platform. The company also announced the addition of.
Optimove’s SaaS technology combines a Customer Data Platform (CDP) with a Multichannel Marketing Hub (MMH) to empower brands to personalize campaigns and communicate to existing customers. The software’s AI elements enhance this personalization to serve each customer with the optimal message and promotion, across websites, email, Facebook, Google Ads, text messages, push notifications, and other channels.
Optimove founder and CEO Pini Yakuel said, "In the last 18 months digital consumption grew like never before. The cost of acquiring new customers has skyrocketed, and brands understand today that they must invest in their existing customers in order to drive growth. We see more and more brands facing a new challenge when attempting to scale their personalization. We built Optimove to solve that challenge and offer marketing teams direct access to their customer data, the ability to build, test and optimize their CRM campaigns, and leverage our AI engine to assure every customer receives the message of highest impact on their lifetime value, through the optimal channel, at any given time."
The company was founded in Tel Aviv in 2009 by Yakuel, who has a controlling stake in the company and Dr. Shahar Cohen who left in 2011 and sold all his holdings. Optimove is headquartered in Tel Aviv and has offices in London and New York. The company revenue grew 35% over 2020, driven by more than 500 brands using its platform. Customers span e-commerce, gaming, retail, QSR, telecommunications, financial services, and apps and include: BetMGM, Dollar Shave Club, Papa John’s, Pennsylvania Lottery, Staples, Sweaty Betty, and Varsity Tutors.
Optimove’s CRM Marketing platform sends an average of more than 23 billion optimized messages to over 3 billion customers every year. Optimove is integrated with leading technology platforms, such as Snowflake, Shopify, Salesforce Commerce Cloud, Playtech, SBTech, alongside leading execution channels, including Facebook, Google Ads, Criteo, Attentive, and Klaviyo
The company currently has 280 employees and intends to double its work force over the next 24 months.
Published by Globes, Israel business news - en.globes.co.il - on September 27, 2021
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