- General
- October 3, 2018
- 4 minutes read
Braze lands $80 million funding at $850 million valuation
image source : Braze Customer management startup Braze (formerly known as AppBoy) has nabbed $80 million in a Series E…
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| image source : Braze |
Customer management startup Braze (formerly known as AppBoy) has nabbed $80 million in a Series E round led by Meritech Capital Partners which brings the total raised by the New York based company in just an over a year period to $130 million.
The company is now valued at $850 million with this new cash infusion which will finance its scaling operations. Braze has tripled its annual recurring revenue since last year’s beginning and has also increased its monthly email volume by 600% in addition to recently opening a Singapore office which marked its entry into the Asia-Pacific market.
Braze currently counts over 500 digital-first and enterprise brand customers which include the likes of Lyft, Jet.com, Microsoft, RedMart, Delivery Hero, HBO and The Skimm among others. Braze powers tens of billions of messages which it says is delivered to to over 1.5 billion monthly active users globally across the enterprise ecosystem.
“Meritech invests in fast growing sector leaders offering new technology to large markets—and that is exactly what we see in Braze,” Paul Madera, Cofounder and MD of Meritech Capital Partners which led the round stated. “We rarely hear customers rave enthusiastically over technology, but that is exactly what we heard regarding Braze. Their customers are passionate about the differentiated solution to cloud-based marketing, and their remarkably effective platform surpasses a prior generation of tools that no longer work.”
“Coupled with ever increasing customer expectations, the relentless advance of technology is creating an immense challenge for brands to maintain and strengthen their customer relationships over time,” Braze co-founder and CEO Bill Magnuson also added. “We’ve built Braze to be the backbone of customer engagement, helping brands combine our sophisticated technology with a fundamentally human approach that helps turn that challenge into opportunity.”
Specifically built for today’s mobile-first world and tomorrow’s ambient computing future, Braze offers a platform for real-time and continuous data streaming which replaces old databases not built with today’s on-demand in mind. Braze currently has hundreds of employees and counts offices located across New York City, San Francisco, London, and Singapore.
