- As part of the deal, a CDPQ representative will also join CleverTap’s board of directors
- Other backers include IIFL AMC’s Tech Fund, Tiger Global and Sequoia India
- The capital will be used for expansion and technology development
CleverTap, a B2B SaaS platform for customer engagement and retention, has agreed to raise $105 million in Series D financing.
The round is being led by Caisse de dépôt et placement du Québec, a Canadian pension system, which will join the company’s board of directors. Other backers include IIFL AMC’s Tech Fund, Tiger Global Management and Sequoia India.
The financing’s proceeds will be used to support CleverTap’s global expansion and enhance the development of its technology.
CleverTap was founded in Mumbai in 2013. It is today headquartered in Mountain View, California.
The company’s subscription-based solution has been adopted by a loyal customer base of 1,200 brands in 100 countries representing 10,000 apps across various tech sectors. In June, CleverTap completed the acquisition of San Francisco-based Leanplum, a multi- channel customer engagement platform. In the same month, it also unveiled TesseractDB™, the world’s first purpose-built database designed to dramatically improve user engagement and retention for digital consumer brands.
“CleverTap has established itself as a partner of choice for its clients by helping them generate significant incremental revenue. Its subscription-based platform offers a single and reliable source of information that allows brands to maximize the lifetime value of their existing customers by engaging them in a highly personalized way” said Martin Laguerre, executive vice-president and head of private equity at CDPQ, in a statement. “As consumer brands are increasingly focused on customer retention and prioritize tools offering tangible return on investment, we believe CleverTap is well positioned to maintain its global growth trajectory and help more businesses enhance their customer experience.”
As at December 31, 2021, CDPQ’s net assets totaled C$419.8 billion.