– E-commerce technology startup Rokt said on Thursday it has raised $325 million in fresh capital in a late stage funding round led by Tiger Global that more than doubled the company’s valuation to $1.95 billion.
The New York-based company’s series E funding round also saw participation from Wellington Management, Whale Rock Capital Management, Pavilion Capital and Square Peg.
Growth in e-commerce since the COVID-19 pandemic has led to a demand for marketing software companies like Rokt. The company uses artificial intelligence and machine learning to analyze online shoppers and their engagement with products and services.
The company, which was founded in Australia in 2012, later expanded to 19 countries across North America, Europe and the Asia-Pacific region. It plans to use the funds to invest in research and development, international expansion and acquisitions.
The company that counts GoDaddy, Expedia, Wells Fargo and Vistaprint among its customers acquired OfferLogic, a business-to-business marketplace, in 2019. It also bought mobile calendar marketing platform CalReply, which enables online retailers to track and gather data using calendar events added by users.
Rokt raised $80 million in a funding round in October last year that valued it at more than $450 million.
More than a hundred technology companies have raised over $40 billion through initial public offerings in the United States this year, up from nearly $23 billion in the previous year, according to data compiled by Refinitiv.
Earlier this month, cloud-based security analytics startup Panther Labs raised $120 million led by investment manager Coatue that valued it at $1.4 billion.
(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Shailesh Kuber)