Ecommerce marketing technology firm Rokt has announced its latest Series E round of funding.
Rokt’s solution allows companies to offer personalised messages to customers, using AI and machine learning to deliver them relevant products, services and marketing messages at the time when they are most likely to convert. Its customers include the likes of Live Nation, Groupon, Staples, Lands' End, Fanatics, GoDaddy, Vistaprint and HelloFresh.
The company framed its success in part due to restrictions on cookies and other forms of digital advertisement tracking, which have reduced the return on investment achieved by businesses advertising on search platforms and social media sites. Rokt’s solution helps companies utilise their own first-party data in order to provide personalised messages and offers, in turn leading to improved engagement and revenue.
The company’s latest $325mn Series E was led by Tiger Global, alongside Wellington Management, Whale Rock Capital Management, Pavilion Capital and Square Peg. The round resulted in the company being valued at $1.95bn, well above the $1bn tech unicorn threshold.