Artificial intelligence (AI) eCommerce technology platform Rokt closed a $325 million Series E funding round at a $1.95 billion valuation, with funding led by Tiger Global and participation by Wellington Management, Whale Rock Capital Management, Pavilion Capital and existing shareholder Square Peg.
Rokt’s technology products work to boost engagement, revenue and customer acquisition and are used by over 3,000 brands globally — Live Nation, Groupon, Staples, Wayfair, Fanatics, Vistaprint and Ticketmaster and others.
As with previous funding rounds, Rokt is sharing the fruits of its Series E round and will reward employees and investors with a liquidity opportunity, according to a Thursday (Dec. 16) press release.
“Customers are demanding a more relevant eCommerce experience and businesses need to ensure they have the right economics for growth. Our technology solves these two problems by optimizing every element of the transaction moment, both for relevancy and value for each individual customer, enabling digital businesses to remove irrelevant clutter and double their profitability,” Rokt CEO Bruce Buchanan said in the announcement.
He added that having the backing of Tiger Global in addition to other “prestigious groups of investors” will help take Rokt to the next level while the company also keeps an eye on international expansion.
Because online shoppers are twice as likely to engage with relevant products and services at the transaction moment, Rokt’s solution brings more value to each customer by tapping AI and machine learning (ML) to make the most of every customer action.
“Rokt has unlocked a new digital advertising opportunity for the online ecosystem — the transaction moment. And they are scratching the surface of what is possible in this moment,” said Griffin Schroeder, partner at Tiger Global. “Rokt’s exceptional management team has the vision and the capability to continue accelerating growth and providing unique solutions for their clients.”
You may also enjoy: Google Rolls out eCommerce Storefronts for Creators
Founded in Australia, Rokt is available in 19 countries across North America, Europe and the Asia-Pacific region and is used by 2,500 top brands including Live Nation, Groupon, Staples, Lands End, Fanatics, GoDaddy, Vistaprint and HelloFresh.