WebEngage’s $20m Series B funding to accelerate growth in MENA
WebEngage has raised $20 million in Series B to maintain its high growth trajectory - growing “100 percent YoY” and scaling operations across India, MENA, and SEA (South East Asia) regions.
Speaking to SME10X, Aswin Ravi, Director for MEA at WebEngage, said, “WebEngage in the MEA region is on the path to aggressive growth. We had set out to achieve a 3x growth by the end of 2022 and the recent funding will help us achieve this. We will continue to concentrate on geographies such as UAE, Saudi Arabia and Egypt and increase our foothold in these three markets while exploring newer regions such as Nigeria, South Africa and Morocco. The on-ground teams across sales and support functions will also be expanded to support this growth.”
He added that the MEA region contributes to about 20 percent of WebEngage’s total revenues. “We are expecting this number to increase in the upcoming quarters. We are expanding our base into enterprise getting top retailers in Saudi and UAE on board,” Ravi commented.
The company’s team strength has increased 2.5x in the last two year, with strategic high-profile hires across marketing, sales, product, engineering, and support functions.
WebEngage showcased frugality and resilience in its 11-year journey, burning only ~$6 million in capital to reach a $20 million revenue run rate — an enviable position to be in. Peers in SaaS spend about 3–5x more to achieve the same scale. The company is adding over 60 new clients every quarter, in addition to working with 600+ clients, including new-economy and internet-first businesses, and propelling the digital transformation journey for enterprise clients.