Ecommerce and machine learning solution provider Rokt has closed a $325 million Series E funding round led by Tiger Global, which brings the company’s valuation to $1.95 billion. The company will use the new funding to invest in R&D, international expansion and strategic acquisitions.
The Rokt solution leverages AI and machine learning with the goal of optimizing every customer action to increase engagement, revenue and customer acquisition. More than 3,000 brands globally, including Staples, Wayfair and Fanatics, use Rokt’s technology.
“Customers are demanding a more relevant ecommerce experience and businesses need to ensure they have the right economics to be able to grow,” said Bruce Buchanan, CEO of Rokt in a statement. “We’re thrilled to partner with Tiger Global and the rest of this prestigious group of investors to accelerate our product development and global expansion efforts and enable more partners to boost their profitability, connect brands to new customers, and deepen engagement and loyalty.”
Other participants in the round included Wellington Management, Whale Rock Capital Management, Pavilion Capital and existing shareholder Square Peg.
Personalization is becoming an even hotter topic as restrictions on digital ad tracking force retailers to rethink how they learn about and target their experiences. Platforms such as Rokt focus on helping retailers leverage their own first-party data, while Qubit, which was recently acquired by Coveo, taps into AI-powered search to detect customer intent.