Braze has successfully raised significant funding over multiple rounds, establishing itself as a key player in the customer engagement platform market. The platform offers a suite of tools designed to help businesses optimize their marketing strategies through data management, AI-driven insights, and real-time execution.
Keep reading to explore the intricacies of Braze's fundraising journey and the investors backing this innovative platform.
What Is Braze?
Braze, founded in 2011, is headquartered in New York City. The company was established by Bill Magnuson, Mark Ghermezian, and Jon Hyman.
Specializing in customer engagement, Braze offers tools for data management, AI-driven insights, and real-time execution to help brands create personalized experiences.
With a workforce of over 1,000 employees, Braze continues to innovate in the marketing technology space.
How Much Funding Has Braze Raised?
- Series B Round
- Amount Raised: $15 million
- Date: October 2, 2014
- Lead Investors: InterWest Partners
- Motivation Behind the Round: To fuel continued growth, expand sales and marketing objectives, and further the market of marketing automation for apps.
- Series C Round
- Amount Raised: $20 million
- Date: May 4, 2016
- Lead Investors: Battery Ventures
- Motivation Behind the Round: To fast-track growth worldwide and further develop products that allow marketers to provide utility, value, and relevance with every customer interaction in an increasingly connected world.
- Series D Round
- Amount Raised: $50 million
- Date: August 9, 2017
- Lead Investors: ICONIQ Capital
- Motivation Behind the Round: To accelerate growth, execute on product vision, and continue leading the charge to replace incumbent marketing clouds.
- Series E Round
- Amount Raised: $80 million
- Date: October 3, 2018
- Lead Investors: Meritech Capital Partners
- Valuation at Round: $850 million
- Motivation Behind the Round: To continue disrupting legacy cloud players and to support the company's growth and expansion, including opening a new office in Singapore and enhancing its platform capabilities.
- Initial Public Offering (IPO)
- Amount Raised: $435.5 million
- Date: November 17, 2021
- Lead Investors: Goldman Sachs & Co. LLC, J.P. Morgan, Barclays
- Motivation Behind the Round: To raise capital for the company by offering shares to the public.
Total Amount Raised: $600.5 million. Current Valuation: $850 million.
Key Investors
- Meritech Capital Partners
- Details: Meritech Capital Partners is a leading provider of late-stage venture capital to category-defining private technology companies. They have a strong track record of investing in companies with proven and differentiated technology.
- Investment Focus Areas: Late-stage venture capital, technology companies, rapidly-growing revenue.
- Notable Investments: Alteryx, Box, Cloudera.
- Battery Ventures
- Details: Battery Ventures is a venture capital firm that invests in cutting-edge, category-defining businesses in various markets. Founded in 1983, they back companies at stages ranging from seed to private equity.
- Investment Focus Areas: Software and services, web infrastructure, consumer internet, mobile, industrial technologies.
- Notable Investments: Neolane, ExactTarget, Marketo.
- ICONIQ Capital
- Details: ICONIQ Capital is a growth equity investor and global multi-family office. They have recently invested in several high-profile technology companies.
- Investment Focus Areas: Growth technology companies.
- Notable Investments: Houzz, InVision, Sprinklr.
- Spark Capital
- Details: Spark Capital is a venture capital firm that invests in various technology companies. They have a strong presence in sectors like virtual reality and communication platforms.
- Investment Focus Areas: Technology companies, virtual reality, delivery services, communication platforms.
- Notable Investments: Oculus, Postmates, Slack.
- InterWest Partners
- Details: InterWest Partners is a venture capital firm with extensive experience in marketing and mobile technology. Doug Pepper, a General Partner, was an early investor in Marketo.
- Investment Focus Areas: Marketing, mobile technology, software platforms.
- Notable Investments: Marketo, Flurry, Optimizely.
What's Next for Braze?
As Braze looks to the future, the opportunities are vast. The company is well-positioned to capitalize on the growing demand for personalized, real-time customer engagement. With its recent IPO, Braze has the financial muscle to expand its market presence and enhance its platform capabilities. The global reach, bolstered by offices in major cities, provides a solid foundation for further growth.
Future fundraising opportunities are likely, given the strong investor confidence demonstrated in previous rounds. The potential for secondary offerings and strategic acquisitions could provide additional capital and technological advancements. However, Braze will need to navigate challenges such as intense market competition and evolving data privacy regulations. Maintaining innovation and scaling operations will be crucial as the company continues to grow.
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