The valuation of Australian e-commerce tech startup Rokt has risen to $2.4 billion following a secondary funding round led by investment firm Square Peg and asset manager Wellington, it said in a press release.
Rokt will deploy the fresh funds for its growth initiatives as it considers plans to take the company public.
The latest fundraising comes after the company was valued at $1.95 billion after a $325-million Series E round led by Tiger Global last December. Other investors that participated in the round include Wellington Management, Whale Rock Capital Management, Pavilion Capital as well as Square Peg.
“Despite broader market declines in valuations, we continue to see rapid growth in Rokt driven by new e-commerce partners and an uplift from advertisers,” Rokt CEO Bruce Buchanan said in a blog entry.
“Due to the challenging economic climate, e-commerce companies are focusing on more relevant customer experiences that improve economics and deliver new revenue,” he added.
Growth in e-commerce since the COVID-19 pandemic has led to a demand for marketing software companies such as Rokt.
Founded in Australia in 2012, the platform uses artificial intelligence and machine learning to study the behaviour of online shoppers and their engagement with companies. Its clients include AMC Theatres, PayPal, Uber, Hulu, Staples, Lands’ End and HelloFresh.
The company, which has a presence in 19 countries across America, Europe and Asia-Pacific, is expanding its teams and has plans to open a second North American product development center on the West Coast in 2023.