Leanplum raises $29 million to expand mobile marketing platform tools
Mobile marketing firm, Leanplum, just received funding of $29 million in a Series C round led by Canaan Partners with participation from existing investors Kleiner Perkins Caufield & Byers (KPCB) and Shasta Ventures. The company which offers a full mobile marketing platform to engage audiences through automated ads, messaging, personalised in-app advertising, and analytics tools, also announced that it had tripled its revenue each year for the last two years and expects it to triple again in 2016.
Leanplum’s App Editor
Launched in 2012, Leanplum has raised $46.3 million to date. It plans to use the new funds to expand its sales, marketing and engineering teams and expand rapidly across the globe. Joydeep Bhattacharyya of Canaan Partners will be returning to join the Leanplum board of directors.
The company’s success has proven that demand for mobile marketing solutions is skyrocketing. Its clients include Lyft, Macy’s and Tinder. It now tracks user action on over a billion devices and manages more than four billion mobile events per day.
Joydeep Bhattacharyya, Partner with Canaan Partners, adds:
“I’ve been involved with Leanplum since inception and seen them race to market-leading momentum. Recently I joined Canaan to focus on our firm’s investments in mobile and SaaS-enabled enterprise solutions and am excited to rejoin Leanplum’s board to support them through this period of exceptional growth. While the world has become increasingly mobile, the web-centric marketing clouds have not kept pace, thus opening up a rare opportunity to disrupt and redefine this multi-billion dollar market. Leanplum delivers the marketing cloud for the mobile generation.”
Leanplum mobile dating app client Tinder adds that the company’s push notification and in-app A/B testing platform is rather superior over competing standalone products. Maria Zhang, VP of Engineering, Tinder, praised that the full optimisation suite and support for email have helped Tinder users enjoy a better app experience.
Its email capability is one area that Leanplum wants to innovate further and has already been testing for the last six months. Clients can essentially personalise email using real-time mobile data to target users by location, time, in-app behaviour, purchasing history and other relevant options. In addition, the feature can be used together with push notifications, in-app messaging and app inbox. It’s optimised for KPIs and moves beyond simple A/B testing to deliver timing, downstream mobile app engagement and ROI.
Through partnerships with mParticle, Segment, and Apteligent the company has expanded its own ecosystem support.
Momchil Kyurkchiev, CEO and Co-Founder, Leanplum, adds:
“The holy grail of marketing is understanding the needs of each customer in order to deliver unmatched value at the optimal moment. Mobile unlocks levels of behavioral intelligence and personalization we never thought possible in the web-only days. By 2020, we will see 6B smartphones, shifting the paradigm to mobile being the primary computer for people worldwide. Leanplum is uniquely positioned to help brands create high-converting mobile app experiences. This latest investment from Canaan Partners, KPCB, and Shasta Ventures is a strong validator of our cutting edge product and will further fuel our market leadership.”