2 MIN READ | October 26 2020, 11:59:26
Rokt closes US$80M Series D investment as COVID-19 drives ecommerce
Today, Rokt announced an investment of US$80M. The capital will help accelerate research & development and support the expansion of its client base into new verticals and geographies as Rokt continues to make ecommerce smarter, faster, and better.
The funding round was led by Rokt’s largest institutional shareholder TDM Growth Partners and supported by other existing investors including Square Peg. In just this year alone, Rokt’s valuation has increased 42% to more than US$450M.
While the COVID-19 pandemic has shaken the foundations of corporations and startups alike, it has also created a strong market demand for ecommerce and in turn, for Rokt. Limited in-person shopping and rapidly changing consumer spending habits have led companies in all categories to accelerate their digital transformation, and ecommerce has deepened its foothold in daily lives.
“With the industry facing COVID-related challenges, companies need alternative revenue sources and acquisition channels,” said CEO, Bruce Buchanan.
“Rokt continues to be laser-focused on bringing value to the hundreds of ecommerce companies that rely on our technology to deliver top- and bottom line results, and will continue to drive innovation and deliver results that the market desperately needs,”
Bruce continued, “We are delighted for the investment and strategic guidance from our shareholders and look forward to continuing to deliver on our mission.”
“Despite the COVID-19 pandemic and the resulting uncertainty, we still have high conviction in market-leading technology companies. Rokt is certainly one of these businesses. We are thrilled to increase our investment in Rokt and continue our partnership with Bruce and the business.” said TDM partner, Tom Cowan.
The additional funding sets up a strong foundation for continued rapid growth of Rokt. Rokt closed their US$48M Series C investment round less than a year ago. Recently, they have invested in strengthening their leadership team, hiring an SVP of Marketing, a new Chief Technology Officer, and 3 additional executive appointments in the last 4 months. Their world-class technology was also recognized by the MarTech Breakthrough awards as the Best Use of AI in MarTech.
For more information about the investment, please contact [email protected].
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