Rokt closes $80M in Series D funding as COVID-19 drives massive demand in eCommerce
As more and more people shop online due to the coronavirus pandemic, COVID-19 has created a strong market demand for e-commerce. Rokt is a New York-based tech startup and a provider of eCommerce marketing technology that gives customers a more personalized and relevant experience while buying online. Its software is used by major companies including Expedia, Live Nation, Groupon, Staples, Lands’ End, Fanatics, GoDaddy, Vistaprint, and HelloFresh.
Today, Rokt announced it has raised $80 million in Series D funding to accelerate research & development and support the expansion of its client base into new verticals and geographies as Rokt continues to make e-commerce smarter, faster, and better.
The round was led by Rokt’s largest institutional shareholder TDM Growth Partners and supported by other existing investors including Square Peg. The additional funding sets up a strong foundation for the continued rapid growth of Rokt. Rokt closed its $48M Series C investment round less than a year ago. In just this year alone, Rokt’s valuation has increased by 42% to more than $450 million.
Rokt was founded in 2012 by Ben Voltz, Bruce Buchanan, and Justin Viles. Through its proprietary technology, Rokt enables its e-commerce clients to increase brand engagement and unlock new revenues in the Transaction Moment™, allowing them to stay ahead of their competition while delivering a superior and individualized experience for each customer.
“With the industry facing COVID-related challenges, brands need alternative revenue sources and acquisition channels,” said CEO, Bruce Buchanan. “Rokt continues to be laser-focused on bringing value to the hundreds of e-commerce 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.