Leanplum Raises $29M Series C Round Led By Canaan Partners; Expands Mobile Engagement Channels With Email
Top investors, including Canaan Partners, Kleiner Perkins Caufield & Byers, and Shasta Ventures, bet on Leanplum to deliver the marketing cloud for the mobile world.
Leanplum, the leader in mobile marketing, today announced that it closed a $29 million round in Series C funding. The round was led by Canaan Partners, with participation from existing investors Kleiner Perkins Caufield & Byers (KPCB) and Shasta Ventures. Since its 2012 launch, the company has raised a total of $46.3 million. Leanplum will use the new funding to expand its sales, marketing, and engineering teams and drive aggressive global expansion. Joydeep Bhattacharyya formerly of Shasta Ventures, who recently joined Canaan Partners, will return to Leanplum board of directors.
Leanplum has become the fastest-growing mobile marketing platform in its class. The company has tripled its revenue each year for the past two years and expects to triple its revenue again in 2016, as well as continue exponential growth in 2017. Leanplum’s traction showcases the appetite for solutions that reflect the evolution of marketing for a mobile-first world. Over 100 leading brands are benefiting from Leanplum’s integrated mobile platform, including Lyft, Macy’s, and Tinder.
“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,” said Joydeep Bhattacharyya, Partner with Canaan Partners. “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’s mobile app customers, such as dating app Tinder, use Leanplum’s integrated mobile marketing solutions to generate more personalized and relevant connections with their users at scale. Tinder recently announced a partnership with Spotify to integrate music into user profiles, and is using Leanplum to optimize that experience.
“For Tinder, it is critical to optimize and personalize the entire mobile app lifecycle. Leanplum’s integrated platform for both push notifications and in-app A/B testing is far superior to managing standalone vendors,” said Maria Zhang, VP of Engineering, Tinder. “With its complete optimization solution and added support for email, Leanplum helps us deliver a great app experience to fuel millions of new connections.”
Leanplum will use this funding round to expand its international footprint and advance the capabilities of its mobile marketing platform, including support for added engagement channels such as email. Leanplum’s email capability has been battle-tested over the last six months in a beta trial with top brands sending millions of emails. Today, it is out of beta and available to all customers.
Leanplum’s email is integrated into its full mobile engagement arsenal, so you can:
- Personalize with real-time mobile intelligence. Segment and target emails based on location, engagement time, in-app behavior, purchase history, etc. with the relevance only mobile provides.
- Orchestrate messaging across channels. Use email in coordination with push notifications, in-app messages, and app inbox. You can send messages triggered by user behaviors to maximize engagement — all from one platform.
- Optimize for KPIs that matter. Move beyond basic A/B testing simple copy like subject lines, body, etc. to optimize delivery timing, downstream mobile app engagement, and ROI.
In addition, Leanplum has expanded ecosystem support with partner integrations that include mParticle, Segment, and Apteligent. Leanplum is building an open platform and ensuring integrations with the solutions that help customers win in a growing mobile world.
“The holy grail of marketing is understanding the needs of each customer in order to deliver unmatched value at the optimal moment,” said Momchil Kyurkchiev, Leanplum CEO and co-founder. 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.”
Leanplum is tracking user actions on one billion devices and manages more than four billion mobile events per day, a number expected to triple by the end of the year to 12 billion daily transactions. With this massive volume of data, Leanplum has achieved unprecedented scale and has unmatched insights into the impact of mobile marketing on consumer behavior. It publishes a regular data report on these insights, including one last month on the impact of smart push notifications on engagement and retention.
To demo Leanplum and find out more about job opportunities, come say hello at www.leanplum.com and follow @leanplum.
Leanplum is the most complete mobile marketing platform, designed for intelligent action. Its integrated solution delivers meaningful engagement across messaging and the in-app experience. Leanplum offers Messaging, Automation, App Editing, Personalization, A/B Testing, and Analytics. Top brands such as Lyft, Tesco and Tinder trust Leanplum to create impactful relationships with their users. Leanplum was founded in 2012 by former Google engineers with years of experience in optimization and has received over $46MM in funding from top-tier VCs like Canaan Partners, Kleiner Perkins and Shasta Ventures. Discover more at www.leanplum.com.
About Canaan Partners
Since 1987, Canaan has partnered with entrepreneurs to catalyze the growth of disruptive technology startups and healthcare companies revolutionizing the practice of medicine. The firm targets early-stage investments across a wide range of sectors including financial technology, marketplaces and enterprise software, as well as biopharma, oncology and digital health.
With $4.2 billion under management and over 180 exits to-date, Canaan was the first and lead investor in Lending Club (NYSE: LC), the fourth largest internet IPO in the U.S., and realized nine healthcare M&As and three IPOs since 2014. The firm has funded technology companies such as eBates (acquired by Rakuten, Inc.), Metacloud (acquired by Cisco), Skybox Imaging (acquired by Google), SuccessFactors (acquired by SAP), Tremor Video (NYSE: TRMR) and Virsto Software (acquired by VMWare), as well as notable healthcare companies such as CytomX Therapeutics (NASDAQ: CTMX), Dermira (NASDAQ: DERM), Labrys Biologics (acquired by Teva Pharmaceutical), Novira Therapeutics (acquired by Johnson & Johnson), Spinifex Pharmaceuticals (acquired by Novartis) and Transcend Medical (acquired by Alcon).
Canaan maintains a presence in the global innovation hubs of Silicon Valley, New York and Connecticut, as well as a subsidiary in Israel. For more information, visit www.canaan.com and follow us on Twitter @CanaanPartners.