E-commerce startup Rokt valued at $2.4 bln in latest funding
- ByStartupStory | December 6, 2022
Tech startup Rokt said on raised its valuation to $2.4 billion in a second funding round led by investment firm Square Peg and asset manager Wellington Management on Monday. The company is now planning for an initial public offering encouraged by the e-commerce boom.
The COVID-19 pandemic has led to a growing demand for marketing software companies such as Rokt. The company makes use of artificial intelligence and machine learning to analyze online shoppers and their engagement with products and services.
“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,” said Bruce Buchanan, Chief Executive Officer of Rokt. “This has further propelled Rokt’s growth and we’re pleased to see this expression of support from existing investors as Rokt looks towards an IPO,” Buchanan added.
New York-based Rokt had a valuation of $1.95 billion in December last year after raising capital in a Series E funding round led by Tiger Global that also saw participation from Wellington Management, Whale Rock Capital Management, Pavilion Capital, and Square Peg. The company was founded in Australia in 2012 and later expanded to 19 countries across North America, Europe, and the Asia-Pacific region. It counts GoDaddy (GDDY.N), Expedia (EXPE.O), and Wells Fargo (WFC.N) among its customers.
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