Tech startup Rokt said on Monday it raised its valuation to $2.4 billion in a secondary funding round led by investment firm Square Peg and asset manager Wellington Management, and is planning for an initial public offering encouraged by the e-commerce boom.
Since the COVID 19 epidemic, growth in e-commerce has led to a demand for marketing software companies such as Rokt. The company uses artificial intelligence and machine learning to analyze online shoppers' engagement with products and services.
Despite the 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.
As Rokt looks towards an IPO, this has propelled Rokt's growth and we're pleased to see this expression of support from existing investors, said Buchanan.
In December last year, New York-based Rokt was valued at $1.95 billion after it raised capital in a Series E funding round led by Tiger Global that included Wellington Management, Whale Rock Capital Management, Pavilion Capital and Square Peg.
The company was founded in Australia in 2012 and expanded to 19 countries in North America, Europe and the Asia-Pacific region. It counts Wells Fargo, Expedia and GoDaddy among its customers.
Rokt plans to open a second North American product development center on the West Coast in 2023, according to a statement.