Rokt, the leading ecommerce technology company using machine learning to make transactions more relevant to each shopper, announced that a secondary transaction led by Square Peg and Wellington Management has increased Rokt’s valuation to US$2.4 billion, less than 12 months since the company raised US$325 million in its Series E fundraising round.
“Despite broader market declines in valuations, we continue to see rapid growth in Rokt driven by new ecommerce partners and an uplift from advertisers,” said Bruce Buchanan, CEO of Rokt. “Due to the challenging economic climate, ecommerce companies are focusing on more relevant customer experiences that improve economics and deliver new revenue. 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.”
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Rokt announces secondary transaction led by Square Peg and Wellington Management, increasing valuation to US$2.4 billion
During 2022, Rokt announced multiple significant new partnerships, including with Uber and AMC Theatres. Rokt continues to hire for roles across its business globally and has plans to open a second North American product development center on the West Coast in 2023.
“We’re thrilled to have the opportunity to further invest in Rokt, a business that offers its clients extraordinarily high revenue retention,” said Paul Bassat, Co-founder and Partner of Square Peg. “The company’s continuing success and profitability are a testament to the strength of its core business and impressive leadership team helmed by Bruce Buchanan.”
“Rokt has continued on its rapid growth trajectory despite industry headwinds and, we believe is well positioned to thrive amid ongoing market challenges,” said Prakhar Singh, Principal, Wellington Management. “We’re proud of our investment in Rokt and excited to see the company prepare for its IPO.”
“We continue to be impressed by the execution of Bruce and his team. Seeing the business perform as strongly as it has, given the macro environment, is a testament to the quality of the product and the value Rokt provides to its customers.”
SOURCE: PR Newswire
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