(Bloomberg) -- Insider, a global marketing technology platform that uses artificial intelligence, raised $500 million in a funding round led by General Atlantic — a cash influx that will support plans to expand its business in the US.
The startup, co-founded in Istanbul in 2012 by Chief Executive Officer Hande Cilingir, was valued at close to $2 billion in its latest financing last year. The company declined to disclose its valuation in the new funding round.
“As a pioneer of predictive models in customer experience, this funding positions us to further build upon that foundation,” Cilingir said. “We believe that our differentiators, especially AI-enabled tools, will set Insider apart as the preferred choice for marketing and customer experience teams.”
Insider operates in 28 countries and five continents, the company said, with products that allow marketers to manage customer engagement from a single platform. The startup has integrated more than a dozen channels including WhatsApp, text and email into its service.
Insider plans to increase its regional investments on the back of strong demand in the US market, according to a statement. It will also use the funds to develop its software, invest in research and explore potential acquisitions.
The company is poised to capture a larger chunk of a market worth more than $15 billion a year “as businesses race to upgrade their marketing strategies around the world,” Sascha Guenther, managing director at General Atlantic, said in a statement. As part of the transaction, Guenther, who is General Atlantic’s head of Germany, Austria and Switzerland, will join Insider’s board of directors, as will General Atlantic Managing Director Alex Crisses and Vice President Christopher Apfel.
Insider has more than 1,500 customers, including Samsung Electronics Co., Unilever Plc, L’Oreal SA and Walt Disney Co.
Existing investors in the company include the Qatar Investment Authority, Sequoia Capital, Wamda Capital and Istanbul-based Esas Private Equity. The latest funding round brings its total raised to more than $770 million.
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