Optimove receives $75M investment and two directors from Summit Partners

CRM marketing company Optimove announced Monday a $75 million investment led by global growth investor Summit Partners.

The financing is aimed at supporting continued investing in strategic hiring and M&A, expanding the company’s Customer Relationship Management (CRM) Marketing platform and further accelerating Optimove’s growth. The company also announced the addition of Summit Partners’ Head of Europe, Han Sikkens, and Managing Director Steffan Peyer to its Board of Directors. 

Optimove’s SaaS technology combines a Customer Data Platform (CDP) with a Multichannel Marketing Hub designed to empower brands to deliver personalized marketing campaigns to connect and engage with existing customers. The company places customer data at its core, which helps its users manage large-scale CRM marketing frameworks, personalizing thousands of campaigns to hundreds of segments and reaching each end player. 

As stated by the company, Optimove’s solutions “help operators achieve and attribute measurable improvement in key metrics such as churn, reactivation, conversion and lifetime value per each player, campaign, set of campaigns, and across the entire customer base”. 

In an official press release, Optimove Founder and CEO Pini Yakuel, spoke about this investment and said: “In the last 18 months, digital consumption grew like never before. As a result, the cost of acquiring new customers has skyrocketed, while customer loyalty took a deep dive. Now, more than ever, brands understand the urgency to invest in existing customers to drive growth”.

"We built Optimove to address the challenges operators face when attempting to deliver personalization at scale. Our solutions are designed to offer marketing teams direct access to their player data to build, test and optimize their CRM campaigns. Our AI engine helps ensure that every player receives the marketing treatment that increases their lifetime value, through the optimal channel, at any given time”, Yakuel explained. 

Steffan Peyer, Managing Director at Summit Partners, added: "The growth in e-commerce over the past decade has led to ever-increasing online competition, forcing brands to evolve their marketing strategies to deliver seamless, personalized omnichannel experiences that resonate and drive loyalty with consumers. From its roots in Israel's thriving and dynamic technology ecosystem, Optimove has grown into a truly global business, serving well-known brands across more than 40 countries. With strong technology, a strategic executive team, and the addition of growth capital, we believe Optimove is poised to build on its market leadership position."

As reported by the company, over the last 12 months, Optimove generated revenue growth of more than 40% while continuing to maintain “healthy profit margins”. It currently has 280 employees, and plans to double its global headcount over the next 24 months, with hiring predominantly for its technology, customer, and commercial organizations.

Optimove serves more than 500 brands, including Entain, Gamesys, Kindred, Penn National, Sisal and others – and integrates with leading gaming platforms, such as Playtech, Pragmatic Solutions and SBTech, alongside leading execution channels, including Facebook, Google Ads, Dynamic Yield, and Attentive.