Singapore-based artificial intelligence (AI) marketing unicorn Insider has announced securing an investment of up to $105 million from return backers Qatar Investment Authority (QIA) and Esas Private Equity.
QIA is one of the world’s largest sovereign wealth funds, while Esas is the private equity arm of Turkish investment firm ESAS Holding.
According to a company statement, Insider has now raised $274 million in external funding. The latest financing takes its valuation to over $1.5 billion, co-founder and CEO Hande Cilingir told Bloomberg.
The company’s platform allows marketers to connect customer data across channels and systems and predict future behaviour with an AI engine to individualise customer experiences.
“These funds will be used exclusively for the purpose of acquiring exceptional product companies in APAC, including Singapore,” said Cilingir in a prepared statement. “Unlike our $121 million Series D investment in 2022, which has bolstered our capital reserves for operational spending in the coming years, this latest round will specifically serve to fuel inorganic growth through M&A.”
In January, Insider acquired Istanbul-headquartered MindBehind, a conversational commerce and messaging app.
The marketing startup had raised $121 million last year in a QIA-led Series D round, which propelled it into the region’s unicorn club with a valuation of $1.2 billion. The round also saw commitments from six other investors.
Insider says it now employs over 800 people across 25 offices globally, serving over 1,200 clients, including Singapore Airlines, Estée Lauder, Samsung, Vodafone, Toyota, IKEA, L’Oreal, and Pizza Hut, among others.
The company’s largest institutional investors include Sequoia Capital India and Riverwood Capital, according to DealStreetAsia – DATA VANTAGE.