Sequoia India has led an $11-million Series B funding round in Singapore-headquartered tech startup Insider, according to an announcement on Tuesday. The round was joined by existing investors Wamda Capital and Dogan Group.
The startup said it will use the latest investment to fuel its growth in Asia where it is seeing strong demand.
“Customers are demanding more personal, meaningful and smoother experiences, no matter what channel they are on,” said Insider co-founder and CEO Hande Cilingir. “Our aim is to make it easier for digital marketers to take a leading role in driving revenue, growth and loyalty in their organizations.”
Insider also announced the launch of its new digital marketing platform that uses AI and machine learning algorithms to help digital marketers focus on the right customer segments to cut marketing costs and offer a better brand experience.
In its statement, Insider noted that businesses spend a lot of their marketing dollars on the wrong customers – those who do not convert, spend, and come back. The startup claims its platform can help solve this challenge by using knowledge activation and neural network-based models.
Launched in Istanbul in 2012, Insider moved to Singapore last year. Today, it operates in 15 markets worldwide, including Singapore, Indonesia, South Korea, Japan, Malaysia, Thailand, Vietnam, UK and Australia.
“Ever since our very beginning, from our six desks within a small home office, we wanted to go where others dare not, that’s how we moved East, where we saw a hungry yet high-potential market,” Insider says on its website. The company counts Singapore Airlines, Tokopedia, UNIQLO, Virgin, Tiki, Samsung, New Balance, Newsweek, McDonald’s, Ticketmaster and Nissan among its customers.
In a 2017 report, market research firm eMarketer said digital ad spending in Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam could increase by double digits this year on the back of heavy mobile investments across the Asia-Pacific region.