E-commerce tech startup Rokt is valued at $2.4 billion in recent funding as it plans to go public

DECEMBER 5 (Reuters) – Tech startup Rokt said on Monday it had raised its valuation to $2.4 billion in a second round of funding led by investment firm Square Peg and wealth manager Wellington Management and was planning a through the E-commerce sponsored IPO boom.

The growth in e-commerce since the COVID-19 pandemic has created a demand for marketing software companies like Rokt. The company uses artificial intelligence and machine learning to analyze online shoppers and how they interact with products and services.

“Despite broader market declines in ratings, we continue to see rapid growth at Rokt, driven by new e-commerce partners and a boost from advertisers,” said Bruce Buchanan, Rokt’s chief executive officer.

“This has further fueled Rokt’s growth and we are pleased to have this expression of support from existing investors as Rokt seeks an IPO,” added Buchanan.

New York-based Rokt was valued at $1.95 billion in December last year after raising capital in a Tiger Global-led Series E funding round that also included Wellington Management, Whale Rock Capital Management, Pavilion Capital and Square Peg attended.

The company was founded in Australia in 2012 and later expanded to 19 countries in North America, Europe and Asia Pacific. Its clients include GoDaddy (GDDY.N), Expedia (EXPE.O) and Wells Fargo (WFC.N).

According to a statement, Rokt continues to hire jobs across its business worldwide and plans to open a second North American product development center on the West Coast in 2023.

Reporting by Mehnaz Yasmin in Bengaluru; Editing by Krishna Chandra Eluri

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