Home Artificial Intelligence Singapore’s AI-Based Marketing Unicorn Raises $105 Million To Finance M&A

Singapore’s AI-Based Marketing Unicorn Raises $105 Million To Finance M&A

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Insider, an AI-powered marketing platform, said it has raised another $105 million from Qatar Investment Authority (QIA) and Istanbul-based buyout firm Esas Private Equity, bringing it total funding to $274 million. The company said its latest funding round gives it a valuation of almost $2 billion.

The capital will be used exclusively to accelerate Insider’s growth through merger and acquisitions (M&A), with aims of integrating other companies’ unique technologies and capabilities into its platform.

“At Insider, we have successfully achieved hyper-growth via organic means, until now. Now, we are looking to achieve unparalleled levels of growth with an M&A-focused strategy,” Insider’s cofounder and CEO Hande Cilingir in a statement.

Cilingir highlighted the fact that the new capital will bolster the company’s inorganic growth, unlike the $121 million Insider raised in its Series D round in 2022, which had been earmarked for operational spending.

In January, Insider acquired MindBehind for an undisclosed price. MindBehind is an automated messaging platform that enables brands and retailers to connect with customers within applications like WhatsApp.

Insider was originally founded in Istanbul, Turkey, in 2012 by six entrepreneurs: Clingir, Arda Koterin, Mehmet Sinan Toktay, Muharrem Derinkök, Okan Yedibela and Serhat Soyuerel. The company moved its headquarters to Singapore in 2018.

Insider’s AI-driven platform predicts future consumer behaviors and creates individualized predictions based on historical data. The company says it has over 1,200 clients, including the likes of Singapore Airlines, Estée Lauder, Virgin, Toyota, New Balance and IKEA, among others.

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