If AI does not lead venture out of its current slowdown, perhaps nothing will.
A day after investors flooded $700 million into two AI startups — Builder.ai and Anthropic — Turkey-based AI marketing platform Insider locked up another $105 million.
Insider CEO and co-founder Hande Cilingir told Bloomberg the company’s valuation had increased “very much closer to $2 billion.”
The company previously raised a $121 million Series D at a $1.22 billion valuation in March 2022 — first minting it as a unicorn.
The new round was from existing investors, Qatar Investment Authority and Esas Private Equity.
In a space where every investor seems to fear being left behind, Qatar Investment Authority seems determined to not let that happen. The sovereign wealth fund led London-based Builder.ai’s Series D of more than $250 million on Tuesday.
Let’s go shopping
Insider offers a platform that allows its more than 1,200 customers to connect customer data across channels and systems, predict future behavior with an AI-enhanced engine, and provides an individualized customer experience.
The company plans to use the new cash for M&A dealmaking. In January, Insider made its first acquisition, buying Turkey-based messaging platform MindBehind.
“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,” Cilingir said in a release. “These funds will be used exclusively for the purpose of acquiring exceptional product companies to further complement our technology and create product synergies.
“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,” she added.
Founded in 2012, Insider’s total funding amount is now $274 million, per the company.
Illustration: Dom Guzman
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