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Marketing-tech startup Braze doubles valuation to $850 million

The niche marketing-tech sector, dubbed "mar-tech," continues to pique the interest of venture capitalists.

Appboy, one of the more popular startups in the space, announced Wednesday that it secured a new round of funding. The New York-based company, which now does business as Braze, received $80 million in a series E funding round led by Meritech Capital Partners.

This latest infusion of capital brings Braze to $130 million raised in just over a year and has more than doubled its valuation to $850 million from a series D in 2017.

"Coupled with ever-increasing customer expectations, the relentless advance of technology is creating an immense challenge for brands to maintain and strengthen their customer relationships over time," said Braze co-founder Bill Magnuson. "We've built Braze to be the backbone of customer engagement, helping brands combine our sophisticated technology with a fundamentally human approach that helps turn that challenge into opportunity."

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