Case Study

Rokt

Helping businesses optimise their e-commerce checkout experience.
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"A lot of investors talk about helping you build a business but TDM is unique in how much they have partnered in building our business. They roll up their sleeves and get into the details to solve complex challenging problems - at the same time they bring a unique and broader perspective to the table."

BRUCE BUCHANAN, FOUNDER AND CEO, ROKT

Rokt is the leader and pioneer in providing AI-powered technology solutions to optimise the check-out experience for global e-commerce businesses. Its two-sided marketplace enables brands to connect with highly engaged and qualified consumers, which creates a unique customer value proposition. Its customers include Ticketmaster, Domino’s, and Uber.

TDM initially invested US$45m in October 2019. One year later at the height of Covid-19, TDM led the Series D funding, investing a further US$50m alongside other existing investors as part of a US$80m raise. This valued the business at US$450m, but importantly demonstrated the importance of TDM as a long-term partner to help navigate all the challenges that can be thrown at fast-growing businesses.

In November 2021, Tiger Global led a US$350m Series E funding, valuing the business in excess of $US1.9b. We look forward to working with Rokt on transitioning to the public markets and beyond.

Katie May, Board Member, Rokt

Growth

Very few companies globally have grown as efficiently as Rokt has in the last five years. This growth has been driven by diversifying the core verticals and customer base, but also through continuous product innovation and expanding the ways upon which customers can optimise the monetisation of the transaction moment.

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People and Culture

Rokt is a founder-led business with an exceptional track record of shareholder value creation and capital allocation.

Rokt’s CEO, Bruce Buchanan is one of Australia’s greatest business builders/entrepreneurs. In his career he has scaled businesses from start-up to billions of dollars of revenue, having started Jetstar, Asia’s largest low-cost flight carrier. He has proven to be a high performer and the execution of the business over recent years is merely a case in point.

Importantly, it was clear from our earliest interactions with Bruce that we shared the same core values and beliefs. This has allowed for a great relationship between the company and TDM, with Jacqui Purcell, a TDM Operating Partner, assisting on secondment as the business scales to US public markets.

Competitive Advantage

Our primary framework for assessing competitive advantage is Hamilton Helmer’s 7 Powers. Find further details in our Four Pillars Framework.

Rokt operates a two-sided network of e-commerce customers and advertisers that gets more powerful with every added network node. 

Every transaction feeds first and third-party data into Rokt’s proprietary AI/ML algorithm. This data enhances the sophistication and relevancy of the ads being served to consumers, and with it, the probability of the transaction moment being monetised.

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