- Case Study
"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’s Growth Story
Rokt is an artificial intelligence (AI)/ machine learning (ML) technology platform that is the global leader in e-commerce monetisation software. Rokt powers first- and third-party offers on over 12 billion transactions per year for some of the world’s leading brands, including United Airlines, Ticketmaster, Target, PayPal, Sephora and Best Buy.
Its three-sided marketplace (consumers, advertisers, brand partners) has led to 50% revenue CAGR since inception in 2012, while remaining profitable. This growth has been driven by diversifying the core verticals and customer base, but also through continuous product innovation Rokt’s CEO, Bruce Buchanan is one of Australia’s greatest business builders and entrepreneurs. In his career, Bruce has scaled businesses from start-up to billions of dollars in revenue, including building Jetstar into Asia’s largest low-cost flight carrier.
Our Partnership
TDM first invested US$45m in Rokt in 2019 at a US$250 million valuation and is still the largest shareholder today.
In 2020, TDM led the Series D funding, at the height of Covid-19, investing a further US$50m alongside other existing investors as part of a US$80m raise at a valuation of US$450m.
In November 2021, Tiger Global led a US$350m Series E funding, valuing the business in excess of $US1.9b. By January 2025, this had risen to US$3.5b following a secondary share transaction.
It was clear from our earliest interactions with Bruce that we were aligned in our core values and beliefs. This alignment has underpinned a strong relationship between the company and TDM, reflected in the secondment and then placement of two TDM team members into the business: Jacqui Purcell (TDM Operating Partner) as CFO and Manal Thomas (TDM Head of People & Culture) as Head of People.
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