E-commerce innovator Mogl raised $8 million in new funding. The investment was led by Aequitas Capital Management and featured participation by Avalon Ventures, Correlation Ventures, Monroe Capital, Moore Venture Partners, Sigma Partners, and Sysco Ventures.
Mogl’s total capital now stands at more than $50 million. The company says the additional funding will help Mogl build out its Mogl Network. The network closes the gap between online advertising and offline purchases, providing cash back for dining at selected restaurants.
Quoted in Let’s Talk Payments, Mogl CEO Jon Carder said, “When I show the Mogl Network to experts in the space, they’re excited that there is a solution that is so simple and easy for both merchants and consumers. It finally connects the online world to the offline world.”
Mogl specializes in a field called Online-to-Offline Commerce. Thanks to partnerships with companies like Visa, MasterCard, and American Express, the Mogl Network is able to track a consumer from the moment they see an online ad to the moment they make the offline purchase. The Network works when offline merchants display offers and rewards on websites and apps of those participating in the Network. Consumers see and select the offer, then link their debit or credit card to the website or app, so that when the purchase is made offline, the reward can be credited instantly. Mogl serves 40 million cardholders and has 20,000 merchants in its network
Founded in 2010 and based in San Diego, California, Mogl will make its Finovate debut at FinovateFall 2015 in New York City next month. To see Mogl and more than 70 other fintech innovators live on stage, visit our FinovateFall 2015 page and pick up your ticket today.