Mogl has announced the completion of an additional $8,000,000 in funding to launch their new service Mogl Network, the first and largest online to offline realtime commerce platform. Mogl Network closes the loop of Online to Offline Commerce because it can track someone from seeing an ad online to making a purchase offline, and it can track that purchase in under 1 minute. This is accomplished via a direct partnership with Visa®, MasterCard® and American Express®.
The round was lead by Aequitas Capital Management and included Avalon Ventures, Correlation Ventures, Sigma Partners, Sysco Ventures, Monroe Capital and Moore Venture Partners. Mogl’s cumulative funding is now $35,000,000.
According to the U.S. Chamber of Commerce, 93% of commerce (over $1 trillion dollars) is offline, yet there is no simple and frictionless way to track someone from seeing an ad online (email, website, app) to making a purchase offline known as Online to Offline Commerce. Currently in private beta with some of largest websites and apps, Mogl Network has created an elegant solution to this. Later this year, Mogl Network will be released publically and they are projecting tens of millions of consumers and tens of thousands of merchants participating. There has been a myriad of solutions over the past decade attempting to try to solve this problem, but up until now there wasn’t a way to track the offline purchases in realtime using any debit or credit card. CEO and cofounder Jon Carder stated, "Solving Online to Offline Commerce has been the most talked about topic at conferences for years from fintech to adtech. The Mogl team may have finally cracked the code with a solution that works for merchants, consumers and the online organizations, bringing them together.”
How it works:
1. Offline merchants create an offer, like 10% cashback, that is displayed on Mogl Network participating websites and apps.
2. Consumers see the offer online, link up a debit or credit card through the participating website or app, make a purchase offline and instantly get rewarded.
3. The merchants pay a fee for the actual sale delivered, and the revenue is shared between the participating websites, app, and the Mogl Network. There is almost no friction in the Mogl Network platform. The merchants don’t need to install equipment or involve their staff, and consumers don’t need to use a coupon, loyalty card or even their phone. It all happens automatically using something everyone already has right in their pocket debit and credit cards. Carder went on to say, “When I show experts in the space the Mogl Network, 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.”