Mogl Network, the online to offline real-time commerce platform, has secured an additional $8m in funding to launch its new service.
The round was led by Aequitas Capital Management and included Avalon Ventures, Correlation Ventures, Sigma Partners, Sysco Ventures, Monroe Capital and Moore Venture Partners. It takes Mogl’s cumulative funding up to $35m.
Mogl cites data from the U.S. Chamber of Commerce, which says that 93 per cent of commerce (over $1 trillion dollars) is offline, as the key motivation for launching its product. Currently in private beta, Mogl Network has created a solution that will be released publically soon and it says the company is projecting tens of millions of consumers and tens of thousands of merchants participating.
CEO and co-founder Jon Carder stated, “Solving Online to Offline Commerce has been the most talked about topic at conferences for years – from fintech to adtech”.
Mogl has provided a breakdown of how its service will work:
1. Offline merchants create an offer, like 10% cash-back, 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.
“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.”
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