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MOGL Secures $10M in Funding(January 31, 2012)
SAN DIEGO, Jan. 31, 2012 (GLOBE NEWSWIRE) -- MOGL (www.MOGL.com), the award-winning customer loyalty program for restaurants that relies on psychology, technology and game mechanics rather than punch cards, coupons, QR codes or membership I.D.s, today announced that it has raised $10 million in its second round of funding, bringing the total amount of financing raised to $12.4 million.
Led by Sigma, a group of three venture capital firms participated in the Series B round, which also included Austin Ventures and Avalon Ventures. With its sights set on a rapid expansion into new target markets across the United States including San Francisco and New York, the funding will also generate new job opportunities and enable an aggressive roll-out of enhanced features and capabilities within the MOGL platform.
We've been tracking MOGL for months – and have watched the company exceed our expectations again and again," said Pete Solvik of Sigma. "In less than nine months from launch time, the MOGL team has generated an explosive response from both consumers and restaurant partners, while effectively positioning itself as the most innovative loyalty platform of its kind. In fact, MOGL is the first loyalty program that we would actually use ourselves – and we are excited to be able to play a part in the company's ongoing success."
While daily deals are all about new customer acquisition, MOGL is laser-focused on achieving long-term customer loyalty for its restaurant partners. The MOGL platform leverages game mechanics and human psychology to offer multiple incentives that motivate consumers to return again and again to member restaurant venues, including: 10 percent cash back every time they eat out at participating restaurants, the ability to compete to become the 1st, 2nd or 3rd place customer at each venue and win a monthly jackpot cash prize, and automatically donate a meal to a person in need every time they spend $20.
MOGL's seamless and secure technology platform tracks credit and debit card transactions and activity, so that consumers simply pay their restaurant bill as they normally would using any credit or debit card to earn rewards effortlessly. MOGL members never have to present coupons, membership/loyalty cards or even use their mobile phone to scan a QR code. For its restaurant partners, MOGL also provides deep customer analytics and ROI reporting.
Developed by a combination of seasoned software developers, game mechanic experts, and founded by experienced entrepreneurs Jon Carder, Jarrod Cuzens and Jeff Federman, MOGL has set out to change the way that consumers interact with the restaurant community on a grand scale. The company also offers a location-based mobile app for iPhone and Android, so that MOGL members can easily locate participating restaurants nearby, track their cash rewards and jackpot opportunities, as well as how many meals they have donated to date.
"Like millions of people, I've always been a huge fan of dining out, but was never incentivized by loyalty programs," said Jon Carder, CEO and Co-founder for MOGL. "We created MOGL with the purpose of making the experience more fun for everyone and ultimately wanted it to be something that our friends would love to use. Since we launched last year, MOGL has been on an extraordinary, fast-paced ride – confirming that we've tapped in to something significant that both consumers and restaurants are excited to be a part of."
Launched in April of 2011, MOGL has secured more than 350 Southern California-based restaurant venue partners, has donated more than 27,000 meals to Feeding America through its Meal for a Meal program, and has rewarded its members with nearly $350,000 in cash back to date.
"We've proven that the MOGL model works – and with this substantial infusion of new funding, we'll be able to quickly evolve to the next stage as a company by expanding into new territories and relentlessly focus on innovation to continually improve the experience for our members and for our valued restaurant partners," continued Carder.
MOGL is a game that that hooks you up with cash for eating out at your favorite restaurants. Founded in 2010, it is the first customer loyalty program of its kind to leverage psychology, technology and clever game mechanics to offer a fun and engaging platform that rewards consumers for their restaurant loyalty. MOGL celebrates a simple philosophy: reward your customers and they'll reward you back! MOGL is the proud recipient of CONNECT's 2011 Most Innovative Product Award. To learn more, visit MOGL.com or download the MOGL app for iPhone or Android. Connect with us on Facebook or Twitter.
CONTACT: Media Contact:
Jenny Gilcrest, Scout PR
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