Mobile video marketing company Mogreet has raised USD4.1 million in strategic capital, bringing its total funding raised to USD14.1 million. The round is being led by Black Diamond Ventures with participation from a number of other prominent investors, including DFJ Frontier, Ascend Ventures, Bryant Park Ventures and Draper Associates.
The new financing will be invested in launching moShare, the industry’s first mobile sharing service, and expanding Mogreet’s global presence in the mobile marketing and mobile advertising markets.
“We’re excited by this latest round of strategic capital, which will help Mogreet get even closer to the goal of enabling any business or consumer to evolve their mobile communication program from black and white text to high-quality, rich media messaging, ” says James Citron, co-founder and CEO of Mogreet. “Many of the trends in the mobile industry including the exponential growth in multimedia messaging (as consumers and businesses switch from SMS to MMS), huge leaps in mobile ad spending ($22.4 billion by 2016 according to Berg Insight) and today’s consumers’ desire to interact with and share content to and from their mobile phones, have created the perfect market opportunity for Mogreet.”
Tim Draper, founding partner of DFJ and investor in Mogreet’s latest financing, says: “I believe that the mobile device is the next source of market disruption and demonstrates many of the same characteristics of my prior investments in breakthrough communications companies like Skype and Hotmail. I believe the moShare service is poised to revolutionise how consumers communicate and share content with one another via their mobile devices.”
Last year, Mogreet experienced over 1,000% growth in mobile video distribution as demand in MMS from marketers and consumers skyrocketed. Mogreet is rapidly growing its customer base among Fortune 1000 companies and small businesses alike, all which are increasing mobile marketing budgets, and expectations, for high-quality MMS mobile marketing. Mogreet messaging solutions integrate SoLoMo (social, local and mobile) technologies with multimedia content to create a powerful and engaging two-way dialogue with consumers. Mogreet’s exclusive “Share to social networks” tool creates a viral sharing opportunity as it allows recipients to become a brand advocate by sharing the brand’s messages with their own social networks.
