MOGL, a name, image and likeness (NIL) software provider, has raised $2.6 million in additional seed funding, the company announced Thursday.
Early-stage venture capital firm Magarac Venture Partners led the funding round. Other investors in the round include PivotNorth Capital, Penske Media Corporation, Chaos Ventures, Litquidity, Sand Hill Angels and Platform Venture Studio, along with professional athletes including NFL player Minkah Fitzpatrick.
Penske Media is the publisher of Sportico. MOGL was the winner of the Social & Culture category at the 2022 SXSW Pitch Event. SXSW is partly owned by PME, which is a joint venture of publisher Penske Media and Eldridge. Sportico and SXSW run the sports track at the annual conference.
The new round of seed funding brings MOGL’s total funding to $5.5 million, according to a press release. MOGL was founded in 2019 by Ayden Syal and former Notre Dame quarterback Brandon Wimbush. The company connects college athletes to companies and fans for sponsorships, endorsements and video shout-outs, among other efforts.
According to the MOGL website, it maintains a database of athletes and brand opportunities, available free of charge to athletes and with a 20% service charge to companies. MOGL also provides automated monitoring capabilities for schools to ensure they are meeting NCAA compliance requirements, according to the press release. The company says it is used by 10,000 athletes and 1,500 businesses including DoorDash, NBC Sports and Toyota. The business also says it has partnered with schools in three NCAA divisions, including Notre Dame, Holy Cross and Winona State.
The funding will be used in part to improve campaign insights and reporting capabilities for brands, and will continue to expand the compliance and marketplace offerings for universities and collectives. A mobile application is also in the works for this year, the press release said.