MOGL, an NIL marketplace, has closed on an additional $2.6 million in seed funding led by the early-stage venture capital firm Magarac Venture Partners. The company announced the round of funding Thursday.
Founded by former Notre Dame quarterback Brandon Wimbush and Fighting Irish alum Ayden Syal back in 2019, MOGL has become one of a number of marketplaces created to cater athletes’ NIL needs. Other investors in the company include PivotNorth Capital, the SXSW Innovator’s Fund, Chaos Ventures, Litquidity, Sand Hill Angels, Platform Venture Studio, along with professional athletes including NFL safety Minkah Fitzpatrick.
The latest round of funding brings the platform’s total funding to $5.5 million. Focused on connecting college athletes to fans, sponsors and alumni, the company’s said its product is used by more than 10,000 athletes.
Over 1,500 brands are also on the platform, including NBC Sports, Toyota, Under Armour and DoorDash.
“We’re thrilled to be partnering with MOGL, the leading NIL marketplace that’s transforming the sports and entertainment industry,” Magarac’s Will Allen said in a statement. “Their innovative platform connects student-athletes, universities, brands and fans in a mutually beneficial way, creating endless opportunities for growth and success. This collaboration exemplifies our commitment to innovation, diversity and our shared belief in the power of disruptive thinking to drive positive change.”
Athlete support services have becoming a growing industry since the launch of NIL. MOGL is in a marketplace battle with companies including Opendorse, NOCAP Sports, Icon Source and MarketPryce. All serve up similar products with brands looking to partner with athletes. Syal and Wimbush’s product does allow brands to draw contracts up on the platform.
Opendorse announced a $20 million funding round in December, with investors including Flyover Capital, Serra Ventures, Advantage Capital, Will Compton and former Formula One managing director Sean Bratches. Since its inception in 2012, Opendorse’s total funding now sits at roughly $40 million.
MOGL has relationships with Notre Dame, Holy Cross and Division III Winona State. It also has a working relationship with Washington State‘s Cougar Collective.
“NIL offers an incredible opportunity for athletes, brands, and fans to engage for mutually beneficial partnerships and experiences,” Syal said. “MOGL enables these parties to easily connect in a compliant manner.”