Mogreet, a Los Angeles-based mobile video marketing startup, is today announcing that it has raised $4.1 million in strategic capital. The round was led by Black Diamond Ventures, with participation from existing investors, including DFJ Frontier, Ascend Ventures, Bryant Park Ventures, and Draper Associates. The new infusion of capital brings the startup’s total funding to $14.1 million.
Along with expanding its international presence, Mogreet will be using the funding to support its recently launched product, moShare. Launched in 2006, Mogreet has built a distribution platform for mobile messaging, which specializes in the delivery of rich media, specifically video and MMS, to mobile devices. The startup works with both Fortune 500 companies and SMBs in over 170 countries to help them better engage their audiences. Mogreet currently accounts for over 70 percent of MMS messages sent by marketers in the U.S.
The team said that both SMBs and corporations alike are increasing their mobile marketing budgets to meet the growing demand for MMS capabilities from both marketers and consumers. As a result, the company saw 1,000 percent growth in mobile video distribution last year, as companies and consumers move to evolve their mobile communications from SMS to MMS.
Mogreet is leveraging the growing demand for rich mobile messaging and its domestic share of the MMS market to expand upon the recently launched moShare, which offers a quick way to share videos, photos, songs, articles, and other content to mobile phones. The mobile sharing service, which is built on top of the company’s MMS platform, enables publishers, app developers, bloggers, and advertisers to share their content to any mobile device, regardless of carrier or device type.
Publishers can simply add Mogreet’s share button to their website or blog to share directly to readers’ devices, along with taking advantage of analytics and reporting capabilities to get a better sense of how their content is being shared. The startup believes that, while Facebook and Twitter give consumers and advertisers quick, easy ways to send messages to larger groups of people, publishers prefer one-on-one, more conversational communication with their users. With 95 percent open-rates on those personal messages, Mogreet thinks they can persuade brands to make the switch.
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