Exclusive: NIL platform MOGL closes seed funding

MOGL, an NIL marketplace and technology platform, raised $2.6 million in seed funding led by Magarac Venture Partners, the company exclusively tells Axios.

Why it matters: In less than two years, the NIL (name, image and likeness) market for college athletes is already close to $1 billion.

What's happening: Athletes earned an estimated $917 million in the first full school year of NIL activity.

• "It's definitely a noisy landscape, though we would say that over the last six months it's really been becoming a lot quieter," MOGL CEO Ayden Syal tells Axios. "Especially as market dynamics have forced a number of our competitors to close shop."

What's next: The funding will primarily go "towards expanding name, image and likeness opportunities to more athletes and more schools," Syal says.

• He added: "Recently, we launched SaaS products that will help us to really power the collective operations for university collectives and also for university programs."
• MOGL will also launch a mobile app in the coming months.
• In addition to Magarac, investors included PivotNorth Capital, Penske Media Corporation, Chaos Ventures, Litquidity, Sand Hill Angels, Platform Venture Studio, and four professional athletes including All-Pro NFL Safety Minkah Fitzpatrick and former NFL safety Will Allen, who is a partner at Magarac.

Catch up quick: The company was founded in 2019 by Notre Dame alumni Syai and Brandon Wimbush, a former starting QB for the Fighting Irish.

• MOGL is used by over 10,000 student-athletes across the United States and over 1,500 participating businesses and brands.
• The company has partnered with universities across all NCAA divisions including Notre Dame (D-I), Holy Cross (D-I-AA), and Winona State (D-II), among others.