Mojn Secures $4 Million Funding to Accelerate Growth
3 February, 2014 – London – Copenhagen – Mojn, an innovator in real time retargeted emails, today announced that it has raised USD 4 million in Series A financing. This comes following the launch of its unique email retargeting solution for e-commerce businesses. The funds will be used for continued global expansion following the recent opening of a new office in London.
The USD 4 million deal round was led by Northzone in Copenhagen and London with participation from Notion Capital in London and Zoar Invest in Copenhagen. Northzone was an early investor in TrustPilot, Spotify, Avito and Lastminute.com.
While email as a marketing vehicle for e-commerce companies is driving significant revenue generation, email marketing has not been retargeted on a broad scale even though the performance increase is significant and proven. That is now changing rapidly as Mojn has overcome the technological barriers to create customized emails to eCommerce businesses’ webpage visitors in real time. The solution is cloud-based, simple to implement and fully scalable.
Commenting on the deal, Northzone Ventures’ general partner Gregers Kronborg said, “Northzone is excited to be leading this investment and to be supporting Mojn and its impressive team as they set out to define email retargeting. We see strong potential for Mojn to become the global category winner of performance email targeting.”
Mojn now provides its international customer base with automated banner ad retargeting as well as the novel, yet already proven, email retargeting solutions. Mojn’s business customers include:
Kuoni/Apollo, SmartKids, Momondo and Hifi-Klubben.
Carsten Hyldahl, Mojn co-founder, comments; “We are moving into big revenue streams with a unique system that merges advertising, device mapping and marketing. We’ve gathered a set of truly outstanding individuals and personalities – ranging from Ph.D.’s to serial entrepreneurs – and I’m excited by the prospect of being part of a game-changing team.”
Founder, Thomas Jensen adds: “Our journey started in 2009 just as the financial crisis took off. So what do you do when you have a fantastic idea – and no money? In our case the help came from Inger Rosenkilde (owner of IMR Holding) who supplied USD 3 million in seed capital during a period of 5 years. Inger is an emotionally engaged investor whose beliefs, ethics and moral code inform her investment decisions – and this felt appropriate since Mojn is a company with a lot of heart. The wonderful people at Notion Capital and NorthZone are also now on board and we can complete our UK expansion and become a noticeable threat to the range of incumbents with antiquated tech and market models. Our first product – Performance Email Targeting – is delivering unparalleled results for our clients but there’s a lot more to come. Indeed, our goal is to push the envelope even further until we’ve made a major impact on the society that surrounds us.”
Stephen Chandler, managing partner at Notion Capital, comments; “Less than 5% of email marketing is personalised. Mojn makes it easy to deliver relevant and personalized marketing content to all website visitors and with the results this delivers, we believe they have the potential to build a very big business.”
Mojn, founded in 2009 in Denmark by Thomas Dahl Jensen and Carsten Hyldahl under the name RealTime Targeting, is a software-as-a-service company with the overall goal to create the simplest retargeting solution in the market. They are determined to help eCommerce find and communicate with their lost customers and thereby increase the likelihood that they will return to their site instead of to a competitors’. They provide retargeting solutions to any size e-commerce and on average their banners are 400% more effective than standard banner ads or Google Adword campaigns. Learn more at www.mojn.com.
Northzone is the leading technology investment partnership in the Nordics. Over the past 17 years Northzone have been chosen by some of Europe’s most exceptional entrepreneurs as a long-term partner for growth. Northzone have thus far invested in over 90 companies, injecting some 200 years of collective operational and investment experience into businesses that truly make a difference. Northzone is investing out of its 7th venture fund, and has offices in Copenhagen, London, Stockholm and Oslo. Northzone is also known for its investments in Spotify, TrustPilot, Napatech, Asetek, Avito, Stepstone and Lastminute.com. Learn more at www.northzone.com.
About Notion Capital:
Notion Capital is an entrepreneur-backed venture capital firm focused on high potential businesses in the Cloud Computing and Software-as-a-Service (SaaS) markets. The Notion partners have unique expertise and experience in the Cloud Computing market having founded, built and exited two highly successful businesses in the space – Star and MessageLabs. Companies within Notion’s portfolio include AdBrain, Brightpearl, Duedil, Idio, NewVoiceMedia, Rockabox, The Currency Cloud and Tradeshift. Learn more at www.notioncapital.com.
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