Mogeneration raises capital for expansion drive
Digital publishing solution provider Mogeneration has completed a first round of capital raising to fund its expansion plans.
The announcement:
Mogeneration, a leader in digital publishing solutions, today announced it had successfully completed a first round capital raising to enable it to focus on the rapid expansion of its business in the Australian market and continued expansion internationally.
Founded in September 2008, Mogeneration initially focused on publishing to the fast growing market of touch devices, primarily the iPhone. Its first project was creating the iPhone version of The Australian: iphone.theaustralian.com.au.
The launch of the Apple app store saw the company expand its offering and the creation of a cost efficient and easy-to-use application platform for publishers. This platform, called Oomph is used by Australia‟s leading publishers to extend the channels for their rich content to the iPad, iPhone and Android powered tablets.
Current Mogeneration clients include ACP Magazines, News Limited, Haymarket Media Group and Oxford University Press, and the Oomph solution is empowering leading magazine applications including the Australian Women’s Weekly, Shop „til You Drop and Gourmet Traveller, as well as the Android version of The Australian.
Investors in the multi-million dollar round include individuals involved in some of Australia‟s most successful digital businesses, including Spreets.com, Hitwise and Getprice.com.au. The company will shortly add Andrew Walsh and Simon Chamberlain, previously of Hitwise, and Chris Hitchen of Getprice.com.au and News Digital Media to its Board. They will join Mick Liubinskas from Pollenizer and co-founder and CEO, Keith Ahern.
“This investment and board formation has come at a pivotal time for the business. Mogeneration has established clear leadership in an area that promises the highest potential for publishers since the advent of the internet itself,” said Mogeneration CEO, Keith Ahern.“25-30% of magazine circulation is predicted to occur via tablet devices within five years. In this environment, the simplicity of the Oomph solution enables all publishers and content owners to take the step of extending their content to tablet devices, including the iPad and Android devices, with consummate ease,” said Ahern.
“I am delighted that our customer list and continued success in this high growth area has attracted such high calibre investors who not only share our vision, but by joining our Board show that they are also committed to assisting us to realise our goals of Australian and international expansion.”
The management team overseeing the day-to-day operations of Mogeneration includes CEO Keith Ahern, Chief Technology Officer and co-founder Tom Adams and Head of Client Services, Dan Swan. The capital raised will see Mogeneration expand its sales and marketing departments.
