Mitgo Ventures invests in Qoala cashback service in $20M program

Mitgo Ventures, an investment arm of one of the world's leading MarTech companies, Mitgo Group, has invested in Spanish next-generation cashback service Qoala. It is a browser extension that allows users to get cashback and automatically apply coupons in over 4,000 stores. For Mitgo Ventures, this is one of the first investments in its new global Publisher Investments program of more than $20 million over the next two years. This investment program is accessible in the Indian market as well. Mitgo Ventures estimates that at least 15% of the overall current 20$ million investment plan will be invested in publishers from APAC.

Qoala’s browser extension has already reached an audience of 150,000 users in LATAM and Europe and is considering entering the Indian market in the future. It is a new generation cashback service that is revolutionizing the space with their combined cashback and one-click checkout experience. The service partners with such well-known brands as Adidas, HP, Nike, IKEA, Vans, Booking.com, ASOS, AliExpress and many others.

"We are thrilled to announce a strategic investment and partnership with Mitgo Ventures, marking a significant milestone in our journey toward becoming the premier cashback solution across Europe and Latin America. This collaboration aligns us with a major industry leader, Mitgo, whose expertise and standing in the market are unparalleled. Together, we are poised to redefine the cashback landscape, leveraging our combined strengths to enhance user experiences and extend our services to over 1 million users in the coming year", believes Rafael Rubio, co-founder and co-CEO of Qoala. 

The project team includes e-commerce specialists and second-time founders with many years of experience in the industry in focus regions. It was their strength and enthusiasm that was one of the decisive factors in attracting investment.

"We are entrepreneurs as well, and it's great to see an energetic and inspired team that has the necessary skills in addition to passion. Qoala is great at combining both the B2C component and value to the user, as well as focus on B2B and great adaptability to large clients and their audiences. Our 10+ years of experience at the intersection of ecommerce and marketing allows us to offer dozens of ideas to accelerate their growth and increase revenue per user. And given the experience of our own startup studio and venture fund, we know 99 mistakes that most often ruin young projects, and will help Qoala avoid them," says Max Volokhov, Managing Partner at Mitgo Ventures.

In addition to capital and expertise, Qoala will also gain the opportunity to work with an expanded number of advertisers who already partner with Mitgo Group in India, Europe and LATAM. The group currently has contracts with more than 30,000 brands and online stores.

The investment in Qoala will be the first in a series of many under the Publisher Investments program launched by Mitgo in 2023. Aimed primarily at projects working in the FinTech, smart shopping, gig economy, generative AI, HRtech, MarTech, Influencer and no-ads sectors, the program intends to help publishers solve one of the biggest issues they face: finance gaps and cash flow problems that stand in the way of growth. 

Applicants must also currently - or plan to through investment - earn more than 50% of their revenue from “cost per lead”, “cost per click”, “cost per sale” and other performance-based models or have the potential to become a tech partner for affiliate publishers.

Initial investment capital of the program is at $20 million over the next two years, but this amount will increase depending on the number of promising applications from publishers. Mitgo Ventures has already received numerous applications from India, and the influx continues.