Fragmob, which provides mobile technology in the direct selling industry, closed a $3.2 million convertible debt funding round led by Global Trust Group’s Global Technology Fund. Fragmob’s two founders, Jade Charles and Jonathan Shapiro, also joined in the funding round.
Fragmob, Direct Selling’s mobile technology innovator, has closed a $3.2 million convertible debt funding round led by Global Trust Group’s Global Technology Fund and Fragmob’s two founders, Jade Charles and Jonathan Shapiro. The funding raised will provide working capital as Fragmob builds its team to meet the growth in new clients and execute upon a strong pipeline. Additionally, the funding will help expedite product development in Fragmob’s mobile, analytic and commerce products. The company expects to raise a larger round of financing in early 2016.
Robert M. Sigler, Manager of Global Trust Group said: “As a seasoned operator and investor, I have been impressed by Fragmob’s ability to identify and develop a powerful solution to a large market opportunity and execute on a disciplined business strategy.”
Fragmob serves ItWorks!, Organo Gold, LifeVantage, Omnilife, Purium, ViSalus and other leaders in both the MLM and Party Planning aspects of Direct Selling, an industry which generates an estimated $34 billion in annual sales in the United States and $182 billion globally. Fragmob’s flagship offering, the Frag DS platform, turns a sales rep’s smartphone into an immediate point of sale, a tracking system for orders and a guide to the best sales and team actions to take in real-time. The platform also provides unprecedented analytics intelligence, giving client companies the added value of crucial, never-before-seen data on the activity of their sales force.
Prospector is the recent feature addition to Frag DS. The powerful enhancement gives distributors an easy and efficient way to identify, rank and communicate with prospects through an intuitive, user-friendly interface inspired by gamification and the popular “swipe to sort” format. Prospector also streams continuous benefits to corporate and the upline by providing unprecedented visibility into field sales activity, helping identify top performers, discover trends and customize distributor training.
“Our dramatic growth over the past year happened for a reason, and this infusion allows us to get our mobile technology in the hands of those who need it most – which is everybody,” CEO Jade Charles said.
Charles launched the San Diego-based company in 2011 with co-founder, President and CFO Jonathan Shapiro.
“With more than 100 million independent sellers working in the Direct Sales industry globally, the time is ripe for disruption via mobile and data analytics,” said Shapiro. “The recent funding will fuel our momentum and help us transform a quiet giant of an industry through technology.”
A global mobile software provider, Fragmob instigates action through technology that enables Direct Selling companies to realize the benefits of a powerful mobile solution. Servicing hundreds of thousands users in more than 50 countries, the Fragmob mobile platform drives Direct Selling distributors towards the most focused, effective actions for their business in real-time and delivers actionable metrics so clients and users can achieve higher sales in less time. Visit Fragmob at http://fragmob.com/ and on Twitter at @Fragmob.