ToguMogu raises first pre-seed round from Bangladesh Angels Network
Bangladesh Angels, the pioneering angel investment network in the country, closed another pre-seed investment into ToguMogu, the country's first and leading 360-degree parenting services marketplace.
ToguMogu provides a trusted and personalised platform to help parents make decisions and take required services with convenience – from pregnancy to kindergarten.
From its inception back in 2017, the platform registered over 50 thousand monthly website visitors looking for parenting guides and ECD books. Later in 2020, they participated in the country's first virtual accelerator platform - Accelerate Bangladesh, powered by Bridge for Billions, BetterStories Ltd and Bangladesh Angels Network.
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In October 2020, they launched their app in the google play store. In less than six months of operations, ToguMogu is currently the #1 Parenting App in the Google PlayStore in Bangladesh and #3 in the sub-continent context - having over 20 thousand downloads in the process. The monthly active user base currently stands over 7 thousand users.
Nazmul Arefin, CEO of ToguMogu adds, "Investment through Bangladesh Angels Network helped us to allocate more resources for app and content development while keeping the momentum of our recovery from Covid impact over the business. In the first quarter of 2021, we have been able to achieve our milestones in terms of revenue and active app users. In Quarter 2 we are going to launch our second version of the app with a more user-friendly interface, personalized experience and better contents''.
This new investment from BAN is being used to develop the technological aspect of the platform, as well as a rounded team to execute on the business model, support the 2021 KPI of attaining 200 thousand app downloads and fulfil orders of more than 120 thousand.
Nirjhor Rahman, CEO of Bangladesh Angels adds his remarks, " Since the end of last year, the team has been on a tear, and their growth curve represents the fruit of their focused efforts under guidance from renowned mentors such as Adnan Imtiaz Halim from Sheba.xyz. We look forward to a long and successful partnership with the ToguMogu team."
