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Mitgo Ventures Funds Qoala’s Cashback Service Through $20 Million Publisher Investments Program

Mitgo Ventures Funds Qoala’s Cashback Service Through $20 Million Publisher Investments Program

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Mitgo Ventures, a key investment division 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. This strategic move is part of Mitgo Ventures’ ambitious new initiative—the global Publisher Investments program—which is set to deploy over $20 million in the next two years. With plans to allocate at least 20% of this fund to U.S.-based publishers, Mitgo Ventures has already seen a surge in applications from American projects.

Qoala’s browser extension has already reached an audience of 100,000 users in Latin America and Europe. It is a new-generation cashback service revolutionizing the space with its combined cashback and one-click checkout experience. The service partners with well-known brands such as Adidas, HP, Nike, IKEA, Vans,, ASOS, AliExpress, and many others.

Rafael Rubio, co-founder and co-CEO of Qoala, expressed enthusiasm about their partnership with Mitgo Ventures, emphasizing the transformative potential it brings: “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”, he added. 

The Qoala team includes e-commerce professionals and second-time entrepreneurs 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 focusing on B2B and great adaptability to large clients and their audiences,” says Max Volokhov, Managing Partner at Mitgo Ventures.

“Our 10+ years of experience at the intersection of e-commerce 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,” Max added. 

With this investment, Qoala also gains access to a broader network of advertisers through Mitgo Group’s existing partnerships in the U.S., Europe, and Latin America. 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. Focused on supporting projects 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.

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