MOGU is a Spanish software platform for travel agencies, DMCs and tour operators, co-founded by Andrés, Héctor, Alberto and Sara.
With more than 650 agencies worldwide and a presence in Spain, Latin America and the US, the company has evolved into a SaaS model open to any business in the sector, also adding AI to its platform.
| Startup | MOGU |
| Sector | Travel Tech · SaaS software for travel agencies, DMCs and tour operators |
| Business model | B2B SaaS, operating in Spain, Latin America and the US |
| Headquarters | Madrid |
| TSCFO services | Fractional CFO and financing |
| Main challenge | Scaling the technology and complementing its funding round with non-dilutive capital |
| Solution | Fractional CFO + public funding (ENISA), with ongoing tax optimization |
| Key result | €700,000 in ENISA funding secured in about 4 months |
— 01 · STARTING POINT
A travel software company with ambitions beyond travel agencies
MOGU was already generating revenue and growing, backed by a private funding round, but its technology ambitions were moving faster than its financial capacity to support them. The challenge was scaling the company’s technology to keep growing both in revenue and product strength a path that would soon lead to launching a SaaS version of its platform open to any business, not just travel agencies.
To support that growth, MOGU brought in The Startup CFO as its fractional CFO. Very shortly after we started working together, a second goal emerged: complementing the capital already raised with public funding that wouldn’t dilute the shareholders.
That’s where, beyond the CFO role, we started working with MOGU on financing too.
— 02 · WHAT WE DID
A fractional CFO that also led public funding
At The Startup CFO, we combined two closely related fronts: strategic financial management as fractional CFO, and access to public funding to complement the private capital already raised.
Fractional CFO from day one
We worked closely with MOGU’s team to understand its real needs, prioritize financial decisions, and support the business’s growth.
ENISA funding
We led the application, the ratio analysis, and the defense of the case before ENISA’s board, a more demanding process than the standard committee review.
Ongoing tax optimization
We’re currently working on R&D tax deductions and preparing new technology funding alternatives, such as CDTI.
— 03 · A DEAL THAT WENT ALL THE WAY TO ENISA’S BOARD
When analyzing and defending the case matters more than the application itself
MOGU’s ENISA operation wasn’t a standard application: given its size and characteristics, it had to go through ENISA’s board, a more demanding review level than the usual committee. We met several times with the operation’s analysis director, and in parallel held multiple internal meetings, both with MOGU’s team and within The Startup CFO to build and review the case.
We had to clearly convey both MOGU’s financial position and the logic behind its growth plans. The result: the €700,000 was approved and reached Mogu’s account in around four months.
— 04 · RESULTS
Funding secured, technology reinforced, and a relationship that keeps growing
ENISA
Secured in about four months, complementing the private funding round already raised.
Tax optimization
Ongoing work on R&D tax deductions and new technology funding lines.
A trusted partner
A close relationship, including joint webinars and direct feedback on what adds the most value.
Since we started working with MOGU, we’ve combined the perspective of a fractional CFO with the ability to execute specific funding operations. The €700,000 ENISA grant was one of the key milestones, but it’s part of a broader goal: giving Mogu a financial structure that evolves at the same pace as its technology.
That funding allowed MOGU to keep investing in its platform with greater financial peace of mind, while the product kept evolving, from a tool for travel agencies to a SaaS platform open to any business in the sector, now with AI built in.
What we value most about this collaboration is the closeness with the team: we don’t just work with MOGU when there’s a round or a funding application on the table, but continuously, helping identify which financial decisions actually move the needle. We keep working alongside them so that technological growth comes paired with financial control and access to funding.
— 05 · WEBINAR IN COLLABORATION WITH MOGU
ENISA for startups: step by step
