AppDirect Nets $140M in Funding for Online Marketplace Cloud
Some analysts believe that the large 9 figure investments in startups are over. Tell that to AppDirect, which just bagged up $140M in investment capital. AppDirect’s feat is even more impressive given the fact that the company’s last round happened 8 months ago. In AppDirect’s previous round of funding, they cloud software provider was able to net around $50M.
So exactly what is AppDirect? With AppDirect, businesses are able to sell software through an online marketplace. The platform helps organizations sell and manage software sales on their websites. Think about large telecommunications providers and the services and software that they deliver to end users. AppDirect has a client list that includes Comcast, Deutsche Telekom, Telstra, ADP and more.
“This new round of funding validates our vision and traction in the market, and will allow us to put cloud services in the hands of millions more businesses through local, trusted providers. We look forward to helping even more companies of all sizes and stages of growth sell and manage their own SaaS applications,” says AppDirect CEO Daniel Saks.
AppDirect is responsible for providing users with access to apps. Analysts have given AppDirect a valuation of $1.35B, making AppDirect one of the few startups that is currently worth over 10 figures. AppDirect says that its portals have over 1M combined subscribers worldwide, which is an impressive feat for a startup cloud software provider.
The new investment capital will be used to support ongoing operations and expansion. AppDirect will also use the money to help deal with its rapid increase in customers. Some analysts speculate that AppDirect has experienced a 300% increase in customer adoptions over the past 12 months. AppDirect has also introduced monetization methods for value added resellers, helping organizations make money by selling cloud apps. JP Morgan helped facilitate the investment round.
