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App Annie raises $15 million to sharpen its app store market intelligence

Sequoia Capital joins the party as lead investor
App Annie raises $15 million to sharpen its app store market intelligence
Date Type Companies Involved Size
Sep 18, 2013 investment Sequoia Capital $15m

Underlining the importance of smart data, app store market intelligence outfit App Annie has closed a $15 million Series C funding round.

Even so, CEO Bertrand Schmitt claimed the company "could have easily raised a larger round", although its "efficient business model" means it didn't need more money.

App Annie says it's doubled its user base and tripled monthly recurring revenues over the past 12 months on the back of the exploding global app ecosystem.

Growing upwards

In terms of funding partners, the round was lead by Sequoia Capital's US fund, with participation from previous investors IDG Capital Partners, Greycroft Partners, e.Ventures and Infinity Venture Partners.

To-date, App Annie has raised over $22 million in VC funding.

The cash will be used to accelerate product development, and grow its sales and marketing resources, especially in terms of Asian and European operations.

As part of the deal, Sequoia partner Tim Lee and Greycroft venture partner Alan Gould will join the App Annie board.

"With a seasoned management team, a world ­class product development center and an extremely loyal customer base, we believe App Annie is well­ positioned to become the gold standard for analytics in this new digital economy," Lee commented.