Spanish social-powered mobile app discovery platform Geenapp has received $250,000 after successfully closing its first funding round.
Geenapp handles over 20,000 active offers daily, connecting app developers and publishers with consumers via pay-for-installation offers.
Content providers receive a link that they can share across social media or web to recommend apps to their audiences. Based on a revenue share platform, they receive a percentage of every app installation.
The platform tracks popularity of downloads based on device and OS used, country of residence, areas of interest and personal preferences. Offers are presented based on popularity of the app, rate of conversion and monetary value.
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The cash injection came from multiple investors, including Wayra, Telefonica’s global start-up accelerator, Pedro Navarette, former vice-president of Sony Europe, and César Bardaji, a former executive at PepsiCo.
Operating in 137 countries, the firm also announced that it has broken even and is planning to expand its business further.
According to Geenapp CEO Jaime Ferré, the new funds will ensure his firm can assist developers by helping them find the right audience.
“The greatest challenge facing developers is getting their apps in front of the right audience, while publishers are always looking for new ways to monetise their traffic – Geenapp addresses both these issues by harnessing the power of person-to-person recommendation on an international scale,” said Ferré.
“The success of this first round of financing, plus our rapid growth, validates the unique business model we have created.
"After completely restructuring the company earlier this year, we have experienced exponential growth and have already achieved our breakeven point in four months.”