Mobile market intelligence firm Sensor Tower has received $45 million in investment from a new strategic partnership with private equity firm Riverwood Capital.

This is the first time Sensor Tower has taken on investment since its initial seed round of $1 million back in 2013. The money will be used for "innovating and redefining" its mobile marketing intelligence offerings.

Scrappy roots

"Coming from scrappy roots and minimal investment to be the company we are today, we're excited to be partnering with Riverwood Capital," said Sensor Tower co-founder and CEO Alex Malaeev, co-founder and CEO.

"We believe this new chapter will allow us to accelerate our growth, innovate, and develop comprehensive solutions for an ever-changing mobile ecosystem. Furthermore, we’re excited to partner with Jeff Parks, Ramesh Venugopal, and John Yang from Riverwood on the next phase of our growth."

Sensor Tower most recently adjusted its predictions for European mobile app market revenues down to $20.8 billion in 2022, a $3 billion drop from previous expectations. It blamed the coronavirus pandemic for this expected fall.