$50 Million Series D Funding Led by Mithril Capital Management; Revenue More Than Doubles for Fourth Straight Year
SAN FRANCISCO - Wednesday, February 11th 2015 [ME NewsWire]
(BUSINESS WIRE) - AppDirect, the leader in cloud service commerce, announced today $50 million in Series D funding led by Mithril Capital Management. The rapid pace of innovation coupled with new consumer demands is changing the way businesses service their communities. AppDirect is the catalyst helping businesses go to market fast and thrive in a digital world. AppDirect’s platform enables businesses to find, buy and use software, creating one ecosystem for developers, providers and consumers.
“We are committed to making software accessible and empowering the global software economy through cloud service commerce,” said Daniel Saks, co-founder and co-CEO of AppDirect. “We’re dedicated to delivering the best omni-channel cloud service experience to our customers across the world. As the cloud becomes increasingly critical for businesses of every size, our strategy enables all cloud services, across all channels, all verticals, all devices, for all types of businesses.”
Customers’ rapid adoption of AppDirect’s services has positioned the company to double year-over-year revenue once again. New investors Henry Kravis and Paul Fribourg join existing investors Mithril, Foundry Group, iNovia Capital and StarVest Partners to bring AppDirect's total capital raised to $110 million. This investment will enable the company to continue its explosive growth, further drive innovation and redefine one of the fastest growing sectors of the cloud.
“AppDirect’s high-quality growth and expanded product capabilities have cemented its leadership position in the new category of cloud service commerce. We are proud to deepen our partnership with AppDirect as the company leads the broader macro transformation associated with software discovery, billing, and cloud management in businesses of all sizes,” said Ajay Royan, Mithril’s co-founder and managing general partner. “AppDirect doesn’t just make technology; it makes technology intuitive and easy to use.”
With the new capital, AppDirect will expand its global market share by devoting resources to scale its sales, marketing and client services teams, and will continue to forge new partnerships to drive innovation and value across global offices. This year, AppDirect plans to increase its employee count to over 300, expand its Munich and Montreal offices, and open a new office in Silicon Valley. AppDirect also plans to increase its presence in Asia and Latin America.
"Providing a diverse set of cloud services that can be effectively monetized and managed on demand is easier said than done. Offerings like the AppDirect cloud service commerce platform that focus on removing the complexity of buying and selling cloud services will fill an important gap in enabling an omni-channel cloud experience,” said Agatha Poon, Research Manager, Global Cloud Computing, 451 Research. “As the cloud delivery model continues to mature, strong interest from the investor community, as we’re seeing today, is a sign of market validation.”
AppDirect will continue to innovate on product to provide the best cloud solution on the market. AppDirect-powered marketplaces, billing and distribution, and reselling services help providers – including Samsung, Telstra, Deutsche Telekom, ADP and others – connect millions of business users to solutions from Microsoft, Google, Box, DocuSign and more.
"AppDirect opened a new market for software makers by helping small businesses find software and use it well," said Peter Thiel, chairman of Mithril's investment committee and author of Zero to One. "As that market grows, Nicolas and Daniel have put AppDirect on track to turn their early wins into a durable franchise."
AppDirect has continued to win awards and accolades for its fast-growth, innovative technology and leadership in cloud service commerce. Recognition this year includes Forbes 30 Under 30, Forbes Most Promising Company for 2015, and CRN Coolest Cloud Computing Vendor of 2015.
Click to tweet: @AppDirect to empower the global cloud economy with $50M Series D to fuel cloud service commerce. http://bit.ly/1M7KHNQ
Follow AppDirect on Twitter: @AppDirect
AppDirect is the cloud service commerce leader making software and products accessible globally. The AppDirect cloud service commerce platform unites providers, developers and consumers of cloud services into a single ecosystem. This makes it easy for businesses to find, buy, manage and monitor cloud services from a central location and delivers new opportunities to distribute, sell, and market cloud services. AppDirect-powered marketplaces, billing and distribution, and reselling services help providers – including Telstra, ADP, Samsung, Deutsche Telekom and others – connect millions of businesses to solutions from Microsoft, Google, Box and more. AppDirect is headquartered in San Francisco with global offices. Learn more at www.AppDirect.com.
Mithril is a global firm that invests in leading growth companies by partnering with teams who use technology to build valuable and lasting businesses, often in industries long overdue for change. Each of these businesses is unique, but all face common challenges to unlocking long-term growth. Mithril helps navigate these critical inflection points by investing in size and with conviction. www.mithril.com @ajayatmithril
AppDirect Media Contact:
Mithril Media Contact:
Sard Verbinnen & Co