AppDirect announced $50 million in Series D funding led by Mithril Capital Management.
New investors Henry Kravis and Paul Fribourg join existing investors Mithril, Foundry Group, iNovia Capital and StarVest Partners to bring the cloud commerce compay’s total capital raised to $110 million.
“This new funding will enable us to continue our growth and further drive innovation and redefine one of the fastest- growing sectors of cloud computing, cloud service commerce,” Daniel Saks, CEO at AppDirect, told eWEEK. “Over the next year we’ll expand geographically to increase our global market share in Europe, Asia and Latin America regions.”
The company currently has offices in San Francisco, Ottawa, Boulder, Munich, Montreal, Stockholm, Sydney and Singapore.
“In 2015 we plan to expand our presence abroad and open a new office in Silicon Valley, Saks said. Overall. The company plans to increase its workforce to more than 300 employees.
“Our long- term vision is to power the global cloud economy. We’ve been relatively under the radar over the past few years, and with the massive demand for cloud services, 2015 is just the tipping point,” Saks said.
AppDirect’s platform enables businesses to find, buy and use software, creating one ecosystem for developers, providers and consumers.
“Service providers, such as Comcast, Deutsche Telekom, Telstra, and Samsung, can offer their business customers the ability to find, buy, and manage cloud services from one location with a seamless sign-on and billing experience,” Saks explained. “Companies selling and distributing software, such as Microsoft, Box, Mozy or DocuSign, gain more efficient and effective ways to distribute and sell their cloud software by integrating with the AppDirect platform once and extending their distribution reach to many, many customers across AppDirect-powered marketplaces and the company’s ecosystem.”
Saks noted offering customers a diverse set of services in the cloud is a key growth opportunity for many companies and making that happen quickly and in an expansive way is not easy.
“We know that small businesses look to buy software through a local trusted provider, and often that means a telecommunications company or cable company that they have established a relationship with for phone, cable and Internet services,” Saks said. “Our platform powers the business marketplaces where those small businesses can buy the apps they need to run and manage their businesses more efficiently, ultimately giving them the tools they need to survive.”