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October 7, 2015

Cloud seller bags $140 million funding

News: Cloud marketplace platform supplier attracts big investors.

By Alexander Sword

AppDirect, a firm runs a platform that sells and manages cloud service marketplaces closed a funding round for $140 million.

The San Francisco-based company, which claims to power cloud service marketplaces reaching a quarter of the world’s small businesses through partners such as ComCast and Deutsche Telekom, has now raised $245 million since 2009.

The funding round was led by J.P. Morgan and saw participation from existing investors including Foundry Group, iNovia Capital, Mithril Capital Management, StarVest Partners and Stingray Digital.

The capital will be used by to invest in capabilities to innovate on its core platform, which includes catalogue management, identity management, subscription billing and data management.

Recently AppDirect has expanded its global team with offices in London and Asia and announced its acquisition of AppCarousel, allowing businesses to access applications on several devices.

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