Company & Culture

AppDirect Raises $35 Million Series C to Drive Growth of Cloud Economy

By Dan Saks / April 9, 2014

At AppDirect, we’ve always believed that the success of our company depends on our ability to move fast and make smart decisions all while remaining true to our vision and values. That’s part of what makes today so exciting; this morning, we sent a press release over the wire announcing that we have raised $35 million in Series C funding.

We founded AppDirect with a simple vision—to make it easy for businesses to find, buy, and use the services they need to be successful. In less than five years, we have made an amazing amount of progress and our Series C funding enables us to move even faster to make that vision a reality. We will continue to drive growth and innovation in the global cloud economy at lightening speed.

Our Series C funding is also significant because of who our investors are. The round was led by a new investor, Mithril Capital Management, a firm co-founded by Ajay Royan and Peter Thiel that focuses on the long-term development and success of companies. Mithril is strongly aligned not only with our vision, but also our philosophy for creating a values-based culture. Our values have been the bedrock of our success, and they will continue to guide us as we shape the future of software delivery.

Our existing investors, including iNovia Capital, the Foundry Group, and StarVest, also took part in the round. Their participation underscores their confidence in our ability to execute on our vision and strategy, and we feel privileged to work with firms that not only share our ideals, but are also focused on truly disruptive, game-changing technology.

To complement the funding news, today we’re also unveiling some metrics that provide a snapshot of our tremendous growth over the past year. In the past 12 months, we’ve increased our reach from 12 to 20 million businesses worldwide, the number of users on our platform has increased 200 percent, and application sales have grown by more than 25 percent month over month. By this time next year, we’re confident that even these figures will seem small by comparison.

What does this mean for our existing customers and partners? We will continue to execute on our vision, and have more resources to grow and scale. We will continue to enhance our platform with innovative features and functionalities and expand our team.

To learn more about the Series C, our investors, or our growth metrics, please read our full press release. We are excited to take the next step forward in driving the growth of the global cloud economy.