Cloud Services Player AppDirect Raises $50 mn in Funding

By: Gizbot Bureau

Cloud services firm AppDirect today said it has raised USD 50 million in funding from a group of investors led by investment firm Mithril Capital Management. The San Francisco-headquartered firm will utilise the fresh investment in expanding its workforce and expand its global presence.

In a statement, AppDirect announced the raising of "USD 50 million in Series D funding led by Mithril Capital Management." AppDirect offers cloud service marketplace and management platform, which enables firms to distribute web-based services.

Cloud Services Player AppDirect Raises $50 mn in Funding

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The global network of AppDirect-powered marketplaces allows businesses to find, buy, and manage best applications the cloud has to offer. With this fresh round, the firm has so far raised a total of USD 100 million in funding.

"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 USD 110 million," it said.

This investment will enable AppDirect to continue its explosive growth, further drive innovation and redefine one of the fastest growing sectors of the cloud, the firm added.

"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," it said.

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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, it added.

"We are proud to deepen our partnership with AppDirect as it leads the broader macro transformation associated with software discovery, billing and cloud management in businesses of all sizes," Mithril co-founder and managing general partner Ajay Royan said.

Source: PTI

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