The cloud services and market management company, AppDirect, raised $35 million in Series C funding last week. Mithril Capital Management led the third round of funding and said the money will be used to ensure AppDirect continue to grow their marketplace for business apps, as well as the number of users each partner brings to the app store.
“Our investment will help AppDirect grow its team and service in order to drive its global impact as a major player in the cloud space,” said the co-founder of Mithril Capital Management, Ajay Royan.
Existing investors, iNovia Capital and Foundry Group, also participated in the Series C funding. Having secured $9 million in series B funding last September, this will be AppDirects second round of financing in under a year. The new funding is said to increase the value of the company to approximately $300 million.
Currently, AppDirect offers a platform for companies like Comcast, AT&T, Ruckspace and Stables to sell SaaS apps to small and medium sized businesses. According to Saks, the company reaches twenty million businesses through its network, and has 30% more users month to month. The company has grown its reach from 80 to 150 countries within a year.
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