Canadian-made AppDirect raises $140 million Series E

AppDirect

TechCrunch is reporting that AppDirect has raised a $140 million Series E funding round, led by J.P. Morgan, with participation from the company’s existing institutional investors: iNovia Capital, Mithril Capital Management, Stingray Digital, and Foundry Group. To date, the company has raised a total of $245 million USD.

The San Francisco-based company essentially uses cloud infrastructure to connect app developers with app-hungry businesses and is not without Canadian connections. AppDirect’s co-founders, Daniel Saks and Nicolas Desmarais, are from Niagara Region and Montreal, respectively. The company also has offices in Montreal and Ottawa, and recently acquired Calgary’s AppCarousel (more than half of AppDirect’s employees work outside of the U.S.).

The international profile is significant, as Saks told TechCrunch that over half of AppDirect’s revenue comes from outside the U.S. While noting that “we are very prudent with out capital,” Saks also said AppDirect will use part of the new funding to expand its international growth.

Douglas Soltys

Douglas Soltys

Douglas Soltys is the Editor-in-Chief of BetaKit and founder of BetaKit Incorporated. He has worked for a few failed companies and written about many more. He spends too much time on the Internet.