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TMCNet:  AppDirect Completes $3.25 Million Seed Round of Financing

[May 20, 2011]

AppDirect Completes $3.25 Million Seed Round of Financing

May 20, 2011 (Close-Up Media via COMTEX) -- AppDirect announced at the Under the Radar Conference the completion of a $3.25 milion seed round and introduced a new way for businesses to find, buy and use web-based software.

Through a network of branded application marketplaces, AppDirect said it aims to become a central hub in the growing community of distributors, developers, and users of business applications.

"Hundreds of incredible web-based applications exist today that can help businesses operate more efficiently," said President and co-founder Daniel Saks. "However, many businesses have trouble finding the right web-based solutions and struggle to manage them across multiple sites. We believe our network will reinvent the way businesses find, buy, and use applications in one experience." The AppDirect "Business Application Network" provides businesses with a single place to subscribe to applications, provision access to their colleagues, and pay one monthly bill for all of their app subscriptions. With the public beta launch, users can now start signing up and browsing through AppDirect's inventory of applications. To help businesses find the perfect solutions, AppDirect has developed an intelligent recommendation engine that guides users towards the most relevant applications for their business.

Developers can distribute their applications through the Network by connecting to the AppDirect API. AppDirect offers application developers greater reach to businesses through its branded Marketplace-as-a-Service platform. Their first white-labeled marketplace, the Bell Business Apps Store, was launched by Canada's largest telecommunications company to service their significant base of SMB clients.

In addition, AppDirect has announced the close of $3.25 million seed round led by iNovia Capital. They plan to use the funding to scale their engineering team and extend their Application Network to foreign markets.

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