Durham-based Appia, a fast-growing firm that works with mobile service providers, publishers and advertisers to attract new customers, secures $5 million in debt financing and will use the capital for expansion efforts.
Appia currently has numerous openings and plans to hire additional people with an emphasis on sales and marketing, says Chief Executive Officer Jud Bowman.
North Atlantic Capital is providing a portion of the funding. At the same time, Appia also expanded its debt facility with Silicon Valley Bank.
“We’re excited to partner with North Atlantic as we build Appia into the leading non-incentivized mobile user acquisition network in the
market,” Bowman said. “This investment is an important one due to the massive growth we’ve seen over the last 18 months. This growth capital will help accelerate Appia’s continued momentum towards creating a best-in-breed mobile ecosystem focused on the consumer and benefiting both our publishers and advertisers.”
Appia does not disclose revenues, but Bowman said income more than tripled in 2012 from 2011.
“Appia is solving two major problems that mobile app developers face today – discovery and distribution. Appia helps drive high-quality user acquisition for leading app developers through its network of publisher partnerships. At the same time, Appia helps publishers generate more revenue by delivering high-quality content. As the app ecosystem continues to evolve, Appia will serve as a vital partner for developers and publishers alike,” said David Coit, managing partner at North Atlantic Capital.