Ascent Venture Partners and Cedar Fund have poured $4.3 million into StartApp, a mobile ad network specializing in monetization and distribution for Android applications. The company launched in September 2011, and will use the funding to expand its technology. Ascent led the round, with participation from Cedar Fund – an early investor in the startup.
StartApp, a mobile ad network specializing in monetization and distribution for Android applications, announces today that it has raised $4.3 million dollars in funding from Ascent Venture Partners and Cedar Fund. The funding round for StartApp was led by Ascent with participation by Cedar Fund, the company’s seed investor. The round follows impressive growth in downloads for the company’s product which provides Android developers with a truly effective solution to monetize their mobile apps.
In just six months since launching in Sep 2011 StartApp’s monetization solution has been integrated by mobile developers into 1,500 Android apps that have collectively achieved more than 50 million downloads. The additional funding will allow StartApp to expand the scope of its solution, reach even more users and enable additional Android developers to successfully monetize their apps.
“We are thrilled with the results of our funding round from leading early-stage venture investors, Ascent and Cedar,” said Gil Dudkiewicz, StartApp’s CEO. “Our solution has seen enthusiastic adoption from the developer community as it enables a new generation of premium-quality, free apps for the Android ecosystem. We have achieved phenomenal growth so far and are confident that Ascent and Cedar have the knowledge and experience to help us move forward with the expansion of our operations and offerings and partnerships with additional developers.”
StartApp’s solution provides Android users with an additional search option on their phones when they download apps that have integrated the company’s solution. The company’s platform significantly increases revenue for Android app developers, and provides end-users with the benefit of a vibrant selection of free, high-quality apps. StartApp is filling an important role on the Android ecosystem, which hasn’t realized the same level of paid-app revenue as other platforms.
Geoff Oblak – General Partner at Ascent Venture Partners
“StartApp is an innovative and disruptive model for the distribution and monetization of Android apps that provides attractive compensation for mobile app developers. We believe StartApp has high-growth potential, reflected by the 50 million downloads it has achieved in just six months. And with Android adding approximately 850,000 users per day, StartApp will continue to represent a tremendous opportunity for app developers.”
Gal Israely – General Partner at Cedar Fund
“We are honored to be part of this outstanding founding team and are thrilled to continue to support the fast growth of StartApp. This growth is a testimony to the high quality of StartApp’s solutions and the need of developers to monetize their excellent products. StartApp’s solution is a much needed link in the chain that enables quality free apps to the consumer.”
StartApp is a mobile ad network specializing in monetization and distribution focusing on free applications for mobile phones. StartApp works with app developers as partners to help them make more money from their apps. StartApp is based in Israel and was founded in December 2010 by Gil Dudkiewicz and Ran Avidan.
About Ascent Venture Partners:
Ascent Venture Partners (http://www.ascentvp.com) is dedicated to investing in early-stage innovation. In backing more than 100 emerging technology companies since 1985, Ascent has remained committed to its mission of partnering with exceptional entrepreneurs striving to build innovative market leaders. Ascent’s investments have yielded powerful results generating more than $10 billion in enterprise value, which speaks to the firm’s deep knowledge, experience, commitment, and networks. The Ascent investment team manages five venture funds with total commitments of more than $450 million, and is located in Boston, Mass.
About Cedar Fund:
Cedar Fund (www.cedarfund.com) is an international venture capital firm with offices in Israel and Boston that invests in high technology Israel-related companies. With its investment track record and over $325 million under management, Cedar Fund is among the most notable and active venture firms focusing on Israel-related investments. Cedar Fund invests in outstanding entrepreneurs pursuing high growth markets with distinguished technologies in enterprise software, Internet, mobile, digital media, CleanTech, networking and telecommunications. While Cedar invests in all stages, it concentrates on early stage, including Pre-Seed®, seed and first round.