Herzliya, Israel-based AppsFlyer secured $7.1M in its Series A funding round, Israeli business website Globes reported.
The investment for the mobile analytics developer came from Pitango Venture Capital and Magma Venture Partners. AppsFlyer enables developers, companies and agencies to measure and make the most of their mobile customer acquisition operations through its mobile apps measurement and analytics platform. The process can conveniently be done from a single dashboard that provides data in real-time, the report said.
In a statement about the funding, AppsFlyer Co-Founder and Chief Executive Officer Oren Kaniel said, "In the last 2.5 years, AppsFlyer's NativeTrack TM technology has rapidly become the industry standard for mobile attribution at scale. AppsFlyer is now measuring billions of mobile actions monthly and global top tier app publishers are using our technology. Our SDK's are now installed on more than 800 million mobile devices, measuring more than $500M in mobile ad spend annually."
Co-founded by Reshef Mann, who now serves as the company's Chief Technology Officer, some of AppsFlyer's clients include Kingsoft, Dominos, Glassdoor, Zinio and Kaspersky Lab, information from its website showed.
Kaniel added in his statement that the proceeds from the latest funding round will not go towards hiring a sales team, adding that they don't even have a single salesperson on board yet. Rather, most of the funds will go towards improving the product.
Kaniel said, "We realized very quickly that delivering a great product and having happy clients produces better ROI than just pure PR or fancy investor decks. Actually, that's what helped us raise our Seed round back in 2012, as well as the current round. The logic is simple - focus on a great product and on happy clients, the rest will follow and investors will come to you."
Kaniel said AppsFlyer started raking in profits last year. He also said that the most recent funding round got so oversubscribed that he actually had to turn down other investors who were interested to back them, Globes reported.
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