AppDirect just grabbed $50 million to grow its e-commerce platform that sells cloud products from the likes of Samsung, Comcast, and Rackspace.
Today’s raise brings the company’s total funding to $110 million.
AppDirect is a cloud-based marketplace featuring hundreds of software-as-a-service apps. It connects businesses and consumers to the software they’re looking for and gives its clients a management system for handling billing, distribution, and reselling services.
The influx of cash couldn’t come at a better time. The market for SaaS products is growing and growing fast (if the Hortonworks IPO is any indication).
“As that market grows, [co-CEOs] Nicolas [Desmarais] and Daniel [Saks] have put AppDirect on track to turn their early wins into a durable franchise,” said Peter Thiel, chairman of Mithril Capital Management’s investment committee, in a statement.
But that’s only if AppDirect can grow to meet that demand. And that’s what today’s funding is all about. The company has plans to expand its employee base in Munich and Montreal, as well as open a new office in the San Francisco Bay area. AppDirect is also eyeing areas of Latin America and Asia and expects its staff to grow to over 300 people total in 2015.
Mithril led the round, which saw participation from investors Henry Kravis and Paul Fribourg, as well as the Foundry Group, iNovia Capital, and StarVest Partners. AppDirect last raised money in April 2014.
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