AppTap closed a $4M round of institutional funding, led by Syncom Venture Partners, with participation from existing investor, New Atlantic Ventures. AppTap will use the investment to enhance its app recommendations service for consumers and to broaden its app advertising capabilities for developers and expand its global distribution partnerships.
"Using a smartphone is now a way of life and tablet adoption isn't far behind, that's why all eyes are on apps, which are what make those gadgets useful," said John Backus, managing partner, New Atlantic Ventures and AppTap board member. "Apps are fueling smartphone and tablet sales - the app economy tripled in 2011 to $15 billion in revenue, on its way to $60 billion in three years. Apps are changing where we go for entertainment, games, lifestyle and simple utilities; yet, the way we've historically discovered apps and the way developers market them has been too narrow. AppTap places the apps next to content you're reading or viewing, making the app discovery process serendipitous."
AppTap is an app recommendations and advertising network for:
• Consumers can easily find apps relevant to their interests, simply by visiting their favorite sites. AppTap delivers contextually relevant app recommendations based on articles you are reading or topics you are searching for. Additionally, by joining the AppTap community with your Facebook credentials, you can find and share apps with friends on Facebook and Twitter, adding a critical social dimension to app discovery.
• App developers can reach a broad audience of prospective app users through paid app sponsorships across AppTap's network of media and wireless carrier partners. Apps are promoted to consumers as part of their content and search experience as opposed to often ignored and unrelated ads.
• Media companies, carriers and other distribution partners can drive incremental engagement and revenue with app recommendations. Partners can integrate AppTap into their sites in less than five minutes, giving their customers a personalized and social way to discover and share apps as they read articles or search on topics of interest.
"With the app stores, most people hardly scratch the surface of the millions of apps that are available, and as a developer, you can't bank your business on being featured by Apple of Google," said Roy Kosuge, Syncom Venture Partners. "Mobile apps are inherently more valuable in context. We invested in AppTap because the team has built a unique and scalable way of addressing the app discovery problem outside the app stores, in context." With this round of funding, Mr. Kosuge will join the board of directors.
"The rising flood of apps is drowning out talented app developers and leaving consumers struggling to find apps relevant to their interests," said Matt Callaway, CEO of AppTap. "App discovery that is targeted and widely available is fundamental to a flourishing app ecosystem. Our mission at AppTap is to deliver contextual app recommendations everywhere, addressing the needs of consumers and app developers, and bringing value to our media and carrier partners."
Matt Callaway is a recognized entrepreneur with a track record of developing and launching successful consumer products and services at UGO.com, SEGA, Electronic Arts and AOL. In October 2011, Bisnow named him one of Washington DC area's top 30 entrepreneurs under 40.