AppDirect secures $185M funding for its subscription commerce platform; now valued at $1.5 billion
AppDirect, a San Francisco-based subscription commerce platform for monetizing and managing digital customer relationships, announced it has raised $185 million to fuel global expansion. Backers for the round include global institutional investor Caisse de dépôt et placement du Québec (CDPQ) and existing investors. The latest round, which brings the total funding raised by the company to about $465 million, values the company at $1.5 billion.
Founded in 2009 by Daniel Saks and Nicolas Desmarais, AppDirect is the only subscription commerce platform for selling, distributing, and managing cloud-based products and services to succeed in the digital economy. The AppDirect cloud service commerce platform unites providers, developers, and consumers of cloud services into a single ecosystem. This makes it easy for businesses to find, buy, manage, and monitor cloud services from a central location and delivers new opportunities to distribute, sell, and market cloud services.
AppDirect-powered marketplaces, billing and distribution, and reselling services help providers – including Telstra, ADP, Samsung, Deutsche Telekom, and others – connect millions of businesses to solutions from Microsoft, Google, Box, and more. We talked briefly about AppDirect after one of its investors, Inovia Capital raised $600 million for its early-and growth-stage funds.
Since its funding round in 2015, AppDirect has experienced tremendous growth across all indicators – increasing Gross Merchandise Value (GMV) more than 1500 percent since 2015 to over US$1 billion, expanding its global footprint, and servicing more than 2000 merchants around the globe. The new funding supports accelerated organic expansion, strategic acquisitions, and additional hiring.
“Today, businesses are facing unprecedented challenges. Many companies began digital selling practically overnight, but need assistance integrating new technologies and processes into their operations and making them work at scale for the long-term,” said Daniel Saks, President, and Co-CEO of AppDirect.
“Our mission at AppDirect has always been to make technology globally accessible, and we are rising to meet that calling at a time when it feels especially urgent. We couldn’t be more excited that CDPQ and our existing investors are partnering with us on that journey as we enter a new phase of expansion. This renewed support from new and existing long-term partners reaffirms their confidence in our vision, our growth trajectory, and the market opportunity,” Saks added.
AppDirect offers a subscription commerce platform that removes the complexity of building a recurring business model. It allows businesses to sell any product, through any channel, on any device – as a service. Its platform also opens up endless opportunities for commerce innovation, giving businesses the freedom to grow. We power millions of subscriptions worldwide for organizations like Jaguar Land Rover, Comcast, Sage, Keller Williams, and ADP.