Sensor Tower, the renowned mobile app store marketing intelligence platform has secured $45 million from Riverwood Capital. This is to further elevate their business operations of providing cutting-edge marketing intelligence for mobile application publishers.
This phase will empower Sensor Tower in further developing a dedicated platform for analytics to deliver the most accurate industry-related data on mobile ecosystems. For the record, Sensor Tower raised the last funding way back in 2013, where it managed to bag $1 million as seed investment.
Since then, the company has only seen an upward trend consistently, growing its profits year after year. The year 2019 was no different for the company, as annual revenues saw a jump by about 65% as compared to the revenues of 2018, which were not any lesser either.
While the actual figures were not revealed by the company management, the San Francisco based company certainly intends to take on the industry aggressively. This will also invoke a significant increase in their workforce.
Compared over the last year, Sensor Tower has boosted its in-house team with about 50% more employees, and has also opened up international offices to especially cater to regional clients and their demands. The latest office locations include an office in London to look after Europe, one in Africa, as well as in the Middle East.
According to eMarketer reports, adults in the U.S. will be spending more and more time on their mobiles, and 90% of that time will be dedicated to only mobile apps. This is the prime reason due to which reliable app data has become more important than ever. The Sensor Tower funding will help the app ecosystem immensely.
The utility of this app data is not just confined to mobile app developers, but is also helpful for a number of major international companies and financial institutions. It helps in recognizing the ever-changing trends of customer behavior in the market.
Riverwood Capital has since long, enjoyed a reputation of shaping and grooming mid-stage companies. Henceforth, this alliance can definitely prove to be instrumental in establishing Sensor Tower. Sensor tower can serve as a global market leader in mobile intelligence by delivering critical data to companies of every scale and size.
Sensor Tower’s CEO Alex Malafeev said,
“We’re looking at this as a way to really step on the gas after seven years of developing the product and business to the point where we’re confident it can support scaling at a more rapid pace,” he said. “At the same time, this is a strategic investment from Riverwood, which is known for partnering with businesses such as ours that are primed for scale, and they will serve as close advisors on our growth. We’ll leverage their operational experience and apply the lessons they’ve learned working with other high-growth startups such as Nextdoor to ensure the decisions we make across the organization are aligned with maximizing this investment.”