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San Francisco cloud service marketplace AppDirect nabs $35M in Series C funding

April 10
8:56 AM 2014

AppDirect, a cloud services marketplace, has raised $35 million in its Series C financing with Mithril Capital Management as the lead investor. Existing backers iNovia Capital and Foundry Group also contributed to the round that will fuel the firm's growth, according to San Francisco Business Times.

VentureBeat cited AppDirect chief executive officer (CEO) Daniel Saks saying: "There's tens of thousands of VARs and IT consultants around the world today that can't sell SaaS... They don't have the mechanisms to provision and secure it. We're partnering with those people to enable them to continue to leverage their business relationships."

For the past year, the San Francisco-based company's customer base has grown from 12 million to 20 million businesses across 150 countries. Its workforce has also doubled to 150 people. Founded in 2009, AppDirect now has branches in Boulder, Ottawa, Munich, Montreal, and London, San Francisco Business Times detailed.

Mithril Capital Management was formed in 2012 by PayPal co-founder Peter Thiel. Under the terms of the investment deal, managing general partner Ajay Royan will become part of AppDirect's board, the report added.

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