Quixey scores USD 50 million in Series C round led by Alibaba Group
California-based Quixey was able to gather USD 50 million for its Series C round. Alibaba Group led the fundraising. US-based investors GGV Capital, Innovation Endeavors, TransLink Capital and US Venture Partners also joined the round. WI Harper in Beijing and London-based Atlantic Bridge also participated. The latest proceeds brought Quixey's fundraising total to USD 74.2 million so far.
Quixey Co-Founder and Chief Executive Officer Tomer Kagan said the investment would enable the app search engine developer to boost its worldwide expansion efforts. He said, "Next year, 95% of the world's population will have mobile access, and by 2016 people will use 1.5 billion smart mobile devices. Quixey is at the epicenter of this brave new world, and this investment will ensure that we continue to expand globally."
Proceeds from the round would also be used to develop the platform's Functional Search technology. The technology would enable users to find apps by describing the activity they intend to do. A portion of the funds would also be used to strengthen Quixey's workforce.