GetJar, an app provider for dozens of smart-phone platforms, has announced series C funding which will provide tens of millions of dollars to aid in expansion, sales and marketing, and engineering plans. Tiger Global Management is providing USD 25 million for this series, just a month after announcing a USD 6 million investment in Letsbuy.com, and Indian e-retailer of digital technology products.
Previous A and B series investor Accel Partners will also contribute further funding. GetJar has made a name for itself among various investors due to its ability to make deep inroads into their market without spending the large amounts of money its competitors have.
GetJar (www.getjar.com)
GetJar is an independent web portal providing both free and payed apps for a wide range of mobile phones. They are the world’s largest such portal boasting more than 1 billion downloads to date. Customers from more than 200 different countries can find apps in categories like games, finance, food, lifestyle, education, entertainment, and more.
While GetJar’s inventory continues to grow, it currently stands at approximately 75,000 different apps. The company’s headquarters are based in California; it also has operations in Lithuania.
Tiger Global Management
Tiger Global Management is an investment management firm managing both private equity and hedge funds. Investments span the globe but focus mainly in Eastern Europe, Southeast Asia, China, Latin America, and the U.S.
Private equity investment is primarily focused on the energy, media, real estate, retail, and telecom sectors.
The company was founded in 2001 and maintains offices in New York, Beijing, and Mumbai.
23/02/2011
Internet, E-Commerce & E-Services, Investment, Private Equity News, USA