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- AppDirect
AppDirect Revenue, Valuation, Funding & Investors
AppDirect is valued at $1.5B as of September 2020.
Last AppDirect valuation
$1.5B
Undisclosed stage · Sep 2020
Last AppDirect funding round
$185M
Undisclosed stage · Sep 2020
AppDirect revenue
$18M
Series D · Feb 2015
Key investors in AppDirect
StarVest Partners
Desmarais Group
Inovia Capital
Mithril Capital Management
Foundry Group
JPMorgan Chase
About AppDirect
AppDirect is a cloud service commerce platform connecting providers, developers, and consumers globally. San Francisco-headquartered and launched in 2009, it powers marketplaces for discovering, purchasing, managing, and monitoring services from Microsoft, Google, and Box. Partners including Telstra, ADP, Samsung, and Deutsche Telekom leverage its billing, distribution, and reselling capabilities to reach millions of businesses.
Founded
2009
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$18M (Feb 2015)
Valuation
$1.5B (Sep 2020)
AppDirect Valuation
AppDirect is currently valued at $1.5B, based on its undisclosed-stage round in September 2020.
The $185M round was led by La Caisse.
AppDirect's valuation has grown 2.5x from $600M at its Series D in February 2015 to $1.5B in September 2020, across 3 priced rounds.
AppDirect valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Sep 2020 | Undisclosed stage | $1.5B | - |
| Oct 2015 | Series E | $1B | - |
| Feb 2015 | Series D | $600M | 33.3x |
AppDirect Revenue
AppDirect's latest recorded revenue is $18M, as of its Series D in February 2015. At a $600M valuation, that implies a 33.3x revenue multiple.
AppDirect revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Feb 2015 | $18M | $600M | 33.3x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
AppDirect Funding History
AppDirect has raised a total of $419M across 5 funding rounds.
AppDirect's first fundraising round was a $9M Series B in September 2013. The most recent completed round was a $185M undisclosed-stage round in September 2020.
AppDirect funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2020 | Undisclosed stage | La Caisse (lead) | $185M | $1.5B | AppDirect is a subscription commerce platform founded in 2009 with dual headquarters in San Francisco and Montreal that helps technology advisors and partners build cloud service marketplaces. The company provides a digital infrastructure for businesses to discover, purchase, and manage cloud applications and software-as-a-service solutions. On September 16, 2020, AppDirect closed a Series G funding round of $185 million led by Caisse de dépôt et placement du Québec (CDPQ) with participation from existing investors including Inovia Capital, JPMorgan Chase, and Mithril Capital. The round valued the company at over $1.5 billion post-money, bringing total equity raised to approximately $465 million. Since its previous funding round in 2015, AppDirect demonstrated remarkable growth with Gross Merchandise Value increasing more than 1,500 percent to exceed $1 billion, expanding its merchant network from 100 to over 2,000 globally, and reaching more than six million end users worldwide. The company planned to use the new capital to support organic expansion, pursue strategic acquisitions, and expand its team. By August 2025, AppDirect had progressed significantly, anticipating to cross $1 billion in gross annual recurring revenue within the next 18-24 months and had attracted top-tier investors including WestCap, with board members including Burt Podbere (CFO of CrowdStrike) and Laurence Tosi (former CFO of Airbnb and Blackstone). |
| Oct 2015 | Series E | JPMorgan Chase (lead); Stingray; Foundry Group; Desmarais Group; Inovia Capital; StarVest Partners; Mithril Capital Management | $140M | $1B | AppDirect, a San Francisco-based cloud service commerce platform founded in 2009, enables businesses to discover, purchase, and manage cloud services through customized marketplaces, acting as an enterprise App Store with centralized billing and management features. It powers networks for partners like Comcast, Deutsche Telekom, Telstra, ADP, and FICO, reaching about a quarter of small businesses worldwide. In October 2015, AppDirect raised $140 million in a Series E round led by a fund advised by J.P. Morgan Asset Management, with participation from existing investors including Foundry Group, iNovia Capital (also listed as Inovia), Mithril Capital Management, StarVest Partners, and Stingray Digital, bringing total funding to $245 million. This round valued AppDirect at $1 billion, earning it unicorn status, a significant jump from its prior $50 million Series D led by Mithril Capital seven to eight months earlier, which valued it at $600 million. The investment supports global expansion into Europe and Asia, enhanced international presence with offices in Stockholm, Tokyo, and Munich, aggressive hiring (headcount already at 350, half international), and development of interoperability between cloud apps. Funds will also fuel acquisitions like the recent AppCarousel for IoT software distribution and partnerships such as with Microsoft for Office 365 sales. AppDirect reported explosive growth, with over one million paid business subscribers—a nearly 300% year-over-year increase—and half of its revenue from international sources, though exact revenue figures were not disclosed. The company reaches 130 million business users through resellers and focuses on scaling its platform for VARs and MSPs amid rising channel sales for cloud software, projected to reach 60-80%. Not yet profitable, AppDirect prioritizes subscriber growth and top-line expansion in the booming cloud SaaS market. |
| Feb 2015 | Series D | Mithril Capital Management (lead); Desmarais Group; StarVest Partners | $50M | $600M | AppDirect is a San Francisco-based cloud commerce platform that enables enterprises to build and manage their own branded marketplaces for selling and distributing cloud services and apps. Customers include major companies like Samsung (for Knox enterprise marketplace), Deutsche Telekom, Staples, and Comcast, which use the platform to offer apps to their enterprise users. The company generates revenue through transaction fees on app sales in its powered marketplaces and monthly licensing fees charged to partners for branded repurposing. On February 11, 2015, AppDirect raised a $50 million Series D round led by Mithril Capital Management, with participation from existing investors including StarVest Partners (matching the query investors). This valued the company at $600 million post-money, doubling its previous Series C valuation. The round brought total funding to just under $106 million at that point, following a $35 million raise in April 2014 also led by Mithril. For 2014, the year leading into this round, AppDirect reported $18 million in sales, doubling from $9 million in 2013, driven by its two core revenue streams. The company was not profitable at the time, prioritizing rapid growth over immediate profitability. It had made three acquisitions to bolster capabilities: Leftronic for data visualizations, jBilling for billing services, and Standing Cloud for app management. This Series D preceded a larger $140 million Series E in October 2015 led by a J.P. Morgan-advised fund (with Mithril, StarVest, and others participating), valuing AppDirect at $1 billion and bringing total funding to $245 million. By then, it had grown to over one million paid business subscribers (nearly 300% YoY increase) and reached a quarter of small businesses worldwide via partners, while continuing to double revenues annually. |
| Apr 2014 | Series C | Mithril Capital Management (lead); Foundry Group; Desmarais Group; Inovia Capital; StarVest Partners | $35M | - | AppDirect is a San Francisco-based company founded in 2009 that provides a white-label cloud service marketplace platform enabling enterprises like Staples, Comcast, and AT&T to sell software-as-a-service applications to small and medium-sized businesses. It generates revenue through monthly subscription fees for its platform and revenue shares from applications sold via the service. On April 10, 2014, AppDirect raised $35 million in Series C funding led by Mithril Capital Management, with participation from existing investors including iNovia Capital (formerly Foundry Group in some references) and Foundry Group. The funds were aimed at expanding international presence, product development, and potential acquisitions in billing, identity management, security, and data management. The company reported $9 million in revenues for 2013, reflecting strong growth that attracted quick investor interest, closing the round in six weeks. This positioned AppDirect at the intersection of developers and businesses in the burgeoning SaaS distribution market. AppDirect continued aggressive expansion post-2014, powering marketplaces for major partners and achieving over one million paid subscribers by 2015 with nearly 300% year-over-year growth. Total funding reached $110 million by early 2015 and $245 million by late 2015, with later rounds like $185 million in 2020 bringing cumulative raises to about $465 million. |
| Sep 2013 | Series B | Inovia Capital (lead); Desmarais Group; StarVest Partners | $9M | - | AppDirect, a cloud service marketplace and management platform, raised $9 million in its Series B funding round on September 10, 2013, led by iNovia Capital with participation from existing investors including Desmarais Group and StarVest Partners. Concurrently, the company acquired Standing Cloud, a provider of cloud app packaging and management technology, to enhance its capabilities in deploying and orchestrating apps across marketplaces. The funding supported AppDirect's rapid growth and expansion in the global cloud services brokerage sector, projected to reach $241 billion by 2020. Founded in 2009 by Canadians Daniel Saks and Nicolas Desmarais, AppDirect had previously raised $3.25 million in seed funding in 2011 from iNovia Capital and Stingray Digital, followed by an $8.5 million Series A in July 2012 led by iNovia. The Series B brought total funding to approximately $20.8 million. iNovia Managing Partner Chris Arsenault highlighted the team's execution and the acquisition's role in accelerating growth and marketplace leadership. AppDirect served major clients like Bell Canada for its Bell Business Apps Store and had acquired jBilling in October 2012 for billing technology. The company positioned itself as a leader in cloud services distribution, integrating third-party apps via APIs. |
Who has invested in AppDirect?
8 investors have backed AppDirect across its funding rounds, including StarVest Partners, Desmarais Group, Inovia Capital, Mithril Capital Management, Foundry Group and JPMorgan Chase.
Lead investors include La Caisse, JPMorgan Chase, Mithril Capital Management and Inovia Capital.
AppDirect Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Participant | Sep 2013 | ||
| 4 | Participant | Sep 2013 | ||
| 3 | Lead | Sep 2013 | ||
| 3 | Lead | Apr 2014 | ||
| 2 | Participant | Apr 2014 | ||
| 1 | Participant | Oct 2015 | ||
This data is available for Pro users. Sign up to see all 8 AppDirect investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by AppDirect
AppDirect has acquired 14 companies to date.
Last acquisition by AppDirect was on April 13th 2026. AppDirect acquired PartnerStack for $200M.
Latest Acquisitions by AppDirect
| Description | PartnerStack is a Toronto-headquartered partnership automation platform for B2B SaaS companies enabling affiliate, referral, reseller, and agency programs. The Y Combinator-backed software handles partner onboarding, deal registration, commission tracking, and marketplace features. PartnerStack powers ecosystems for clients including Notion, Webflow, and Semrush across North America and Europe. Founded in 2014, it processes billions in partner-generated revenue annually through integrations with Stripe and Marketo. | vCom Solutions is a Telecom Management as a Service provider offering cloud-based software for inventory control, expense management, carrier relations, and business intelligence to enterprises. | Tackle is a revenue operations platform that enables software vendors to sell through AWS Marketplace, Azure Marketplace, and Google Cloud Marketplace. Founded in 2016 and headquartered in Denver, the service automates product listings, contract management, and performance analytics for cloud channel sales. Tackle integrates with CRM systems to track marketplace transactions and optimize pricing strategies. | NXTSYS Consulting is a telecommunications firm delivering hosted voice, cloud connectivity, data networking, cybersecurity, and wireless solutions. Headquartered in New Jersey, it deploys unified communications platforms like Microsoft Teams integration and SD-WAN for enterprise clients. The company also provides managed security services including firewalls and endpoint protection. | |
| HQ Country | |||||
| HQ City | Toronto | - | Boise, ID | Dallas, TX | |
| Deal Date | 13 Apr 2026 | 10 Dec 2025 | 1 Dec 2025 | 20 Nov 2025 | |
| Valuation | $200M | $100M | $1.3B | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all AppDirect acquisitions and their M&A valuation multiples. Start Free Trial | |||||
AppDirect Competitors
AppDirect competitors include listed companies like Infomart and GigaCloud Technology, and private ones like Olist, Mirakl, Weidian Group and Whop.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.5B | - | ||
| Private | $100M | - | $3.5B | 35.0x | ||
| Private | - | - | $1.4B | - | ||
| Private | $142M | - | $1.6B | 11.3x | ||
| Publicly listed | $121M | $31M | $1.2B | 8.6x | ||
| Publicly listed | $1.3B | $158M | $1.9B | 1.4x |
AppDirect Public Comps
AppDirect is still privately-owned, but its public comps include Izumi Co, Liquidity Services, Infomart, Lightspeed Commerce, TBO.com, BuySell Technologies, GigaCloud Technology, Yelp, Baltic Classifieds Group and Upwork.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $3.7B | $300M | 0.6x | 0.6x | 6.9x | 6.8x | |||
| $477M | $45M | 2.4x | 2.4x | 24.9x | 14.4x | |||
| $121M | $31M | 9.3x | 8.6x | 35.9x | 31.7x | |||
| $1.2B | ($13M) | 0.7x | 0.7x | (65.4x) | 11.0x | |||
| $262M | $41M | 6.7x | 5.2x | 43.2x | 34.3x | |||
| $647M | $70M | 1.8x | 1.4x | 16.2x | 11.8x | |||
| $1.3B | $158M | 1.6x | 1.4x | 12.8x | 10.6x | |||
| $1.5B | $251M | 0.8x | 0.8x | 4.5x | 3.4x | |||
This data is available for Pro users. Sign up to see all AppDirect competitors and their valuation data. Start Free Trial | ||||||||
Common questions about AppDirect
| When was AppDirect founded? | AppDirect was founded in 2009. |
| Where is AppDirect headquartered? | AppDirect is headquartered in New York City, NY, United States. |
| Is AppDirect publicly listed? | No, AppDirect is a private, VC-backed company. |
| What is AppDirect's valuation? | AppDirect was last valued at $1.5B in its undisclosed-stage round in September 2020. |
| How much funding has AppDirect raised? | AppDirect has raised $419M across 5 funding rounds. |
| What was AppDirect's last funding round? | AppDirect's last funding round was a $185M undisclosed-stage round in September 2020, led by La Caisse. |
| Who are AppDirect's investors? | AppDirect's investors include Desmarais Group, StarVest Partners, Inovia Capital, Mithril Capital Management, Foundry Group, Stingray, La Caisse and JPMorgan Chase. |
| What is AppDirect's revenue? | AppDirect's latest recorded revenue is $18M (February 2015). |
| What is AppDirect's revenue multiple? | AppDirect's latest valuation implies a 33.3x revenue multiple ($600M valuation on $18M of revenue). |
| Which companies are comparable to AppDirect? | Companies comparable to AppDirect include Olist, Mirakl, Weidian Group, Whop, Infomart and GigaCloud Technology. |
| How many companies has AppDirect acquired? | AppDirect has acquired 14 companies, including PartnerStack, vCom Solutions, Tackle, NXTSYS Consulting and DNE Resources. |
| What was the largest acquisition by AppDirect? | The $1.3B acquisition of Tackle in December 2025 is the largest acquisition AppDirect has made to date. |
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