M+E Connections

Applicaster CEO: New Funding to Help Company Increase ‘Velocity’ of its Product Plans

After a strong 2018 in which Applicaster achieved 100% growth in annual recurring revenue, the company has secured $20 million in new funding it will use for new product plans, according to Jonathan Laor, its CEO.

The latest funding round was led by Viola Growth and backed by further investment from 83North, Pitango, Saban Ventures and Planven Investments, Applicaster said. Applicaster previously raised $40 million in previous funding rounds, led by 83North and Pitango.

“In numerous discussions with clients over recent months it has become increasingly obvious that they are looking for vendor partners to help them increase their business capabilities through not only investing in new tech but also maximizing their current tech,” Laor told the Media & Entertainment Services Alliance (MESA).

The new funding “will help us increase the velocity of our product plans in two areas: core functionality of our platform, and richer development tools, to ensure our customers can continue to deliver best of breed custom apps simply and efficiently while maximizing their current tech stack or simply integrating new elements with the minimum of fuss,” he said.

The funding will be used to “expand the company’s global presence and product set, ensuring that media brands are able to extend their business capabilities and deliver engaging digital media experiences across various platforms,” the company said in a news release.

“The way we consume media changes every day, and content providers must continually innovate to ensure they are reaching their audiences in a relevant and timely manner,” according to Eran Westman, partner at Viola Growth, who will also join Applicaster’ board.

Westman added: “Applicaster brings speed and accessibility to these companies in an autonomous way, and has positioned itself to grow and evolve with their clients and the industry. We believe the category will continue to grow and that Applicaster, with its agnostic, flexible and robust platform, will be the natural partner.”

Ahead of the new funding round, Applicaster also made “several key hires, further solidifying the company’s executive bench, positioning the company for continued success,” it said.

Jim Bennette, ex-Nokia, joined Applicaster as VP of sales and is focused on expanding the company’s client base in North America. Mark Cokes, meanwhile, was appointed VP of marketing to oversee the company’s global marketing team. Prior to joining Applicaster, Cokes was VP of product and corporate marketing at Ooyala. Bennette and Cokes each “have extensive experience leading teams in the media and martech industries,” Applicaster said in its announcement.

Applicaster’s Software-as-a-Service (SaaS) app management platform, Zapp, includes “everything brands need to prototype, develop, and maintain direct-to-consumer apps across phones, tablets, and connected TV devices,” the company said. Clients working with Applicaster can “reduce costs, increase audience engagement, improve time-to-market and innovate quickly to stay ahead of their competition,” it said.

In the past year, Applicaster has “seen tremendous growth,” according to Laor. “As the public continues to consume content in various ways – whether that’s on a TV screen, through a mobile app or widget – brands must consider how to increase their business capabilities to match this constant evolution and reach their audiences in creative ways,” he said in the announcement, adding: “At Applicaster, we’re eager to continue working with content providers to ultimately ensure viewers are engaged and receptive.”