- Mobile app market intelligence company Sensor Tower announced it has raised $45 million in funding from Riverwood Capital
Enterprise-grade mobile app market intelligence company Sensor Tower announced it has raised $45 million in funding from Riverwood Capital. This strategic partnership marks a new phase in Sensor Tower’s goal to develop a cutting-edge analytics platform that delivers the industry’s most accurate data on the mobile ecosystem.
Sensor Tower previously raised a total of $1 million in seed investment and it has been profitable since its founding in 2013. And by emphasizing agile product development, a scalable product, and highly personalized customer service, Sensor Tower achieved a record year for annual recurring revenue (ARR) in 2019 with 65% growth year-over-year. And operationally, employee count increased by 50% over the previous year. And Sensor Tower has opened several international offices to support regional demand, including its latest in London to serve the EMEA market.
Sensor Tower’s acceleration comes at a unique time in the mobile market. According to eMarketer report, U.S. adults will spend three hours and 43 minutes on mobile devices per day with 90% of that time spent in apps. And with record downloads and revenue forecast through 2024 across mature and developing markets, reliable app data has become critical not only for mobile-first app developers but also for major consumer brands and financial institutions. With this partnership, Sensor Tower will focus on innovating and redefining mobile market intelligence.
JMP Securities LLC had served as financial advisor to Sensor Tower.
Key Quotes:
“Coming from scrappy roots and minimal investment to be the company we are today, we’re excited to be partnering with Riverwood Capital. We believe this new chapter will allow us to accelerate our growth, innovate, and develop comprehensive solutions for an ever-changing mobile ecosystem. Furthermore, we’re excited to partner with Jeff, Ramesh, and John from Riverwood on the next phase of our growth.”
-Alex Malafeev, co-founder and CEO of Sensor Tower
“Sensor Tower not only supports an impressive range of enterprise-level customers such as Morgan Stanley, Zynga, and Tencent but also has equally impressive business fundamentals. As mobile becomes less driven by convenience and more of a daily necessity, we see Sensor Tower as becoming the platform the world relies on for mobile data. In addition, the company is led by visionary founders and a committed management team, who we are excited to partner with.”
-Jeff Parks, co-founder and managing partner of Riverwood Capital
“Sensor Tower data is becoming increasingly valuable to enterprises in multiple verticals, ranging from app-first, to app-ancillary and finance. The data that Sensor Tower provides will power marketing, sales, product, and research budgets in the future, offering great prospects for future growth.”
– Ramesh Venugopal, member of Riverwood’s investment team.
