Software maker Appconomy completes $9M funding; China the target

Jan 7, 2015
Austin Business Journal

Appconomy Inc., a software maker targeting the Chinese retail market, reported closing a $9 million round of financing — bringing its total funding to at least $25 million


The Austin-based company collected the capital from 33 investors, according to a Tuesday filing with the U.S. Securities and Exchange Commission. CEO Steve Papermaster couldn't immediately be reached for comment


Appconomy, which was founded in 2010, develops a suite of e-commerce applications designed to connect merchants with consumers. It employed 20 workers in late 2011


In mid-2013, Appconomy reported raising $2.9 million of a planned $6 million financing from 18 investors


In December 2012, it reported receiving $5.8 million of a planned $6 million financing from 44 investors, SEC filings show. At that time, the company announced that it completed a $16 million Series A funding round. Executives said the capital would be used to market its Jinjin marketplace application and mobile software to China's retail industry


Appconomy disclosed in 2011 that one of its investors was China-based Qiming Ventures. Earlier in the year, Appconomy announced that it had reached a distribution deal with Chinese technology solution and service provider Neusoft Corp



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