Appconomy, Inc. announced today that it has closed a $10 million round of Series A equity and venture debt funding intended to accelerate the company’s strategic initiatives and operations in China. Shanghai-based Qiming Ventures led the round, and will have a representative join Appconomy’s board of directors. Neusoft Corporation became a significant minority shareholder of Appconomy. Other participants in the round included existing investors Western Technology Investment and True Ventures.
“With these two, new cornerstone commitments from Qiming and Neusoft, Appconomy will move rapidly to bring our unique AppWallet marketplace for global brands and local merchants to China,” said Steve Papermaster, Chairman and co-CEO of Appconomy. “I’m delighted to welcome Qiming Ventures as an investor, with Managing Director Gary Rieschel joining the Appconomy board of directors.”
Papermaster is a veteran of the Austin technology scene, having founded several successful companies in the past, most recently nGenera, which was re-branded Moxie Software. Appconomy co-founders Brian Magierski and Steve Guengerich are also very active in the local mobile and technology community.
In addition to closing the financing round, Appconomy also closed the strategic alliance agreement announced in September with Neusoft Corporation, China’s largest IT solution and service provider. Together, the companies plan to leverage combined customers and partners in China and the U.S., the two largest markets for apps in the world.
“With these new partnerships and capital commitments closed, we have begun operating aggressively in taking our AppWallet marketplace, and smartphone and tablet apps to consumers and merchants in China,” said Brian Magierski, President and co-CEO of Appconomy.
Appconomy’s footprint in China includes a Chinese corporate headquarters in Shanghai and a development center in Chengdu, Sichuan province. The company continues to operate its U.S. headquarters in Austin, focused on product development and U.S. business development.
Disclosure: The author of our mobileTech Tuesday features, Steve Guengerich, is a co-founder at Appconomy.