VCs sell stakes in Adjust to KKR's AppLovin

KKR acquired a minority stake in Palo Alto-headquartered AppLovin in 2018 in a deal valued at $400m. AppLovin was valued at $2bn at the time of KKR's investment.

A report from Bloomberg stated that the exit values Adjust at around $1bn. Prior to the exit, the company had raised approximately $225m from external investors.

The companies aim to launch a new product suite following the transaction, according to a statement.

Previous funding
Target Partners invested in Adjust in 2012.

In 2013, Target Partners, Capnamic Ventures and Iris Capital took part in a $4.3m series-B for the company.

Active Venture Partners led a $7.6m series-C for Adjust in 2014, with participation from Target, Iris and Capnamic.

In October 2015, Highland Europe invested $17m in the company.

Eurazeo led a $227m funding round for Adjust, with participation from Sofina, Morgan Stanley Alternative Investment Partners and Highland Europe. At the time of the funding round, Eurazeo held a 14.2% stake in the business.

Company
Adjust is an app performance measurement and marketing platform. Its clients include N26, Monzo and BlaBlaCar, according to its website, and its software is used by more than 40,000 companies. Founded in 2012, the company is headquartered in Berlin and employs 500 staff.

People
Adjust – Christian Henschel (co-founder, CEO); Paul Müller (co-founder, chief technology officer).
AppLovin – Adam Foroughi (co-founder, CEO).
Capnamic Ventures – Christian Siegele (founder, managing partner).
Eurazeo – Yann du Rusquec, Guillaume Santamaria (directors).
Highland Europe - Sam Brooks (partner).
Iris Capital – Gil Doukhan (principal).
Target Partners – Kurt Müller (partner).

Advisers
Company – Noerr (legal); Paul Weiss Rifkind Wharton & Garrison (legal).
Acquirer – Fenwick & West (legal); Citi (corporate finance).

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