Iris Capital leads €10m round for AppGratis

Financial institutions provided the remaining capital, which will underpin the international expansion of the firm. Other targets include a presence in 50 countries by 2014, 3 million American users before the summer of 2013, and 20 million users worldwide by the end of this year.

Company
Paris-based AppGratis is an applications platform that allows users to download a free application each day, which they would otherwise have to buy. Founded in 2010, the platform has 7 million worldwide users, 2 million daily users and is available to download onto smartphones and tablets in 11 languages.

The platform is an important source of traffic for application stores such as Apple's AppStore and, using its proprietary algorithm, suggests paid applications for users to download based on their interests.

AppGratis generates a monthly turnover of around $1m – half of which originates outside of France – and has 40 employees.

People
Sophie Dingreville is a partner at Iris and worked on the transaction.

Advisers
Company - Clipperton Finance, Nicolas von Bulow, Thibaut Revel (Corporate finance).

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• Topics
• France
• Technology
• Expansion
• France
• Iris Capital (Part’Com)