Wednesday, October 10, 2012

Appia raises additional $1.5 million from NY Investor

Jud Bowman, founder and CEO of Appia, a Durham-based provider of a global marketplace for mobile app developers, just closed $1.5 million in additional equity funding, according to an SEC filing.

We recently caught up with Bowman to get the details on this additional raise. Bowman confirmed that the sole investor in this round of funding is New York-based Social Internet Fund.

The Social Internet Fund is led by Lou Kerner, a Wall St. alum of Wedbush Securities. Bowman first met Kerner at the Second Internet Conference, said Bowman. Bowman said that the pair had stayed in touch in the past few years. Kerner then went on to found the Social Internet Fund.

Kerner approached Bowman with the idea of making an equity investment, Bowman said.

The investment may come at the perfect time. "Appia's growth really accelerated in the past year," said Bowman, who plans to use the additional investment to bolster the staff.

Bowman was pleased to report that the third quarter of 2012 was Appia's best quarter in the history of the company. Hiring staff will help the company continue to grow, said Bowman. The company plans to hire 7 additional employees.

It's been a good quarter, indeed. Appia was named to the Wall Street Journal's "Next Big Thing" list on Sept. 27, ranking at #22.

A year ago, Appia raised $10 million, an investment entirely from Venrock, a recent "Meet the Investor" participant at CED.

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