Tapjoy, an app development company based out of San Francisco, CA, have roped in their second round of funding of $21 million. "We sit in the middle of three very popular and quickly growing trends: social gaming, virtual currency and mobile applications. We are the leader in helping social and mobile applications grow their apps through monetization and distribution," said Mihir Shah, CEO & President, Tapjoy, as the reason for VC interest in his company. The round was led by led by Rho Ventures, with participation from all existing investors including InterWest Partners, North Bridge Venture Partners and D. E. Shaw Ventures.
The company plans to use these funds to expand their product lines and technology capabilities, specifically on the iOS, Android and across emerging application ecosystems. They also wants to continue expanding internationally, including opening new international offices and hiring in their existing Tokyo and London offices, as well as in the U.S. headquarters. The funds will also be used for further investment in application media licensing and incubation opportunities. "Our services are used by most of the top game and application developers on all of the leading social and mobile platforms, including Facebook, Myspace, hi5, iOS and Android, as well as on the web including virtual world sites, MMOs and other types of gaming sites," said Shah about the market opportunity.
The round brought the company’s total funding to over $40 million. Shah seems to be very happy about his company’s present position and doesn’t seem to worry much about the competition, "There is no one who provides all of the services we do across all of the platforms that we operate on. There are some companies that provide alternative payments like we do, but not the depth and breadth of alt pay solutions," he says.