Sourcebits raises $10 million in Series A funding
Date: Friday , June 03, 2011
Sourcebits, a third party developer of mobile applications, raised a venture capital investment of $5 million each from Sequoia Capital and IDG marking their first round of investment. Founded in 2006 and based in Decatur, Georgia, the company plans to use this fund to expand their engineering and design expertise in U.S. and Europe and to increase its products portfolio. The company is already well established around the globe and with this round they are planning to further this hold.
It has developed over 300 apps, of which 20 are in the top 100 apps list of Apple App store, Android Market and other stores. Their clients range from Fortune 500 companies to small start-ups. “Design-Led Engineering is our major asset and that I believe got us the VC funding. The concept is totally engrained in our DNA and designers are involved at every stage of product development, to make sure that the user experience of the products that we develop is up to the par,” says Rohit Singal, Founder & CEO, Sourcebits.
The company operates in the $22 billion mobile apps market, which means there is a lot of leg room for them. Primary demand for the company’s solutions comes from the U.S. and Europe, the demand is also picking up in Asia, especially in India. With this first round of funding and their 300 employees the company is trying to grab this opportunity and gain more momentum in their growth. The company also has an office in Bangalore, India.