Braavo Raises $6 million Series A
NEW YORK--(BUSINESS WIRE)--Aug 21, 2018--Braavo Capital Inc. (“Braavo”), the leading provider of on-demand financing for mobile apps and games, announced today it has raised $6 million in Series A funding. The round was led by e.ventures, with participation from SWS Venture Capital (founded by Steve Streit, Founder & CEO of Green Dot Corporation) and Bill Smith, CEO of Shipt. It also includes conversion of $2 million in seed capital from investors including SV Angel and BoxGroup, bringing the total equity raised to date to nearly $8 million. The new funding will go toward building a world-class team to further the company’s mission of empowering mobile app founders and developers to grow their businesses intelligently.
Since its launch in late 2015, Braavo has focused on building a robust technology infrastructure to get financing in the hands of mobile app businesses as quickly and seamlessly as possible. The automated system uses real-time business data to deliver two unique financing products based on current and future earnings, providing app businesses with capital to rapidly scale without taking unnecessary dilution. “Having witnessed our platform drive exceptional outcomes for founders and their teams, we knew we needed to add fuel to the fire to reach more customers faster,” said Mark Loranger, Braavo Co-founder.
In addition to scaling operations, Braavo plans to launch a business intelligence analytics tool that helps mobile app businesses understand performance in real time. “With the systems in place to understand and interpret our customers’ data for financing purposes, the next step is to provide actionable insights to help teams make better decisions,” Loranger continued.
“As active investors in the mobile ecosystem, we were blown away by the power of the Braavo platform,” said Brendan Wales, Partner at e.ventures. “Their unique approach of using real-time business data to deliver affordable financing and targeted insights is transformative — both for the founders with whom they work and the tech investment industry as a whole.”
Last month marked the tenth anniversary of the App Store, with earnings paid to app developers eclipsing $100 billion dollars and growing 30% each year. It’s an industry built on top of distribution marketplaces (app stores) and data standards that have enabled Braavo to offer non-dilutive financing to companies that historically could only raise money from equity investors. “Our goal is to arm founders with both the capital to take advantage of every opportunity to scale and the insights to know which path will get them there,” added Braavo Co-founder Sergei Kovalenko. “As a funding partner, our incentives are completely aligned with our customers — when they grow, we grow with them.”
The business intelligence analytics tool, designed for revenue-generating long-tail and mid-market mobile apps, will be available at no cost for the remainder of 2018. To learn more about Braavo’s customized funding and analytics visit getbraavo.com.
Braavo was founded in 2015 and is headquartered in New York City. Using data, integrations, and automation, Braavo delivers customized, performance-based funding for mobile app businesses on demand, without dilution or personal guarantees. From bootstrapped health & fitness apps to equity-backed mobile games, Braavo partners with founders to provide insights to scale predictably and capital to drive exceptional outcomes. The company has raised nearly $80MM in debt and equity from investors including e.ventures, SWS Venture Capital, SV Angel, BoxGroup, Mark 2 Capital and a number of successful angels and entrepreneurs from the fintech and mobile community.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180821005615/en/
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT SOFTWARE TELECOMMUNICATIONS SECURITY MOBILE/WIRELESS PROFESSIONAL SERVICES BANKING FINANCE
SOURCE: Braavo Capital Inc.
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PUB: 08/21/2018 02:22 PM/DISC: 08/21/2018 02:22 PM