AppOnboard, a US-based app development software provider backed by entertainment group Modern Times Group, has raised $20m in series C funding, Los Angeles Business Journal has reported.
The round was led by Raine Ventures, merchant bank Raine Group’s early-stage investment subsidiary, and included Gaingels, Galaxy Venture Capital, London Venture Partners and Manta Ray Ventures, lifting the company’s overall funding to $54m.
Founded in 2016, AppOnboard has built a codeless software platform, AppOnboard Studio, that allows users with no programming background to design and make mobile apps. It has also developed a product called BuildBox, which focuses on gaming app creation.
The company will use the funding to beef up its operations, increase headcount and improve its user experience, including regular product updates based on customer feedback. It received $7.1m from undisclosed investors in December 2020 according to a securities filing, cash that likely forms part of the latest round.
AppOnboard completed a $15m series B round in December 2018 led by Breakaway Growth Fund and backed by MTGx, a subsidiary of Modern Times Group, as well as 500 Startups, Korea Investment Partners, Manta Ray Ventures, Mirae Asset Management, Rainier Partners, Runa Capital, Tiller Partners and Troy Capital Partners.
The series B funding followed a $15m series A round eight months earlier that was co-led by MTG, Manta Ray Ventures, Mirae and Runa Capital. The round also featured Ophir Capital Group, London Venture Partners and Troy Capital Partners, the last two having provided $4m in 2017 along with unnamed backers.
