US-based mobile app development tool creator AppOnboard has secured $15m in a series B round backed by MTGx, a subsidiary of entertainment company Modern Times Group
The round was led by venture capital firm Breakaway Growth Fund and included Korea Investment Partners, part of financial holding company Korea Investment Holdings, as well as Tiller Partners, Rainier Partners, Manta Ray Ventures, Runa Capital, Mirae Asset Management, Troy Capital Partners and 500 Startups.
Founded in 2016, AppOnboard has created a software engine called App Store Demos that enables developers to quickly build and launch trial versions of mobile apps and games that can be sampled by consumers or tested in advance of a full release.
The funding will support expansion in Europe and Asia, including the opening of an office in South Korea. Paul Heydon, co-founder and managing director of Breakaway Growth Fund, will join the company’s board of directors.
MTG, Mirae, Manta Ray Ventures and Runa Capital co-led AppOnboard’s $15m series A round in April 2018, with contributions from Ophir Capital Group, London Venture Partners and Troy Capital Partners. The latter two had previously joined unnamed additional investors to supply $4m in May 2017.