Tapjoy, a US-based applications developer for mobile phone operating system Android that last month set up a $5m corporate venturing fund, has gained $30m in its series D round.
The syndicate included venture capital firms Rho Ventures, North Bridge Venture Partners, InterWest Partners and hedge fund DE Shaw, all of which had provided $21m in January.
Local bank JP Morgan’s $1.9trillion asset management division, which manages a $1.5bn corporate venturing fund called Digital Growth, advised the syndicate investing in Tapjoy’s D round.
Larry Unrein, managing director of JP Morgan Asset Management, which has also recently advised the $70m round for phone equipment company Jawbone, said: "We are now seeing an enormous shift in content development and content consumption being driven by the worldwide smartphone adoption. Tapjoy has built an extraordinary mobile applications network and has developed innovative product technology to drive success for mobile application developers and consumers."
Tapjoy was formerly known as Offerpal until last year and under its previous name had raised $15m in February 2009 before subsequently changing its chief executive and business model.
For its Android Fund, Tapjoy said: "We will offer full porting and testing services to ensure the apps work on all of the leading Android handsets, and you’ll receive a free, large-scale distribution campaign for new user acquisition through our performance-based advertising network. Our ad-funded payment platform is in 80% of the top free-to-play apps on Android, so we’re capable of driving a meaningful volume of new installs." www.tapjoy.com/AndroidFund