Metaps secures US$10.7M Series B funding for Asian expansion
Mobile app development is a lucrative business, and Metaps is tapping further into the Asian region, having secured a JPY 1 billion Series B funding from Fidelity Growth Partners Japan.By J. Angelo Racoma 06 Mar, 2013
The JPY 1 billion financing (about US$ 10.7 million) is led by Fidelity Growth Partners Japan, along with existing investors. This is meant to bring Fidelity Group’s expertise into the startup, thereby springboarding the company to its next level.
Metaps is a monetization platform for Android apps, through which application developers can use tools for attracting potential customers and users, thereby monetizing their traffic. The platform has serviced 62 million downloads as of February 2013. Since its launch in 2011, the company has focused on developers in Japan, Korea, Hong Kong, Singapore, as well as in the U.S.
Fidelity Growth Partners Japan is the VC and private equity arm of FIL Limited, and helps companies accelerate their growth by giving access to FIL’s proprietary capital, expertise and access to global resources. FIL has invested in the region for 15 years, particularly in Hong Kong, Beijing, Shanghai, Mumbai and Tokyo, with decades of experience in the Asia Pacific region, and also operates financial services management arm Fidelity Worldwide Investment, which services European and Middle East markets.
With the rise in sales of Android smartphones and tablets, Metaps has seen a 60 percent average monthly growth, likewise fueled by the rise of Korean and Taiwanese smartphone manufacturers as leading brands (we can name Samsung and HTC, for instance).
According to Metaps, it plans to use the proceeds of the private placement in securing top talent and further growing the Metaps service in the region, as well as expanding to other countries. Going beyond regional dominance, Metaps has the goal of being the largest Android monetization platform by end 2013.