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Sensor Tower has raised $ 45 million from Riverwood Capital for its business of providing market intelligence for mobile applications. The companies said the strategic partnership marks a new phase in Sensor Tower operations: developing an analytics platform that offers the industry’s most accurate data on the mobile ecosystem.
Sensor Tower, based in San Francisco, previously raised a total of $ 1 million in seed investment and has been profitable since its founding in 2013. Sensor Tower posted record annual recurring revenue (ARR) in 2019, growing 65% year after year. The company did not disclose the actual figure.
The company increased its number of employees by 50% in the previous year, and Sensor Tower has opened several international offices to meet regional demand, including its latest in London to serve Europe, the Middle East and Africa. The company now has 75 employees.
Above: Sensor Tower has raised $ 45 million from Riverwood Capital.
Image credit: Sensor tower
According to an eMarketer report, American adults will spend, on average, 3 hours and 43 minutes on mobile devices per day, with 90% of that time spent on apps. With record downloads and revenue forecasts through to 2024 in mature and developing markets, reliable app data has become critical not only for mobile app developers first, but also for major consumer brands and financial institutions.
In an email, Sensor Tower CEO Alex Malafeev said the funding will help support growth in all material aspects of the business, from hiring and marketing to infrastructure and physical expansion into new markets.
“We are seeing this as a way to really step on the gas after seven years of developing the product and business to the point that we are confident that it can support expansion at a faster rate,” he said. “At the same time, this is a strategic investment from Riverwood, which is known for partnering with companies like ours that are poised for scale, and will serve as close advisers to our growth. We will leverage their operational experience and apply the lessons they learned working with other high-growth startups like Nextdoor to ensure that the decisions we make across the organization are aligned with maximizing this investment. “
