Mobile apps have been a huge part of the tech ecosystem for the past decade, which is why Sensor Tower provides a finger on their pulse.
Sensor Tower gives everyone from app developers to investors in-depth analysis about the world of mobile apps. The company can tell its customers how many times an app was downloaded, how much money it’s made, what the most successful apps have in common and so on. For groups that want insights into the mobile app industry, this information is vital.
Now we’re getting a look at just how valuable this information is. Sensor Tower just announced that it raised a $45 million investment from Riverwood Capital. This is important because the company has been conservative with how much funding it’s taken from outside investors. Sensor Tower raised $1 million in seed funding in 2013, the same year it was founded, and has been profitable ever since. So this $45 million marks its first major investment since then.
“Coming from scrappy roots and minimal investment to be the company we are today, we’re excited to be partnering with Riverwood Capital,” Alex Malafeev, the co-founder and CEO of Sensor Tower, said in a statement. “We believe this new chapter will allow us to accelerate our growth, innovate, and develop comprehensive solutions for an ever-changing mobile ecosystem.”
The new funding comes after a big year of growth for Sensor Tower. The company’s annual recurring revenue grew 65 percent year-over-year in 2019. The company also increased its employee headcount by 50 percent and opened a few international offices.
But in addition to internal company growth, Sensor Tower believes that mobile apps are becoming even more important. The company cites an eMarketer report claiming that U.S. adults spend an average of 3 hours and 43 minutes on mobile devices per day. It projects that reliable app data will be important for companies trying to understand how people behave when using their mobile devices.
The company hopes to use the new investment to expand its analytics platform and cement its foothold in the mobile market intelligence space.