Chartboost, a platform for ad and gaming has recently closed a funding round after having raised an amount of $ 19 million. The funding round was mainly led by Sequoia Capital. Other participants in the funding round included existing investors like SK Telecom Ventures and TransLink Capital.
With the recent funding Jim Goetz, from Sequoia Capital will serve on the board at Chartboot.
The company can now further develop its products especially those areas like analytics and in app monetization, with the additional funding receiver. However, details regarding the new products and features have not yet been revealed at this time.
Founded by CEO Maria Alegre, who was once an employee at Tapulous, and CTO Sean Fannan, the company has built a service where a platform for free ad serving technology has been provided.
The Chartboost SDK can be used by developers in their own apps. Other apps can also be promoted for the purpose of cross promotion. Operating as a freemium platform, Chartboost provides free cross promotion, whether with other publishers or within the apps and games of developers.
Also, with an opt in ad exchange; selling of an excess inventory can be made possible. Chartboost makes its charges here, along with offering a deal for sharing of revenue.
Developers can use the company’s network in getting their applications promoted. The monthly active devices of the company have in fact, gone up to a 300 million. The game sessions being powered per month have in fact gone up to a 6 billion. This is the rate of growth at the company.
One reason behind such rapid growth in the company is the way it approaches the problem of application discovery. Users no longer have to look for apps in curated lists and app stores.
Users can now use Chartboosts publisher’s integrated ads in order to get new apps discovered. Currently with 36 people, the company is planning to grow itself this year with the recent infusion of capital.