Tapdaq raises $6.5m in Series A round
Tapdaq, the mobile ad network, recently announced that it has raised $6.5m in a Series A funding round from BGF Ventures, Balderton Capital, Spring Partners and Open Ocean Capital. The London-based provider of app marketing tools for developers raised a seed round of $1.4m in September 2014.
Tapdaq provides cross promotion for app developers
The company provides app discovery tools for developers to help them boost their apps across the app stores. Using virtual currency, Tapdaq offers a community-based approach that lets developers trade ad installs with each other. Developers choose the apps they’d like to cross-promote, ensuring a better fit for the app.
“For an app to succeed today, developers need to be either very wealthy or incredibly lucky. […] We want to change this by offering a solution for mobile app developers of any size looking to promote their apps by trading installs on the platform to generate more awareness and revenue for the publisher. We like to think we have normalised the process of building a successful business on any mobile platform, be it Apple, Google, or whatever comes next.”
He adds that costs linked to retaining a loyal user shot up to $4.04 in August 2015, according to Fiksu. That’s a massive 36% increase month-on-month and 117% the year over, making it unsustainable for smaller developers to succeed.
As an example, game developer Appsolute Games used Tapdaq to leverage their existing user base and promote their latest game, Free Fall. The company generated in excess of 14,000 installs in a week and over 20,000 installs after 10 days. It’s CTR and install ratio shot up 10%.
Tapdaq’s SDK currently sees over 100m unique sessions monthly. The SDK acts as a management platform for developers and Tapdaq plans to monetise inventory through it eventually. He adds:
“The developers who use our platform also help us build it (actually contribute code), so our entire product is evolving based on developer needs as opposed to us creating a separate vision which we then would have to selling to developers.”