Wednesday, October 7, 2015
Foundry Portfolio Firm AppDirect Raises Funding To $245M
One of the portfolio companies of Boulder-based Foundry Ventures, AppDirect, has just bumped its total funding to a staggering $245M, after a $140M funding round led by J.P. Morgan Asset Management. AppDirect, which is based in San Francisco, became a portfolio firm of Foundry Group thanks to the acquisition of Boulder-based Standing Cloud in 2013. According to AppDirect, Foundry Group, iNovia Capital, Mithril Capital Management, StarVest Partners, and Stingray Digital also participated in the funding. AppDirect's software is used in online cloud services marketplaces. Standing Cloud had only raised $10M in total from Foundry Group and other investors, before its acquisition by AppDirect.