AppDirect, backed by JPMorgan, secures $100M to power expansion efforts

AppDirect, a digital marketplace for apps, has recently acquired $100M in debt financing to fuel its expansion. This round of funding is provided by Canadian pension fund, Caisse de Depot et Placement du Quebec (CDPQ).

• Previous Funding: This adds to the previous funding of $80M that AppDirect received from CDPQ in 2021.

• Operations and Features: AppDirect operates as a subscription-based marketplace for various software. The platform is backed by heavyweights including JPMorgan Chase & Co., Foundry Group, and Peter Thiel’s Mithril Capital.

• Background and Valuation: Established in 2009, AppDirect has grown exponentially, reaching a $1B valuation in 2015. The company currently connects over 1,000 tech providers to five million subscribers, leveraging a network of 10,000 technology advisers to refer or resell solutions.

• AI Foray: The company is also stepping into the AI domain with a pilot marketplace for AI apps. A full rollout is planned in the forthcoming months. The AI marketplace will empower customers to create AI bots using their preferred large language models, including options like OpenAI’s GPT-4, Meta Platforms Inc.’s Llama, Alphabet Inc.’s Lamda, and Cohere.

CEO Nicolas Desmarais expresses optimism, stating that by merging their marketplace expertise, digital commerce platform capabilities, and application of AI, AppDirect is uniquely positioned to speed up and democratize AI adoption for non-technical users.