Sensor Tower Secures $45M and Partners With Riverwood Capital to Fuel Growth
SAN FRANCISCO, May 4, 2020 /PRNewswire/ -- Sensor Tower, the leading, trusted source of enterprise-grade market intelligence for the mobile app ecosystem, announced today a $45 million investment from Riverwood Capital. This strategic partnership marks a new phase in Sensor Tower's continuing mission to develop a cutting-edge analytics platform that delivers the industry's most accurate data on the mobile ecosystem.
Sensor Tower previously raised a total of $1 million in seed investment and has been profitable since its founding in 2013. By emphasizing agile product development, a scalable and easy to use product, and highly personalized and responsive customer service, Sensor Tower achieved a record year for annual recurring revenue (ARR) in 2019, with 65% growth year-over-year. Operationally, employee count increased by 50% over the previous year, and Sensor Tower has opened several international offices to support regional demand, including its latest in London to serve the EMEA market.
"Sensor Tower not only supports an impressive range of enterprise-level customers such as Morgan Stanley, Zynga, and Tencent but also has equally impressive business fundamentals. As mobile becomes less driven by convenience and more of a daily necessity, we see Sensor Tower as becoming the platform the world relies on for mobile data. In addition, the company is led by visionary founders and a committed management team, who we are excited to partner with," says Jeff Parks, co-founder and managing partner of Riverwood Capital.
Sensor Tower's acceleration comes at a unique time in the mobile market: According to an eMarketer report, U.S. adults will, on average, spend three hours and 43 minutes on mobile devices per day, with 90% of that time spent in apps. With record downloads and revenue forecast through 2024 across mature and developing markets alike, reliable app data has become critical not only for mobile-first app developers, but also for major consumer brands and financial institutions. Through this partnership, Sensor Tower will focus on innovating and redefining mobile market intelligence.
"Sensor Tower data is becoming increasingly valuable to enterprises in multiple verticals, ranging from app-first, to app-ancillary and finance. The data that Sensor Tower provides will power marketing, sales, product, and research budgets in the future, offering great prospects for future growth," noted Ramesh Venugopal, a member of Riverwood's investment team.
"Coming from scrappy roots and minimal investment to be the company we are today, we're excited to be partnering with Riverwood Capital," said Alex Malafeev, co-founder and CEO of Sensor Tower. "We believe this new chapter will allow us to accelerate our growth, innovate, and develop comprehensive solutions for an ever-changing mobile ecosystem. Furthermore, we're excited to partner with Jeff, Ramesh, and John from Riverwood on the next phase of our growth."
JMP Securities LLC served as financial advisor to Sensor Tower.
About Riverwood Capital: Riverwood Capital is a technology-focused growth equity firm with over $3 billion in assets under management. Riverwood offers a unique combination of operational, strategic, technological, and financial insight to portfolio companies that need both growth capital and expertise in order to scale. The firm has offices in Menlo Park, CA; New York, NY; and Sao Paulo, Brazil. For more information about Riverwood and its portfolio, please visit www.riverwoodcapital.com.
About Sensor Tower: Sensor Tower is the leading, trusted source of enterprise-grade market intelligence and performance metrics in the mobile app ecosystem. From mobile-first startups to blue-chip companies and financial institutions, Sensor Tower provides innovative mobile performance, trend insights, and ad network data for the global mobile app economy. For more media contacts, please contact [email protected] or visit www.sensortower.com.
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