Business, Investments

Mobile App Firm Kony Secures USD 50 Million in Series E from Softbank

Orlando, Florida-based mobile application development platform, Kony has raised USD 50 million in Series E round led by Softbank Capital. The other investors Insight Venture Partners, Telstra Ventures (AVG), Georgian Partners, Delta-v Capital and Hamilton Lane have also participated in the round.

It aims to utilize the raised funds for its financial strength, global resources and accelerate presence in Asia Pacific region. Earlier, it had raised USD 11.3 million in series D round from Telstra Ventures (AVG). Till date, including this round, the company has secured a total funding of USD 98.4 milion.

Kony was launched in 2007 by Founder & Chairman Raj koneru. It is known for providing growing cloud-based mobile application development platform to deliver mobile solutions. At present, the platform is adopted by more than 20 million end users across 45 countries. The company also offers ready-to-run B2E and B2C apps that enable customers to quickly extend their business.

Also Read: Instacart secures USD 44 million from Andreessen Horowitz

Venture Beat says: Kony says it serves 20 million mobile app users across 45 countries each day. It added 100 new customers last year, including Aetna, SunTrust Banks, Sirius XM, and Coca-Cola.

City bizlist says: “We are equally pleased Insight Venture Partners will co-lead this round. As one of the industry’s prominent investment firms and Kony’s anchor investor, the added commitment from Insight is further validation of Kony’s rapid ascension as a leader in the exploding market for mobile applications.” said Thomas E. Hogan, chief executive officer, Kony, Inc. 

“SoftBank’s portfolio of companies and position as a global leader in wireless technology give us a very clear view to the power and potential for enterprise mobility. We believe Kony is uniquely positioned to seize a leadership position in this nascent, but rapidly growing market and can build a business of substantial size and importance,” said Steve Murray, partner at SoftBank Capital.

“This round extends Kony’s strength and financial resources and helps ensure our ongoing commitment to innovation, global reach, and service for our trusted clients,” said John R. Joyce, Kony’s new vice chairman and chief financial officer.

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