SessionM, a startup led by Quattro Wireless co-founder Lars Albright, just announced that it has raised $20 million in a Series B round of funding.
The round was led by Charles River Ventures, with participation from past investors Highland Capital Partners and Kleiner Perkins Caufield & Byers. CRV partner Jon Auerbach is joining the SessionM board. The company declined to comment on the valuation, but apparently VentureWire is reporting that the round values SessionM at $100 million.
Quattro, of course, was acquired by Apple and became the basis of the company’s iAd program. Albright led business development on iAd until he left to start SessionM, initially raising a $6.5 million round from Kleiner’s iFund and Highland.
When SessionM launched in March, Albright told me his goal was to improve engagement and retention in mobile apps, by adding a lightweight game layer. As users perform different activities in an app, they can unlock different achievements and earn rewards through the company’s mPoints program. The technology also provides a new advertising opportunity for brands.
In the funding press release Albright says that SessionM is increasing app usage by nearly 2x and seeing ad clickthrough rates that are 20x the industry average.