Appconomy Raises $10 Million To Accelerate Expansion In China

Mobile development platform company Appconomy has raised $10 million in Series A equity and debt funding to accelerate its operations in China. The round was led by Shanghai-based Qiming Ventures.

Other investors include IT services provider Neusoft Corporation (which Appconomy had previously formed a strategic alliance with) and previous backers Western Technology Investment and True Ventures.

Appconomy operates a cloud-based platform for mobile marketing and commerce that connects consumers and merchants through its AppWallet marketplace on smartphones, tablet computers, and feature phones. Basically, the platform and technology help mobile app developers integrate in-app commerce and community services for daily deals and coupons, loyalty and rewards programs, and social network & private group sharing.

In partnership with Neusoft, Appconomy plans to leverage combined customers and partners in China and the United States, which happen to be the two largest markets for apps in the world.

Qiming Ventures MD Gary Rieschel has joined Appconomy’s board of directors.

Appconomy says it will continue to operate its U.S. headquarters, product and business development in Austin, Texas and run its Chinese operations from Shanghai.