iNovia Capital, Stingray invest in $140 mln financing of AppDirect

AppDirect, which last month bought Calgary-based AppCarousel, has raised US$140 million in Series E financing. The round was led by a fund advised by J.P. Morgan Asset Management, and was joined by existing investors, including iNovia Capital, a Canadian venture capital firm, and Stingray Digital Group Inc, a Canadian music and media solutions provider. AppDirect's latest funding follows its US$50 million Series D round in February, and brings its total raised to US$245 million. San Francisco-based AppDirect is a cloud service commerce platform focused on making software and products accessible globally. It is co-led by Canadians Nicolas Desmarais and Daniel Saks.

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