Camden based Appsumer has secured funding from the Greater London Investment Fund (GLIF), to fund new business opportunities and create a dozen new jobs over the next 18 months.
Founded in 2015 by Shumel Lais and Moin Maniar, Appsumer is a SaaS analytics platform that supports developers of smartphone mobile apps to monitor their marketing spend and user acquisition success rate. Their client facing platform powered by AI captures same day marketing spend data and trends whilst delivering a decision-making tool as to where best to allocate daily marketing spend to maximise new customer downloads.
The mobile app market has grown rapidly in the last decade, and marketing spend in the sector has doubled year-on-year. As more apps are developed, marketing expenditure is the key driver to grow revenue. These developments have a greater data capture which is delivered faster to clients, along with AI decision making tools determining where marketing spend should be distributed. This reduces costs for clients and gives them an edge over the competition.
Shumel Lais, CEO and Co-Founder of Appsumer commented: “It’s great to be working alongside Marco and the GLIF team with a loan that has come at a crucial point in our journey. 2020 has delivered a step change in product offering for us with faster same day processing of data and greater client customisation, allowing us to better service our customers. This loan has put us on a strong footing for further growth as it will allow us to expand and take on major new contracts this year. Additionally, we will be able to create a dozen new jobs in London by 2022. “
Marco Cerrone, Investment Manager for The FSE Group, who manages the £55 million GLIF debt fund on behalf of Funding London, commented: “Appsumer have developed a strong product offering and have an opportunity to build a widespread customer base in a huge & fluid market. We were impressed with the management team and their commercial traction with consistent year-on-year sales growth. We are delighted to be able to provide this funding and look forward to the next stage in their journey.”
Maggie Rodriguez-Piza, CEO at Funding London, adds: “We are excited to announce our investment into Camden-based SaaS analytics platform Appsumer. Seven years ago, Shumel Lais and Moin Maniar capitalised on the opportunity presented by the rapid growth in the mobile app market. GLIF’s investment will support the escalation of the customer experience alongside the team’s expansion. We wish Shumel and Moin great success with their growth plans over the coming months.”
GLIF is a £100m initiative to help address the SME finance gap in Greater London, promoting economic growth through enterprise and an inclusive and sustainable economy. £55m of debt funding is available, via loans between £100,000 and £1m, to early-stage and established SMEs looking to scale-up and realise their growth ambitions. GLIF is financed through the European Investment Bank (EIB), European Regional Development Fund (ERDF), London Waste & recycling Board (LWARB) and Funding London’s Legacies.