Geenapp has announced it’s secured $250k in a first round of financing that included Telefonica accelerator Wayra and a number of angel investors.
The Barcelona-based Geenapp provides a self-serve social discovery platform for apps. Basically, the platform lets popular social media users earn revenue via promoting affiliate links to app store pages. Publishers can sign-up on the Geenapp website, get an affiliate URL, and promote it on their social networks. Publishers can also create their own curated app stores which they can direct traffic to.
As Facebook and Twitter have proven, social platforms are a very effective way to drive app installations. Geenapp’s model is an interesting way to piggyback on this and offer another route for advertisers who perhaps can’t afford the ever increasing CPI costs on Facebook. However, it would be interesting to know what barriers to entry there are for publishers on Geenapp and what kind of disclosure, if any, publishers give when advertising on their social pages.
Discussing the investment, Geenapp CEO Jaime Ferre said:
“The greatest challenge facing developers is getting their apps in front of the right audience, while publishers are always looking for new ways to monetize their traffic – Geenapp addresses both these issues by harnessing the power of person-to-person recommendation on an international scale. The success of this first round of financing, plus our rapid growth, validates the unique business model we have created. After completely restructuring the company earlier this year, we have experienced exponential growth and have already achieved our breakeven point in four months.”
Geenapp says it’s currently handling over 20,000 active offers daily and is operational in 137 territories. The company also says it’s recently broken even and is planning on further expanding its business. For more information and to sign-up head over to the website.