French firm Kovalee, a mobile app publisher, announced a €8 million Series A funding round enabling a hiring spree. Kovalee aims to double its team by the end of the year.
The round is led by European VC Iris, and includes Breega and Bpifrance - Alan Fung, former Director of Performance Marketing at King and Alexandre Berriche, co-founder and CEO of Fleet and Sequoia Capital scout also took part.
“Except for a happy few, most apps are not profitable because gathering the full set of necessary skills to reach top positions in stores is almost impossible. Financing Kovalee, a data-driven team which excels in scaling apps to provide this service to others, while already having done it before by creating a leader in the gaming space, was a no-brainer,” says Gil Doukhan, Partner at IRIS.
Funds will go towards R&D and Kovalee is expanding its team of international mobile experts and developers with plans to double the headcount by the end of 2023.
Kovalee’s publishing model is based on long-term profit-sharing partnerships with the app creators. Kovalee provides the tools and expertise to scale apps with user experience (UX), user acquisition (UA), app store optimisation (ASO) and monetisation leaving the app creator to focus on content.
“We’re proud to see that several apps created by small companies and published by Kovalee became #1 worldwide in their fields, beating giants. Thanks to this fundraising, we’ll double down on our tech to offer the publishing model to more and more apps with great potential. It’s time to give the power back to talented app creators,” says Vincent Hart de Keating, CEO of Kovalee.