Appx Funding: AppX racks up $1.3 million in funding led by YCombinator

Bengaluru: Online solutions provider to creators, AppX has raised $1.3 million in a new funding round led by YCombinator, Global Founders Capital, and Rocket Internet, the company said on Tuesday.

Other investors who participated as part of the round include Soma Capital, Shrug VC, former AirBnB product lead, Lenny Rachitsky; angel investor James Beshara as well as TDV Partners.

According to the company, it plans to utilize the fresh funds to increase its product offerings, to help creators monetize better, roll out their tokens and expand internationally.

Founded in January 2020, New Delhi-based AppX helps its creators monetize via their own personal mobile applications and websites, wherein creators can run their own online businesses such as ebooks, courses, non-fungible tokens (NFTs) and e-commerce businesses.

The company is currently targeting creators with over 10,000 followers on social media platforms such as Instagram, Tiktok, Youtube, amongst others.

“The creator economy space is a booming sector with market opportunity worth $100 billion. Creators and influencers regularly interact with their fans on social media, and thus require a mobile-first storefront that could help provide premium offerings to their followers. To cater to this demand, we have built a SaaS (software-service) platform that empowers these creators to see revenue streams beyond digital ads,” said Sameer Sadana, founder and CEO, AppX.

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Currently, AppX works with creators across domains of edtech, fitness, gaming, and skill development. It has a network of over 3000 creators.

“The creator economy has been rapidly growing with increasing digital penetration. We are delighted to partner with AppX and truly believe in their vision of creating products that help empower creators and influencers across the globe,” said Don Stalter, partner at Global Founders Capital.

AppX is also planning to launch a platform where creators can launch their online businesses in less than 10 minutes. Creators and influencers have already earned over $10 million till now using AppX’s products, the company said.

There has been much activity in the Indian startup space with the latest fad around bollywood celebrities including
Salman Khan and Amitabh Bachchan, as well as prominent Indian cricketers launching their own NFTs.

In November, last year, NFT platform
Lysto raised $3 million from Better Capital, Beenext and other investors including Flipkart and Cred founder Binny Bansal and Kunal Shah. There’s also Bengaluru-based NFT marketplace Vibranium which provides creator centric NFTs.

Recently, actor
Rana Daggubati and Anthill Ventures’ founder Prasad Vanga backed metaverse company, Ikonz, which looks to help celebrities and popular brands manage their NFTs.

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