Market intelligence firm Sensor Tower has secured $45 million investment from Riverwood Capital. Through this partnership, Sensor Tower will focus on innovating and redefining mobile market intelligence.
“Sensor Tower not only supports an impressive range of enterprise-level customers such as Morgan Stanley, Zynga, and Tencent but also has equally impressive business fundamentals. As mobile becomes less driven by convenience and more of a daily necessity, we see Sensor Tower as becoming the platform the world relies on for mobile data. In addition, the company is led by visionary founders and a committed management team, who we are excited to partner with,” says Jeff Parks, co-founder and managing partner of Riverwood Capital.
The intelligence firm previously raised a total of $1 million in seed investment and has been profitable since its founding in 2013. Sensor Tower achieved a record year for annual recurring revenue (ARR) in 2019, with 65% growth year-over-year. Operationally, employee count increased by 50% over the previous year, and Sensor Tower has opened several international offices to support regional demand, including its latest in London to serve the EMEA market.
“Sensor Tower data is becoming increasingly valuable to enterprises in multiple verticals, ranging from app-first, to app-ancillary and finance. The data that Sensor Tower provides will power marketing, sales, product, and research budgets in the future, offering great prospects for future growth,” noted Ramesh Venugopal, a member of Riverwood’s investment team.
“Coming from scrappy roots and minimal investment to be the company we are today, we’re excited to be partnering with Riverwood Capital,” said Alex Malafeev, co-founder and CEO of Sensor Tower. “We believe this new chapter will allow us to accelerate our growth, innovate, and develop comprehensive solutions for an ever-changing mobile ecosystem. Furthermore, we’re excited to partner with Jeff Parks, Ramesh Venugopal, and John Yang from Riverwood on the next phase of our growth.”