New Investment Opportunity: Appdome
Solving mobile app security, the DevOps Way
- Delivers a no-code build system to add security, anti-fraud, and malware protection to mobile apps inside the DevOps pipeline - the next big cybersecurity challenge
- Multimillion-dollar ARR contracts with Citi, Fiserv, Marriott
- 56% YOY increase to $16.9M ARR at end 2021, projecting $32M ARR at end 2022; 5X YOY increase to 100 million end users protected at end 2021
- DevSecOps market growing fast: Avast acquired by NortonLifeLock for $7.6B, Sumo Logic's $2.2B IPO in 2020, Fastly's $1.45B IPO in 2019
- $20M-$25M Series C at $250M pre-money led by Menlo Ventures and Rally Ventures; co-investors include Draper Nexus Technology, Dell Ventures, JVP, and Vaal Investments
Dear Josb,
Businesses of all types are increasingly reliant on mobile applications. Corporations and consumers alike have growing concerns with the security of the mobile apps they use. Until now, building cybersecurity into mobile apps has been a time-consuming, manual process.
OurCrowd is reinvesting in Appdome, a rapidly growing Israeli company that automates the development process of securing mobile apps. The details in this email are based on information received from, and verified solely by, the company.
The Problem
Covid-19 transformed many brick and mortar businesses into mobile app-driven virtual businesses overnight. Seventy percent of consumers in the US say mobile banking is the primary way they access their accounts. Securing mobile apps has been a difficult process, slowing down app deployment.
The Solution
Appdome provides a comprehensive "no-code" mobile app security development platform for both Android and iOS apps. Using Appdome, the customer's app development, security or DevOps teams simply upload an app, select the security features they want to add, and tell the system "build my app." From there, an automated dev machine builds the features into their app, without the need for additional changes or any coding whatsoever on the part of the customer.
Appdome's no-code approach makes it the fastest and easiest choice to implement mobile app security, anti-fraud and malware prevention inside Android and iOS apps. As a result, it offers greater protection from hacking, fraud and malware attacks.
As part of its service, Appdome offers all customers the Certified SecureTM security certification that guarantees the protections added to each app by its build system. Customers can confidently release new updates to apps without having to wait for security verification from post-build testing.
Traction
Appdome is growing fast, ARR increased 56% YOY to $16.9M at the end of 2021. The company projects it will increase sales by 89% in 2022 to $32M ARR by the end of the year. The company's technology was protecting more than 100 million end users at the end of 2021, a 5X increase compared to 2020. It is forecasting 500 million by the end of 2022.
Appdome has multimillion-dollar ARR contracts with Citi, Fiserv, and Marriott. The company offers solutions that meet the needs of both B2B and B2C applications.
The Market
DevSecOps is a hot sector in a rapidly growing market. The DevSecOps market is forecast to grow at a CAGR of 32% from $2.5B in 2020 to $23.4B in 2028.
NortonLifeLock acquired cybersecurity software company Avast for $7.6B, Sumo Logic, a security-focused data analytics company, completed a $2.2B IPO in 2020, and Fastly closed a $1.45B IPO in 2019.
The Round
This $20M-$25M Series C round at a $250M pre-money valuation is led by Menlo Ventures and Rally Ventures. Co-investors include Draper Nexus Technology, Dell Ventures, JVP, and Vaal Investments.
Funds will be used to support and strengthen the company's sales-led growth engine through increased marketing and sales efforts and provide additional runway to the company beyond 2022.
Meet the CEO
We're hosting a webinar/conference call on Wednesday, March 9th, at 7PM Israel / 12 Noon New York / 9AM San Francisco for investors to meet CEO Tom Tovar and learn more about Appdome.
Can't make the webinar? Register and we will send you a recording of the call.
The Appdome Solution
Appdome offers a variety of solutions, including:
- Mobile Security Suite: A comprehensive no-SDK and no-code solution, best practices mobile security feature set that can be added to any Android or iOS app in minutes. Mobile developers and non-developers alike can add sophisticated runtime application self-protection (RASP) features such as anti-tampering, anti-debugging, code obfuscation, mobile data encryption and more, to apps quickly and easily.
- Enterprise Mobility Control: A suite of enterprise solutions. With Enterprise Mobility Control, anyone can instantly build new apps or app versions that are fully compatible with all major UEM or MAM SDKs – no matter how the app was developed or what frameworks and methods are in the app. Enterprise Mobility Control offers a range of UEM & MAM extensions, designed to make mobile apps compatible with UEM and MAM vendor browsers, email clients and secure document sharing protocols, as well as deliver unparalleled control over permissions granted to enterprise apps.
- Appdome Certified Secure: A program that provides customers with validation that security features are present in each build, without the delays associated with vulnerability scans or pen testing.
Next steps:
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