App developer raises $16 million
Austin-, China-based company’s product links merchants with customers.
Mobile app developer Appconomy is closing out the year by completing a $16 million round of funding, which it will use to further its expansion in China.
The company, which has dual headquarters in Austin and Shanghai, was founded two years ago by Austin software veterans Brian Magierski and Steve Papermaster.
Its product, called Jinjin Marketplace, is designed to connect merchants with consumers. It lets retailers, merchants and brands build smartphone and tablet computer apps that include daily deals, coupons, rewards and loyalty programs, social network sharing and mobile payments.
Backers of the company include Neusoft Corp., which is a leading IT services provider in China; Shanghaibased Qiming Ventures; and California firm True Ventures. Appconomy has raised a total of $17.5 million since inception.
Last year, Appconomy entered a strategic alliance with Neusoft, which was founded two decades ago and has played a prominent role in shaping the software services industry in China. As part of the deal, Neusoft