App de­vel­oper raises $16 mil­lion

Austin-, China-based com­pany’s prod­uct links mer­chants with cus­tomers.

Austin American-Statesman - - BUSINESS - By Lori Hawkins lhawkins@states­man.com Apps

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

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