Direct deal mobile advertising marketplace ChartBoost announced Monday that it has raised $2 million in a round of funding led by TransLink Capital, SK Telecom Ventures, and XG Ventures. Interestingly, while this is the company’s first round of funding, it claims to be profitable already and says it plans to use the new funds for product development.
Founded last spring, ChartBoost was launched in an effort to cut out the advertising middle man by allowing app developers to connect with one another and promote each other's apps through customizable campaigns via ChartBoost’s ad serving technology. App developers maintain full control over the apps they promote, which means they can filter out those they choose not to promote, as well as customize the location, frequency, and timing of the ads.
The company addresses the frustration app developers face when trying to deal with advertising networks that simply can’t offer enough ad volume.
"We have introduced several leading app developers based in Asia, and they are excited about the ChartBoost platform,” said Jay H. Eum, Managing Director at TransLink Capital, in a statement.
Some of the top grossing app developers in the world are currently using ChartBoost’s network to connect with partners, including Pocket Gems, Tinyco, Gameview, and The Playforge.
"There is a tremendous opportunity for Top-100 apps to connect with other game publishers that are spending thousands of dollars to acquire users and get a 100-percent revenue share by dealing directly with them instead of through an ad network," said Maria Alegre, co-founder and CEO of Chartboost.
Two of the company’s co-founders, Maria Alegre and Sean Fanning, hail from Tapulous, which was acquired by Disney in 2010. XG Ventures also happens to be a previous investor in Tapulous.