AppDirect raises $140 mln in latest funding

(Reuters) - AppDirect, which helps developers and businesses create, use and sell apps, said it raised $140 million in a funding round led by an investment fund advised by J.P. Morgan Asset Management, valuing the company at $1.04 billion. Existing investors including Foundry Group, iNovia Capital, Mithril Capital Management, StarVest Partners, and Stingray Digital also participated in the funding. AppDirect raised $50 million in February in a funding round led by Mithril Capital Management, doubling the company's valuation to $600 million at the time. San Francisco-based AppDirect has raised a total of $245 million since it was founded in 2009, the company said. AppDirect said it has over one million paid business subscribers, a 300 percent jump from a year earlier. (Reporting by Abhirup Roy in Bengaluru; Editing by Don Sebastian)