Qiming leads $10m Series A round for Appconomy

Existing investors WTI and True Ventures also participated in the funding round, while Neusoft, an IT solution and service provider in China, came on board as a strategic investor. Neusoft's involvement comes after it announced a strategic alliance with Appconomy in September. As part of the transaction, Gary Rieschel, managing director of Qiming, will join Appconomy's board of directors.

"With these two, new cornerstone commitments from Qiming and Neusoft, Appconomy will move rapidly to bring our unique AppWallet marketplace for global brands and local merchants to China," said Steve Papermaster, chairman and co-CEO of Appconomy.

The company is best known for developing the AppWallet marketplace and AppWallet app for smartphones and tablet computers. The cloud-based platform is used to facilitate e-commerce transactions. Appconomy maintains a corporate headquarters in Shanghai and a development center in Chengdu, Sichuan province. It also has a base in Austin, Texas.

Qiming, which has over $1 billion under management, closed its third fund in May at $450 million. The firm has over 50 portfolio companies in the IT, consumer and internet, healthcare and cleantech sectors.

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• Topics
• Venture
• Expansion
• Greater China
• Technology
• Qiming Venture Partners
• TMT
• Venture
• China