CARDIFF-BY-THE-SEA, Calif., June 29, 2022 (GLOBE NEWSWIRE) -- Loyal (the “Company”), the premier global platform of non-gaming mobile apps, announced today that it has completed a Series A investment round led by Crosscut Ventures with participation from Tribeca Venture Partners and BlueRun Ventures. Additionally, Loyal has completed a debt financing agreement with Victory Park Capital, a global alternative investment firm specializing in private credit. Combined, these funds will be used to expand the Company’s growing app portfolio, broaden and accelerate platform development, and increase app marketing efforts.
Loyal acquires stable, profitable mobile apps and scales their businesses, spearheading the growth of high-quality publishers across the massive mobile app global ecosystem. This funding round advances Loyal’s efforts to consolidate a highly fragmented mobile app marketplace, enabling smaller app developers and publishers to thrive in the highly competitive mobile landscape.
The mobile app market is projected to be a $600+ billion market by 2025, according to the Statista Digital Market Outlook report, with app monetization methods ranging from subscriptions and in-app purchases to advertising. Loyal’s goal is to shape and grow the mobile app industry by leveraging strength in numbers, creating a global app community and providing the resources needed for small developers to succeed.
“As a long-time mobile entrepreneur, I know what a privilege it is to partner with investors who see the potential of consolidating the mobile app market and accelerating growth for small developers,” said Tom Kenney, CEO and Co-founder of Loyal. “Crosscut and Victory Park share our vision, and with this investment package, we will continue to acquire hundreds of apps, build new functionality into our platform, and create both practical and entertainment value for mobile app users around the world."
Rick Smith, Co-founder and Managing Director at Crosscut Ventures Management, said, “We see the mobile marketplace growing and evolving quickly, creating more opportunities for app publishers in both gaming and non-gaming categories. Tom has assembled a team of mobile experts who are ready to capitalize on those opportunities. They understand the mobile advertising and revenue possibilities and know how to help developers monetize their apps in an expanding market.”
"Victory Park Capital is excited to be the sole debt financing partner for Loyal to further strengthen its balance sheet and offer operational flexibility as it grows. Tom and his team impressed us with their innovative strategy and we believe they are uniquely positioned to drive value for all stakeholders," said Jason Brown, Partner at Victory Park Capital.
Loyal’s mission to consolidate, scale, and grow the mobile app industry comes at a time when competition and privacy changes are creating more challenges for small app developers and publishers.
According to Data.ai’s State of Mobile 2022 report, publishers released two million new apps and games in 2021 alone with Google Play accounting for 77% of all apps and games released. Against the resource dominance of mobile industry giants, small developers are often pressured to either get bigger fast or sell, whether they want to or not.
Many developers also struggle to keep up with the nonstop mobile technology evolution. Innovation abounds with advances in 5G, AI, XR, and other technologies, creating hurdles for small developers to manage the deliberate, regular, and disciplined updates necessary to realize profitable growth.
Loyal aims to address and resolve these inequities, looking to provide more resources, education, and support for entrepreneurs and developers as the Company continues to grow.
"We’re excited to be working with so many great app publishers and developers to maximize user acquisition and engagement while building an AI-powered growth platform that automates our proprietary 250+ point checkpoint playbook to drive revenue – at scale," said Ray Green, Loyal’s Chief Operating Officer and Co-founder.
About Loyal
Loyal is creating a premier platform for a scaled consolidator of mobile apps. As a global mobile application growth platform for publishers, Loyal is spearheading the consolidation and growth of quality consumer-based app publishers, focused on apps that make people’s lives both easier and more enjoyable. If you’re interested in selling your mobile app or publisher business, please say hi at hello@loyal.app. To learn more, visit www.loyal.app and follow us on LinkedIn.
Media Contact
Julie Bernard
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/74217195-bce0-4b9d-a821-820801eb5ef2
