rollApp Announces $1M Round of Series A Funding, Led By LETA Capital with TMT Investments Participating
Today rollApp has announced the $1M Series A funding, led by LETA Capital. TMT Investments, which made a seed investment into the company in 2011, is also participating in this round. rollApp plans to use Round A funding to transit out of beta stage of development to widespread adoption, add support to more devices/platforms, and start monetizing the service.
rollApp Inc is a Silicon Valley-based startup chartered to create an online service that will allow to instantly run any existing unmodified software on any Internet-connected device, e.g. Windows programs on iPad or iPhone apps on Android devices. Currently the company offers free beta version of this technology that allows to work with Windows and Linux applications on iPad, Chrome OS devices and all the popular desktop operating systems (Windows, MacOS, Linux). While in beta, the service attracted tremendous interest from users: during the last 8 months the company has experienced over 50-fold traffic growth. The company’s Advisory Board includes legendary industry veterans such as Vivek Wadhwa (VP at Singularity University) and Bjarne Stroustrup (the author of C++ programming language).
“Technology developed by rollApp eliminates the need to re-work existing software products every time when a new platform enters the market.” - said Vlad Pavlov, rollApp founder and CEO. “There is no need to change existing apps to make it possible to use them on new devices. And there is no need to develop new software to work with existing files from the new devices. We have published a critical mass of apps on our platform, so our customers can use rollApp to view and edit virtually any file: documents, spreadsheets, pictures, e-books, archives, mind-maps, etc. In one click, inside a browser, from almost any device, with no downloads/installs. ”
“We are confident in the success of the rollApp story.” said Alexander Chachava, Managing Partner of LETA Capital, who will be joining the rollApp Board of Directors. “RollApp has a very ambitious management team. They were lucky enough to attract some of the best experts on the planet to join the rollApp crew. The company has a very precise and clear strategy. Most importantly, rollApp solves the problem of working with different platforms. A user must always have an option of working with any program or document regardless of the device being used. rollApp seamlessly resolves this issue. “
About rollApp Inc.
rollApp (http://www.rollApp) is a developer of a software-on-demand service designed to instantly deliver existing third-party software applications to any web-browser-equipped device over broadband/3G. The service aims at allowing end-users to launch virtually any third-party software application in the cloud and use it inside a standard web-browser.
About LETA Capital
LETA Capital (http://www.leta.vc/en) is a corporate boutique venture fund founded by LETA Group, a Russian IT-holding Company with over $100 mln in revenue. Annually, LETA Capital makes investments ranging from $5 to $7 mln. The deal size ranges from $400k to $2 mln. The fund is aimed at supporting innovative IT startup companies at their seed or early growth stage. Started in 2012, LETA Capital has closed 6 deals.
About TMT Investments
TMT Investments PLC (http://www.tmtinvestments.com) invests in high-growth, internet-based companies across a variety of sectors and has a significant number of Silicon Valley investments in its portfolio. Founded in 2010, TMT has raised $28 mln and invested in 25 companies to date. The company's objective is to generate an attractive rate of return for shareholders, predominantly through capital appreciation. The company is traded on the AIM market of the London Stock Exchange.