Mobile App Building Platform iBuildApp Raises $525,000 in Private Financing
Foster City, CA (PRWEB) March 19, 2014 -- iBuildApp http://www.iBuildApp.com a leading startup platform to build mobile applications for iPhone and Android, today announced a $525,000 investment. The company, which doubled their revenue in 2013 to $400,000, plans to spend on product upgrades and expanding into Latin America.
Since its founding four years ago, iBuildApp has grown rapidly. The company has raised $900,000 in investment from Starta Capital and private investors. "We plan to use this investment to help us continue to grow our market share,” said Eugene Medvednikov, director iBuildApp development. “Even though we’re not yet profitable our current revenues are $60,000 per month and we plan to reach profitability this year."
iBuildApp is a platform for building mobile applications for iPhone and Android without the need for programming skills. The platform allows users to add text, embed RSS-feeds, images, audio, video and more in a customizable mobile app. The company has pre-made templates for different industries including banks, universities, restaurants, schools and churches.
Anyone can build an app on iBuildApp completely free of charge (Free plan with some limitations). For an additional fee, iBuildApp allows embedded advertising and push-send messages in apps. They will also get apps into the App Store or on Google Play. In addition to buying features, customers can purchase widgets and designs in the iBuildapp Marketplace.
In 2014, iBuildApp plans to grow to $1.6 million in revenue with a goal to increase revenue to $10 million in 2015. Already, February subscription revenue is 25% higher than the previous month and the company projects that number will increase by another 20% in March. This year the company will focus on increasing sales in Europe and has plans to enter the Latin America market and expand their market in Asia.
In the last 6 months, online registrations increased from 600 to 2,500 new users per day. The number of people who have become paying customers has tripled. Overall, one percent of registrations convert to paying customers. Still, the company has not reached profitability.
This year iBuildApp plans to update reporting, analytics, and add more books and magazine to their offerings. In addition, the company will add new ready-made templates and widgets. "Think of us like a full-fledged mobile Amazon in terms of sales and components or like a mobile WordPress for creating applications."
About iBuildApp http://www.iBuildApp.com
iBuildApp is a patent-pending automated mobile app creation and publishing Platform-as-a-Service. The platform allows any business, group or individual to create and publish a native or a web app for a smartphone or a tablet (currently supporting HTML5, iPhone and Android) in a matter of minutes. iBuildApp was founded in 2010 by Rafael Soultanov, a programmer and now entrepreneur from Russia with 10 years in IT consulting for companies Nielsen Media, Samsung, France Telecom, Dell, and InterContinental.
Based in Silicon Valley, the company employs 22 people. Customers include Liverpool Football club, Nielsen Media, Texas police, and the UCLA, Suffolk, Emory Universities, Sberbank.
iBuildApp has more than 600,000 registered accounts and 700,000 mobile applications have been created. Of those, 150,000 apps have been published in the iBuildApp, iTunes and Google Play App Stores. The majority of the apps have been created in the U.S., Europe, Saudi Arabia and South-East Asia.
Follow iBuildApp
Twitter - @iBuildApp
Facebook - http://www.Facebook.com/ibuildapp
Rafael Soultanov, iBuildApp.com, http://www.iBuildApp.com, +1 415-812-1504, [email protected]
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