Tapjoy Raises $30 Million from JPMorgan to Fuel Push on Android
Tapjoy, which helps developers on Facebook, Android and iOS earn revenue through offers and CPA ads, raised an additional $30 million from JPMorgan. The announcement comes just a few months after Apple clamped down on one major revenue stream for the company — incentivized installs — or where game developers cross-promote other apps and give their players virtual currency for downloading titles from other companies.
Tapjoy chief executive Mihir Shah said the company remains profitable despite the setback. “We’ve been profitable for a number of quarters and top-line revenue has been growing,” he said. “Our gross margins have grown quarter-over-quarter even after all of this.”
At the same time, the company has seen a tenfold increase on Android in the size of its network and the number of paid actions it pushes in the last three months. Revenue on the platform has also seen a commensurate increase. Tapjoy recently launched a $5 million fund to help developers port their apps to the platform.