TORONTO, ONTARIO--(Marketwire - July 5, 2012) - AppHero, a startup building an intelligent social recommendation platform for mobile applications, has secured just under $1.8 million in seed financing. OMERS Ventures, Golden Venture Partners, and ENIAC Ventures along with a number of top angels and seed funds have invested about $1.3 million, with an additional $500,000 forthcoming from other sources.
The number of apps available for the iPhone and iPad has more than doubled over the last year, making it very challenging for consumers to discover the apps that are right for them. AppHero was founded on the principle that discovering the most relevant apps shouldn't be time consuming and painful. It helps users by personalizing the app discovery process, showing the best and most relevant apps and allowing them to seamlessly share these apps with their friends.
"Consumers have been paralyzed by the sheer volume of apps, and often miss out on the ones that are truly best for them," said Jordan Satok, founder and CEO of AppHero. "We have focused on building an innovative recommendation platform with a simple user experience to match users with apps they will love. This new funding allows us to continue growing our team to make our social recommendation platform more intelligent and expand to other verticals."
AppHero's recommendation platform was built on the idea that in a fast paced, ever changing world, effective discovery is difficult without an intelligent tool that utilizes all available social data to create personalized experiences. AppHero determines areas of interest by analyzing a user's historical activity and social data, then recommends the most relevant and engaging apps. It also gives users the ability to see their friends' apps and recommend great apps to each other.
"AppHero has a unique approach to helping consumers discover the apps that are the most relevant for them," said Derek Smyth, Managing Director of OMERS Ventures. "Our job is to find the best and brightest companies at any stage of development that we believe have the opportunity to achieve significant success in their markets. We believe AppHero has that potential, and we're excited to be working with the team at AppHero to shape the future of mobile discovery."
Founded in Toronto, Canada in 2011, AppHero is a social recommendation platform that helps users discover mobile applications they will find relevant, engaging and useful. AppHero uses intelligent technology to learn about a user's preferences based on social data and history from their Facebook account. Currently available free on the App Store, AppHero helps users find the best quality and most relevant apps for their interests from the hundreds of thousands currently available. For more information including career opportunities please visit http://apphero.com/.
About OMERS Ventures
OMERS Ventures (Twitter:@OMERSVentures) is the venture capital investment arm of OMERS, one of Canada's largest pension funds with $55.1 billion in net assets. It is an initiative of OMERS Strategic Investments (OSI), an investment entity with a mandate to build long-term strategic relationships with like-minded partners. As both an institutional angel investor and a later-stage investor, OMERS Ventures is looking for successful companies with significant growth potential and market opportunities. We are seeking like-minded partners with a shared vision of building a vibrant and successful knowledge economy. For more information please visit http://www.omersventures.com/.
About Golden Venture Partners
Golden Venture Partners is a mobile focused seed and early stage venture capital fund that provides early stage funding and mentorship to young companies that leverage the massive potential of mobile products and services. Golden Venture Partners was created as a response to the unparalleled growth in the mobile marketplace and the dramatic changes in how companies are created, financed and acquired. With the costs of creating valuable technology declining significantly from ten years ago, there is a tremendous opportunity for entrepreneurs to rapidly launch, test and scale new products and services. Golden Venture Partners is focused on funding these early stage companies to work together to launch the next generation of breakthrough mobile products and services.