Mark Cuban has anted up half of a newly secured $1 million seed round for Apptopia, a marketplace that matches app developers together with buyers who want to acquire the entire product. The other half came from a group of venture capital and angel investors.
Apptopia said it will use the funding to grow its small team and to work on an unspecified new capability.
The company handles the entire transaction process for 10 percent of the selling price, including recommending a valuation and taking care of the necessary coordination with app stores.
Buyers get the app’s source code and intellectual property assets, the existing customer list, relevant data and revenue numbers, and non-compete agreement.
The seller gets the money right away. This is appealing to developers who would prefer to move ahead on other projects, would rather have the money upfront instead of waiting for sales to mount up, or who simply don’t want to get involved with the day-to-day management of selling apps to consumers.
“Apps are not just products that you buy for $0.99; they are complete businesses with revenues, customers, technology, and partners. A mobile app is an asset,” Apptopia says on its site.
Apptopia – http://www.apptopia.com