Steve Papermaster (left) and Dr. Jiren Liu (right)
This time, Appconomy has landed $10 million in a first round venture debt funding deal designed to accelerate its operations in China.
Appconomy has created a merchant payment system called AppWallet and offers an app for smartphones, tablets and feature phones. The company has a Chinese corporate headquarters in Shanghai and a development center in Chengdu, Sichuan province. Its U.S. headquarters is in Austin.
Qiming Venture, based in Shanghai, led the round and its managing director Gary Rieschel will take a seat on the company’s board of directors. Neusoft Corp. also took a stake along with existing investors Western Technology Investment and True Ventures.
“With these two, new cornerstone commitments from Qiming and Neusoft, Appconomy will move rapidly to bring our unique AppWallet marketplace for global brands and local merchants to China,” Steve Papermaster, Chairman and co-CEO of Appconomy, said in a statement.