Mobile app promotion network Chartboost has secured US$2 million in initial venture funding.
The series A funding for the company, founded this year, has come from TransLink Capital, SK Telecom Ventures and XG Ventures and will be used to expand the company’s reach and product development.
Chartboost provides a direct-deal advertising marketplace for top 100 iPhone and iPad app and game developers to make money by directly promoting apps made by other publishers. The company will soon support Android apps as well.
The idea is that mobile app and game developers can directly deal with other publishers to promote their apps and acquire users. As the model is direct, publishers who receive payment to promote other apps will receive 100 percent of the revenue rather than having to share it with an ad network.
Chartboost investor XG Ventures previously put money into social app developer Tapulous, which Chartboost founders Maria Alegre and Sean Fannan previously worked for. Tapulous was acquired by Disney in 2010.