Quick Facts
- AppsFlyer raised more than $1 billion in Series E funding at a $2.7 billion post-money valuation, with Google, Meta, Moloco, and Unity each taking minority stakes.
- The company generates approximately $500 million in annual recurring revenue, serves more than 15,000 brand clients, and is profitable.
- AppsFlyer’s CEO says the company plans to go public, calling this round “a step on that path.”
AppsFlyer has raised more than $1 billion in a Series E round from four of the largest advertising platforms in the world. Google, Meta, Moloco, and Unity have each taken minority stakes in the mobile attribution and measurement company, which now carries a $2.7 billion post-money valuation.
CEO and co-founder Oren Kaniel confirmed the investors. Much of the funding was structured as secondary transactions, providing liquidity to existing shareholders while bringing in new strategic equity holders. The deal remains subject to regulatory approvals.
The round marks a sharp turn from where AppsFlyer stood just months ago. The company had explored an IPO, then entered sale talks with private equity firms Apollo Global Management and Fortissimo Capital, who proposed acquiring a 50 to 60 percent stake at a $1.9 billion valuation. That deal collapsed after Apollo sought new conditions. AppsFlyer’s board walked away and pivoted to its own ecosystem for capital.
“They believe what we believe: that attribution and measurement must be independent, unbiased and trusted,” Kaniel said of the new investors. “As AI takes over more of how advertising gets bought and optimized, the signals feeding those systems become the most consequential infrastructure in the industry.”
The deal raises an obvious question: how can AppsFlyer remain neutral when it measures the performance of the very platforms now on its cap table? The company addressed this directly. All four investments are minority stakes with no control rights, no exclusivity arrangements, and no preferential access to AppsFlyer’s APIs, measurement signals, methodologies, or commercial terms. Customers will continue to choose their own measurement partners.
AppsFlyer’s previous valuation was $1.6 billion, set during its $210 million Series D round in January 2020, led by General Atlantic, which remains the company’s largest institutional investor with an estimated 15 to 20 percent stake. Total known funding since the company’s 2011 founding now stands at $1.3 billion.
The strategic logic behind the round is visible from both sides. For AppsFlyer, the round avoids a discounted sale at a time when software valuations remain under pressure. For the investors, backing an independent measurement layer serves as a hedge against the growing influence of AppLovin, whose closed-loop ad network has drawn scrutiny over whether it can be both a buyer of ads and a neutral judge of their performance.
AppsFlyer says it plans to use the capital to accelerate omnichannel measurement across mobile, web, and connected TV, and to build what it calls agentic workflows. In November 2025, the company reframed itself as a “Modern Marketing Cloud,” adding data collaboration and AI-driven automation alongside its core attribution product.
Annual growth is estimated at 9 to 15 percent, a rate that previously cooled investor appetite for a public offering. Kaniel says an IPO remains the goal. “This is a milestone, not a destination,” he said. “We have always believed AppsFlyer should one day stand as a public company, and this investment is a step on that path.”
The company has roughly 1,300 employees worldwide.
Read more: AppsFlyer Reportedly Lands $1B At $2.7B Valuation To Help Companies Track Digital Ads
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