FastSpring has raised an undisclosed amount of funding from VC firm Pylon Capital. Founded in 2005, FastSpring develops a cloud-based interface so users can sell digital products such as e-books, games and desktop software. The firm says its first ever outside investment will be used to build a private label app store, and to hire more staff to its team of 24.
California-based FastSpring explains it would like to expand its customer base internationally, particularly in Asia, and hopes to benefit from Pylon Capital’s experience. This begins with a reshuffle that sees FastSpring’s management team joined by two of Pylon Capital’s managing partners.
Dan Engel, moving from CEO to Senior Vice President of Marketing and Board Member, is quoted on the strategic move to take outside funding: “As a group of serial entrepreneurs, we have a lot of experience in getting from A to B — ‘B’ being getting to where we are as a company in terms of revenue, profit, headcount, and what we’ve scaled to, to date. But we felt like we wanted some outside expertise from folks who had experience going from B to C.”
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