DN makes Apsmart investment

US and UK-based VC DN Capital has invested an undisclosed amount in Apsmart, a provider of smartphone application provider.

DN Capital was a previous investor in Apsmart and has a longstanding relationship with founder and CEO of Apsmart, Rahul Powar, who worked on music discovery engine Shazam, another DN investment.

As well as Shazam and Apsmart, DN has invested other mobile phone application vendors such as Digital Chocolate, a publisher of internet games, and More Magic, a company that allows operators, content providers and banks to offer consumers the ability to purchase goods and services on demand using a mobile phone or the web.

Founding Partner at DN Capital, Nenad Marovac said: “Apsmart represents a tremendous market opportunity and the company already has numerous customers as well as an exciting pipeline for future growth. The investment reflects our belief in the mobile application space and we are pleased to have helped to establish Apsmart together with Rahul.”