Companies · Gaming

AppLovin Corp

PALO ALTO · Gaming · refined from filed group “Other Technology · https://www.applovin.com/

Diligence memoA one-page analyst read on AppLovin Corp — recommendation, valuation, rhythm, risks.
$585.8M
Total raised · real
2
Rounds
1.0×
Latest step-up
Top 1%
Sector rank · raised
Series D+
Latest stage · inferred · Wed Feb 23 2022 00:00:00 GMT+0000 (Coordinated Universal Time)

AppLovin Corp has raised $586M over 2 rounds; too few niche peers to rank its valuation yet.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the gaming sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Dormant
  • Last raise 4.4 yr ago; this sector typically re-raises about every 12 months.
  • Silent for over 3× the sector's normal cadence.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Gaming

AppLovin Corp is one of 344 Gaming companies tracked from PALO ALTO. By capital raised it ranks among the largest (ahead of 100% of sector peers), and among the largest by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

AI analyst read est. — model-extracted from this company's public description, not a verified fact. 30%

operates a technology-led product inferred from public copy

Grounded in: “You are a venture analyst

Reach over a billion daily users in mobile games. AppLovin helps consumer brands and gaming apps scale their business profitably.

Reach over a billion daily users in mobile games. AppLovin helps consumer brands and gaming apps scale their business profitably. Over a billion people play mobile games every day. AppLovin lets you advertise to them. We built AppLovin for businesses like yours. Jewelry, furniture, fitness subscriptions, word games. Whatever it is, we'll help you scale it. Drive purchases, signups, and subscriptions on your website or app. Acquire high-LTV players at scale across diverse game genres. Every ad runs fullscreen during natural pauses in the game experience or are chosen in exchange for rewards. No scrolling past, no swiping away, no fighting for attention in a feed.

gamingsports-fitness
Find AppLovin Corp online

As reported in public records reported — not modeled.

US
Jurisdiction
$100M+
Issuer revenue
Rule 506(b)
Reg D exemption
35
Investors (latest)
2022-02-23
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$2.5B$5.0B$7.5B$10.0BSeries D+ · 2018-08-15 Raised $400M (real) Modeled valuation $8.1B (est)$400M$8.1BSeries D+2018Series D+ · 2022-02-23 Raised $186M (real) Modeled valuation $2.7B (est)$186M$2.7BSeries D+2022Series D+ · 2022-02-23 Raised $195M (real) Modeled valuation $2.9B (est)$195M$2.9BSeries D+2022+$186M+$195MCumulative $780M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Series D+$400.0M · 2018
Series D+ extension$185.8M · 2022
Series D+ extension$194.5M · 2022

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed, Series A, Series B, Series C — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 17%.

Modeled valuation trajectory
$2.7B
Base estimate est.
$926.3M
Conservative case
$5.0B
Upside case
$1.5B
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series D+a $100M–$400M round). Valuation is modeled from stage benchmarks scaled by the gaming sector profile. Directional, not a quoted figure.

Series D+ · modeled $8.1B · 2018-08-152018Series D+ · modeled $2.7B · 2022-02-23Series D+ · modeled $2.9B · 2022-02-232022
Model inputs · modeled:benchmark-stage-stepup-v1
12%
Dilution assumption
Implied ownership sold in the financing.
75%
Survival probability
60% low · 83% high
1.22×/yr
Annual markup
1.36×/yr upside case
4.3 yr
Elapsed time used
4.3 yr actual, capped for stale marks
gaming
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
21 mo
Avg between rounds
$166.1M/yr
Capital velocity
7.9 yr
On record since
2018
First round
3
Rounds on file
How it compares to the market

Benchmarked against 344 companies in Gaming. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 217× above median
This company$585.8M
Sector median$2.7M
Latest round — vs other Series D+ rounds in sector (real $, this stage) 0.7× of median
This company$194.5M
Sector median$263.8M
Modeled value — vs sector median (estimate, all stages) 120× above median
This company$2.7B
Sector median$22.8M

Raised more than 100% of sector peers (real $). Modeled value above 99% of peers (estimate).

Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Series D+$400.0M2018-08-15$3.3B$8.1B90%
Series D+$185.8M2022-02-23$1.5B$2.7B90%
Series D+$194.5M2022-02-23$1.6B$2.9B90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Series D+$400.0M2018-08-15
    • First recorded raise — entered as Series D+.
    • 1 investor on this round.
  2. Series D+$185.8M2022-02-23
    • Raised again after 42 mo — slower than the ~12 mo sector norm.
    • Round 2.2× smaller than the prior — bridge or down round.
    • 85 investors on this round.
  3. Series D+$194.5M2022-02-23
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 35 investors on this round.
Intelligence
2023 ~Q4
Modeled next raise · ~21mo cadence
$203.7M
Modeled next size est.range $194.5M$325.8M
1.0×
Last step-up
$166.1M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Asha Sharma3 other2022-02
Edward Oberwager3 other2022-02
HERALD CHEN3 other2018-08
Eduardo Vivas2 other2018-08
Adam Foroughi1 other2018-08
Margaret Georgiadis1 other2022-02
Victoria Valenzuela1 other2022-02
Alyssa Harvey Dawson2022-02
Basil Shikin2022-02
Craig Billings2022-02
Katie Jansen2022-02
Maggie Jin2018-08
Registry & provenance

AppLovin Corp is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1751008
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Game Changers GroupGamingSeries D+$302.5M$3.2Bsame sector · same stage
Manticore Games, Inc.GamingSeries D+$163.9M$1.8Bsame sector · same stage
Amyris, Inc.ManufacturingSeries D+$1.6B$77.1Mnetwork1 shared operator · same stage
Simon & Schuster Holding Co LLCOtherGrowth/Late$600.0M$7.3Bnetwork1 shared operator
Desert Newco, LLCOtherSeries D+$179.6M$225.1Mnetwork1 shared operator · same stage
SharpLink Gaming, Inc.GamingGrowth/Late$425.0M$4.0Bsame sector
Fanatics Holdings, Inc.GamingGrowth/Late$3.4B$9.9Bsame sector
Super League Gaming, Inc.GamingSeries B$94.1M$81.5Msame sector
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
PlayAbly
We build games to help brands engage, convert, and retain customers
Gaming77%
AppGames.com, Inc.OtherPre-Seed$5.8M74%
A Thinking Ape
We build communities through massively multiplayer mobile games
Gaming74%
AlgoViral
We help high-growth startups go viral on autopilot
AI / ML73%
Apptimize
Apptimize lets mobile teams innovate faster to create an amazing user…
SaaS / Software73%
Mindbase
Build AI influencers that autonomously create content, engage fans…
Gaming72%
9gag
Make the world happier.
Gaming72%
eFuse, Inc.
efuse is an AI-powered ad-tech company delivering access to gamers at scale.
Mobility / LogisticsSeries A$74.9M72%
Frequently asked
How much funding has AppLovin Corp raised?
AppLovin Corp has raised approximately $585.8M in disclosed capital across 2 recorded financing rounds, aggregated from public filings.
What is AppLovin Corp's estimated valuation?
Provath's modeled valuation for AppLovin Corp is approximately $2.7B (modeled range $926.3M–$5.0B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is AppLovin Corp at?
AppLovin Corp's latest modeled financing stage is Series D+. Its most recent recorded round closed around Wed Feb 23.
What does AppLovin Corp do and where is it based?
AppLovin Corp operates in the Gaming sector, based in PALO ALTO. Reach over a billion daily users in mobile games. AppLovin helps consumer brands and gaming apps scale their business profitably.
Explore related

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