appssavvy Raises $3.1 Million

-appssavvy Logo-This morning appssavvy announced that it has raised $3.1 million in its Series A round of funding. This round was led by TRUE Ventures and includes an investment from Scott Kurnit, Founder of About.com. appssavvy is a direct sales team for social media applications. The company helps developers monetize their applications by providing brands with major sponsorship opportunities.

Rather than leveraging traditional banner advertising, appssavvy brands entire applications making the brand an integral part of the application experience. Back in May I posted an interview with Chris Cunningham in which Chris said that some of his developers were seeing CPMs as high as $12, far greater than the average CPMs currently being seen on Facebook and other social networks.

The company has been operating for about a year and continues to sign substantial agreements. Last month I posted a video of a panel at Social Ad Summit about social ad networks, in which Chris Cunningham was also a participant. Definitely check out the video to hear his thoughts as well as the ideas of other thought leaders in this space.

appssavvy has worked with a number of large application developers including 42 Friends, Bantr, Flixster, FrozenBear, MesmoTV, Playfish, and SGN. The company also has built relationships with a wide array of large brands including adidas, Clorox, FOX, GOOD, Kohl’s, MGM, Oakley, and Sony Electronics and Pictures. With this round of funding appssavvy has illustrated its desire to create a long-term business out of monetizing social applications.