AppsFlyer, the mobile measurement company, has raised more than $1 billion in Series E funding from Google, Meta, Unity, and Moloco at a $2.7 billion post-money valuation. Each of the four platforms took a non-controlling, non-exclusive minority stake, the company said Monday. AppsFlyer said the deal was structured to preserve its independence from its new shareholders.
AppsFlyer measures hundreds of billions of user actions each day across mobile, web, and connected TV for more than 15,000 brands. The four buyers are the same platforms whose ad performance AppsFlyer grades.
The Round at a Glance
AppsFlyer’s announcement of the four investments on Monday said the company had signed a definitive agreement for investments from Moloco, Google, Meta, and Unity. The financing is Series E and values AppsFlyer at $2.7 billion post-money, per the original report on the round. Oren Kaniel, the chief executive and co-founder, told Axios that the four platforms each took a minority stake; the company said each is non-controlling and non-exclusive. The transaction is subject to customary closing conditions, including regulatory approvals.
Calcalist, the Israeli business outlet, reported that much of the funding came through secondary deals, giving early investors and employees a liquidity path while bringing in new long-term strategic equity. Several existing investors sold significant portions of their holdings and some exited entirely, Calcalist said. With the new round, AppsFlyer has now raised $1.3 billion in known funding since its 2011 inception, per Crunchbase. AppsFlyer employs about 1,300 people across roughly 20 offices and runs an ARR of approximately $500 million while posting positive cash flow. The company serves more than 15,000 brands, including Coca-Cola, Nike, eBay, and Visa, and integrates with over 10,000 technology partners.
AppsFlyer at a Glance
- Series E raised: more than $1 billion
- Post-money valuation: $2.7 billion
- Brands served worldwide: 15,000+
- Annual recurring revenue: about $500 million
- Total known funding since 2011: $1.3 billion
Why Four Rivals Signed the Same Term Sheet
Google, Meta, Unity, and Moloco are not just customers of AppsFlyer’s measurement stack. They are four of the world’s top advertising platforms, per Axios, and each has spent the last two years racing to put AI at the center of how advertisers buy media. Those four platforms now co-own the firm that grades their ad performance.
Google and Meta both rely on independent attribution to defend the credibility of their platforms with advertisers. The four platforms have agreed not to receive preferential treatment in AppsFlyer’s APIs, measurement signals, attribution logic, or commercial terms, per the press release. The arrangement lets each buyer keep measuring returns through AppsFlyer on equal terms with every other platform in the ecosystem. The same neutrality clause applies whether the customer is on the buy side, the sell side, or somewhere in between.
Unity sits at the intersection of game developers, advertisers, and players, per the press release. Moloco runs demand-side platforms and retail media networks used by app developers and e-commerce operators, per Calcalist. Both depend on neutral signals to keep their own customers confident in their reporting. A non-controlling stake gives them a seat at the table. The investors have committed to keep working with other measurement providers as well, per the press release.
None of the four platforms gets preferential treatment in AppsFlyer’s APIs, measurement signals, attribution logic, or commercial terms. The investors have all agreed to the same non-controlling, non-exclusive terms. AppsFlyer keeps the same neutrality posture it has run with for fifteen years.
Independence Coded Into the Structure
AppsFlyer says the deal is built so the company’s neutrality survives its new shareholder base. Each investment is “minority, non-controlling, and non-exclusive,” and investors are not entitled to preferential treatment in relation to AppsFlyer’s APIs, measurement signals, attribution logic, or commercial terms. Customers continue to control which partners they work with and what data they share with each one, the company said. AppsFlyer said all four platforms “intend to continue working with their measurement providers, as well as AppsFlyer,” preserving the multi-vendor model.
In a blog post on independent measurement, Kaniel framed the arrangement as the natural evolution of how other neutral infrastructure layers have been protected. He argued that measurement should sit above any one interested market participant. The four platforms also committed, on the record, to keep working with other measurement providers, preserving the multi-vendor model.
This deal was inspired by the way other technologies have evolved. They were successful because companies could compete independently while relying on trusted neutral infrastructure. Measurement is at the same moment.
Oren Kaniel, AppsFlyer’s chief executive and co-founder, wrote on the company’s blog that additional strategic partners may be invited to invest in subsequent closings under the same principles. AppsFlyer remains the same company with the same team, same leadership, and same product direction, he wrote. What changes, in his telling, is the pace at which the company can build out omnichannel measurement, deep linking, data collaboration, and the foundations of autonomous marketing and agentic workflows. Existing investors General Atlantic, Salesforce Ventures, Pitango, Magma, Eight Roads, Goldman Sachs Growth Equity, Qumra Capital, and DTCP remain on the cap table. Goldman Sachs acted as exclusive financial advisor to AppsFlyer; JPMorgan advised the new investor group, with Meitar, Latham & Watkins, Freshfields, Herzog Law, and Fenwick across the various legal roles.
The Buyers in Their Own Words
Each of the four platforms went on the record in the press release. Their statements land on a single principle: the need for independent measurement in an AI-driven ad market. Kaniel, asked by Axios about what the four have in common, said: “They believe what we believe: that attribution and measurement must be independent, unbiased and trusted.” The four voices:
| Investor | Speaker and title | What the buyer said |
|---|---|---|
| Gaurav Bhaya, VP and GM of Buying, Analytics and Measurement | “Accurate, trusted measurement is foundational to a healthy digital ecosystem.” | |
| Meta | Andrew Bocking, VP, Ads | “Both advertisers and publishers need fair, unbiased, and comprehensive measurement to understand what works.” |
| Unity | Felix Thé, Chief AI Officer and SVP of Product and Technology for Grow | “Trust depends on neutral, independent measurement.” |
| Moloco | Sunil Rayan, General Manager, Moloco Ads | “Trusted, independent measurement is an important component of unlocking ad opportunity on the open Internet.” |
Google and Meta spoke in the language of advertisers and publishers, the two sides that pay for and supply the inventory their platforms mediate. Unity, which lives closer to the developer side of the ecosystem, framed the stake as protection for the player experience. Moloco, the youngest of the four, positioned its investment around the open Internet rather than a specific constituency. The four buyers are also committing, on the record, to keep working with other measurement providers, per the press release. Customers continue to control which partners they work with and what data they share with each one.
AI Reshapes What AppsFlyer Sells
The investment is being framed, by every side, as an AI bet. Kaniel’s argument is that AI is taking over the decisions humans used to make in advertising: what to bid, where to place, and who to reach. When decisions move from people to machines, Kaniel wrote, the signals feeding those systems become the most consequential infrastructure in the industry.
AppsFlyer measures hundreds of billions of user actions every day for over 15,000 brands, the company says, and more than 100,000 marketing professionals use its tools to plan and audit campaigns. Those signals are the inputs to AI systems that buy and place ads at machine speed. As that workload shifts from human planners to autonomous agents, independent attribution and measurement becomes the foundation everything else is built on, Kaniel wrote. His framing: when anyone can build, the hard part becomes attention, and measurement sits at the center of how companies grow.
All four of the new investors run the systems whose outputs AppsFlyer measures. The round lands as bots now outnumber humans online (how bots already outnumber humans online), pushing demand for trusted signals onto every buy-side workflow. The four have committed, per the press release, to a structure in which no single market participant shapes the measurement signal.
AppsFlyer says it will use the new capital to “accelerate innovation in AI-powered ad measurement, advance cross-platform attribution, and continue building infrastructure designed to support autonomous marketing and agentic workflows.” Kaniel called this moment the “golden age of measurement,” in the same essay. AppsFlyer’s bet lands as Israeli marketers had already moved past the AI hype cycle at Creatives & Conversions TLV III (where the post-hype AI conversation went). AppsFlyer’s framing: independent attribution is the foundation everything else is built on. Additional strategic partners may join future closings under the same terms, leaving room for the cross-ecosystem alignment to deepen.
The IPO Path Runs Through This Round
Kaniel told Axios the company intends to go public. “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.” AppsFlyer previously explored an IPO at a valuation reported to range between $4 billion and $5 billion; that process did not close.
The new round sits at $2.7 billion post-money, below the prior mark on paper, but it is paired with shareholder liquidity the earlier process did not produce. The 2020 Series D, led by General Atlantic at $210 million, valued AppsFlyer at $1.6 billion post-money, per Axios. General Atlantic remains AppsFlyer’s largest institutional investor, with an estimated stake of 15% to 20%, and continues to hold board representation, per Calcalist. AppsFlyer trimmed about 7% of its workforce, around 100 employees, in a 2025 restructuring tied to its public-market push (the prior restructuring tied to the IPO push), with Kaniel saying the move would free resources for AI investment. The company works with Goldman Sachs and JPMorgan on its public-market planning; Goldman Sachs was the exclusive financial advisor on this Series E.
AppsFlyer is profitable, generates positive cash flow, and runs an ARR of approximately $500 million, per Calcalist. The Series E is structured to allow additional strategic partners to invest in future closings under the same terms, giving AppsFlyer room to add new backers before any listing. The closing remains subject to regulatory approval, and Kaniel’s public framing leaves the timing open.
