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Alternative app store AltStore raises $6M, connects with the fediverse
AltStore, a third-party app store, has raised $6M in a Series A funding round and plans to connect with the fediverse, enabling users to receive app updates through social apps like Mastodon and Threads. The funds will help expand its team and offerings in response to EU competition laws, enhancing its reach in global markets and supporting various development projects within the open social ecosystem.
Key points
- AltStore raised $6 million in Series A funding, granting Pace Capital a 15% equity stake.
- Funding will allow AltStore to expand its team and operations beyond co-founders.
- The app store plans to connect with the fediverse, enabling users to follow app updates through social platforms.
- Proceeds will also support hosting of diverse app offerings, including adult content and gaming apps.
- Over 100 developers are now on board, offering alternative apps that bypass stricter Apple restrictions.
- AltStore’s growth is attributed to the EU's Digital Markets Act, which increased market competition.
- AltStore is committing $500,000 to support various fediverse projects.
Why it matters
- The EU's Digital Markets Act has opened up app store competition, empowering alternative platforms like AltStore.
- This funding aligns with broader trends towards decentralization and user autonomy in tech, highlighted by the rise of the fediverse.
- The integration of social media functionalities reflects current trends in app development emphasizing community engagement and discoverability.
The $6 million funding for AltStore not only boosts its operational capabilities but also signals a shift toward integrating social features in app distribution, reflecting broader trends in user empowerment and competition in the tech ecosystem.