appbackr Receives Third Major Award as AlwaysOn Global 250 Winner, Closes Oversubscribed Seed Funding Round

Online, July 22, 2010 (Newswire.com) - PALO ALTO, Calif. (July 22, 2010) - appbackr (www.appbackr.com), the first digital wholesale marketplace for iPhone and iPad applications, has been chosen by AlwaysOn (http://alwayson.goingon.com) as one of the Global 250 winners. The selection for inclusion in this distinguished group coincides with appbackr closing its second round of seed funding led by Cambridge West Ventures and Hall Financial Group. This is the third major competition that the company has won including the PayPal X Developers' Challenge, the Silicon Valley Association of Start Up Entrepreneurs Seed Competition, and the AlwaysOn Global 250.

appbackr was selected by the AlwaysOn editorial team and industry experts based on five criteria: innovation, market potential, commercialization, stakeholder value, and media buzz. appbackr and other winners will be honored at the AlwaysOn eighth annual Summit at Stanford University July 27, 2010.Receiving recognition as winner of the AlwaysOn Global 250 solidifies appbackr as an innovative game-changer in the growing app industry. As the first wholesale digital marketplace for iPhone and iPad mobile apps, appbackr enables developers to efficiently fund and distribute their applications to wholesale buyers. Buyers can profit from the iTunes app market for the first time, becoming value-added marketers and promoting sales of emerging mobile applications through online catalogs, blogs, social media, and additional outlets.

appbackr's seed financing was oversubscribed by 20 percent and supplements the developer funding provided by PayPal as result of its achievement in the PayPal X Developer's Challenge. Funders include Cambridge West Ventures (www.cambridgewestventures.com) and Hall Financial Group (http://hallfinancial.com). Cambridge West Ventures, based in Redwood City, California, invests in seed stage technology startups and includes a veteran Circle of Experts (CoE) from Silicon Valley. Hall Financial Group is chaired by Craig Hall of Napa, California, and its portfolio includes a range of innovative investments in technology as well as Hall Vineyards, real estate and energy.

"The $3 billion app market lacks a basic wholesale infrastructure. By putting together buyers and sellers and creating transparency in the equation, appbackr can seriously disrupt the app market," said Craig Hall, founder and Chairman of Hall Financial Group. "My career has been based on making bold bets and investments in companies and people that have the potential to change the way business is done: appbackr fits the bill."

How appbackr Works:
appbackr serves as a marketplace for iTunes application developers and wholesale buyers. Developers list their iTunes app with appbackr either in the concept or finished stage. The developer controls the number of applications sold on the marketplace and who is eligible to purchase the wholesale apps. The wholesale buyer makes volume purchases of a developer's app directly from the developer in the marketplace, earning a profit once the apps sell on the iTunes Store. All sales are conveniently done through appbackr and PayPal, allowing buyers and sellers to concentrate on creating great apps and selling more copies.

For the first time, buyers bring value to the mobile app industry by promoting app sales as value added marketers. Developers enjoy immediate cash payment for their application prior to its retail sale on the iTunes Store. The appbackr economics are available on our FAQ (www.appbackr.com/faq.php).

"appbackr is a new kind of digital marketplace, where buyers can become digital wholesalers in a transparent fashion to bring new digital products to market," said Trevor Cornwell, founder and CEO of appbackr. "Today, appbackr brings together mobile app developers and wholesale buyers and distributors to expand the iPhone and iPad ecosystem. The same model can be applied to other digital properties, like e-books. The support of Cambridge West Ventures and Craig Hall, as well as the acknowledgement of AlwaysOn, validates the potential of the digital wholesale market concept." Currently, appbackr is releasing invitations to its private beta launch for iPhone and iPad developers. This will allow developers to test the appbackr marketplace and evaluate how they might incorporate appbackr into their application marketing strategy.

About appbackr inc.
Founded in 2010 and headquartered in Palo Alto, California, appbackr is the first wholesale digital marketplace enabling iPhone and iPad application developers to sell wholesale copies to buyers and receive immediate payment for their work. Buyers profit when their apps sell in the iTunes Store. Already in 2010, appbackr has been a winner of the first PayPal X Developer Challenge {March 2010}, the SVASE Seed Competition and the AlwaysOn 250. For more information, visit www.appbackr.com and follow the company on Twitter.com/appbackr.

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