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What happened
AltStore, a third-party app store, has announced a $6 million Series A funding round led by Pace Capital, granting the firm a 15% equity stake. This funding will facilitate the startup's expansion and its integration with the fediverse, allowing users to receive updates from their favorite apps via social platforms like Mastodon and Threads. The founders, Riley Testut and Shane Gill, aim to leverage the EU's Digital Markets Act to enhance competition in the app store market. AltStore has already seen growth by offering third-party apps, including a partnership with Epic Games to bring Fortnite to its EU storefront. The new funds will also support hiring additional staff and expanding into markets such as Australia, Brazil, and Japan. Furthermore, AltStore plans to donate $500,000 to various fediverse projects to foster community engagement.
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Key insights
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1
Funding for Expansion
AltStore's $6 million funding will support its growth and market expansion.
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Integration with Fediverse
The connection with the fediverse will enhance user engagement across social platforms.
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3
Community Contributions
AltStore plans to donate $500,000 to various fediverse projects.
Takeaways
AltStore's strategic funding and integration with the fediverse position it for significant growth in the competitive app store landscape.