The mobile marketing firm AppLovin has taken a $400 million investment from private equity investor KKR & Co.
The money for the deal comes primarily from the its KKR Americas XII Fund, and KKR has stated that AppLovin's presence in the "high-growth mobile gaming market" was a key factor behind the investment.
In the same statement, AppLovin CEO Adam Foroughi said the money will be "invaluable" to the company's global growth strategy, and would also help to scale Lion Studios, the publishing division it launched in July.
This $400 million investment arrives eight months after a failed $1.4 billion takeover bid by Orient Hontai Capital. According to Reuters, KKR's investment is based on a $2 billion valuation of AppLovin.
Speaking to Reuters, KKR's Herald Chen also said that the investment money could help to fund acquisitions for AppLovin.