VC investment in consumer mobile apps tops USD1bn

Consumer mobile apps are the hottest area for VC investment, with funding for startups topping USD1bn during the first half of this year, according to new research from investment bank Rutberg & Co. However, the total is just a little more than a quarter of the overall USD3.9bn invested in mobile during the period, with the popularity of consumer-facing apps demonstrated by the number of deals, rather than the size of them. Consumer apps accounted for more than a third of all mobile deals during the first six months of the year, with the largest deal size going to note-taking app Evernote, which secured USD70m in a Series D round in May. The largest mobile investment during the first half of the year went to Chinese smartphone maker Xiaomi, which scooped USD216m in a Series C round in June, in a deal that gave the firm a USD4bn valuation.