Blackstone has led a $100m minority funding round in Applecart, valuing the marketing technology company at about $700m, according to Bloomberg.

Founded in 2013, Applecart develops software used by senior executives to identify and engage key business, media, and policy stakeholders. Its platform is deployed by large corporates, communications agencies, and non-profits across brand marketing, investor relations, and public affairs.

The investment was made through Blackstone’s growth equity business. Ari Emanuel, executive chair of TKO Group Holdings and executive chairman of WME Group, will continue to serve on Applecart’s board. He previously led the company’s Series A round in 2018 while chief executive of Endeavor Group Holdings.

The board will also include public relations founder Risa Heller, alongside Applecart co-chief executives Matt Kalmans and Sacha Samotin.

The deal highlights continued private equity interest in enterprise software platforms that combine proprietary data with recurring revenue models, even as growth investors remain selective amid a tighter funding environment. 

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