This as-told-to story is based on a conversation with 27-year-old Evelin Herrera, founder and CEO of EHVM Apps Capital, an M&A firm exclusively focused on the mobile app industry. Founded in 2025, EHVM Apps Capital has rapidly become a significant player, facilitating up to 25 mobile app Mergers and Acquisitions (M&A) deals per month. The firm currently manages approximately $500 million in active deal value, underscoring its substantial impact on the burgeoning mobile app market. The following piece has been edited for length and clarity.

Evelin Herrera’s journey into the high-stakes world of M&A is a testament to her entrepreneurial drive and deep industry immersion. For five years, she honed her skills in app marketing and business development, a period characterized by relentless networking and a comprehensive understanding of the ecosystem. Her approach was unconventional; eschewing a fixed office, Herrera maintained an ambitious "hit list" of around 30,000 companies globally she aimed to connect with. This dedication to broad outreach, often involving extensive travel, led to encounters with numerous high-net-worth individuals. It was through one such connection that her business concept solidified. A prominent investor, lacking insider knowledge of the mobile app sector, inquired if Herrera could identify suitable acquisition targets. This direct need became the genesis of EHVM Apps Capital.

M&A: A Catalyst for Accelerated Wealth Creation

Herrera emphasizes a fundamental difference in the founder-investor dynamic within the M&A space compared to traditional venture capital. "From day one, it was a different connection with founders," she explains, "because it’s giving them the chance to become millionaires or multi-millionaires." Unlike the often protracted timelines associated with venture capital funding, where significant returns might materialize a decade down the line, M&A offers a more immediate path to financial realization. "In M&A, you can close the chapter and materialize your success tomorrow or six months from now."

Historically, the consumer tech sector, particularly smaller app businesses, was perceived as having limited exit potential, often overshadowed by the success stories of giants like Spotify. Herrera challenges this perception, asserting, "M&A for consumer tech wasn’t as well-known. Everyone saw consumer tech more like, ‘You can only achieve a big exit if you’re Spotify.’ But actually, if you’re a small music app, you can also secure a really good exit." This democratization of exit opportunities is a core tenet of her firm’s mission.

EHVM Apps Capital operates as a fully bootstrapped entity, a deliberate choice reflecting Herrera’s belief in lean operational models. Initial funding was derived from her personal savings accumulated during her previous full-time employment. The firm’s core team comprises two full-time employees, augmented by a network of freelancers and consultants, allowing for scalability and agility.

Herrera’s strategic use of social media has been instrumental in building robust sales funnels. LinkedIn serves as a primary channel for engaging corporate buyers, while X (formerly Twitter) fosters a direct founder-to-founder community. Her posts often chronicle her daily activities, such as insights gained from industry discussions or details of founder dinners she organizes. This consistent engagement cultivates a sense of community and positions EHVM Apps Capital as a central hub for mobile app business transactions.

The firm’s stringent focus on mobile app companies is a key differentiator. "Our focus on mobile app companies only is an advantage," Herrera states. "We don’t do commerce, SaaS. We don’t try to do it all and accept any client. Just apps." Furthermore, selectivity is paramount; not all app businesses qualify. "It’s not simple enough to be an app; you must have good metrics and not be a copy of another app." This commitment to quality ensures that EHVM Apps Capital represents businesses with genuine potential for successful acquisition.

Managing Half a Billion Dollars in Active Deal Value: A Testament to Relationships and Results

The firm’s impressive management of $500 million in active deal value is a direct outcome of its unwavering commitment to service and demonstrable results. "People talk," Herrera notes, highlighting the interconnected nature of niche industries. "Particularly in smaller industries, everyone knows each other. So for us, every time we close one deal, we get five to 10 referrals." This organic growth model, with approximately 60% to 70% of deals originating from referrals, underscores the trust and satisfaction clients experience. The remaining deals are secured through inbound inquiries, a direct benefit of the firm’s visibility and reputation.

In-person networking remains a cornerstone of Herrera’s strategy. "Another valuable strategy is meeting people in person," she emphasizes. Her current intensive touring schedule, covering 22 cities over four to five weeks, involves meeting approximately 50 CEOs and numerous other industry players. This proactive engagement allows her to forge deeper connections than might be possible through digital channels alone. A sophisticated networking tactic involves ensuring that at any gathering, at least one or two individuals already engaged with EHVM Apps Capital are present. These existing clients, whether on the buy or sell side, can then act as informal advocates, vouching for the firm’s expertise and efficacy.

Navigating the Challenges: Age, Gender, and Investor Skepticism

One of the primary hurdles encountered by EHVM Apps Capital involves engaging with larger financial entities, including Fortune 500 and public companies. "One of the biggest challenges is when we talk with investors in different Fortune 500 companies and public companies and try to convince them that this industry is worth their time and investment," Herrera reveals. She illustrates this with the example of a music app seeking acquisition by a platform like Spotify, which might dismiss it as too small or lacking novelty. Overcoming this perception requires articulating the strategic value and potential of even seemingly minor acquisitions.

Herrera also candidly addresses the implicit biases she and her team sometimes face. At 27, with a team composed of individuals in their mid-twenties, they are often perceived as young. "Sometimes people see us and make judgments on age and gender or how we talk, because I don’t speak as formally as a typical corporate leader." This highlights the ongoing need to prove competence and professionalism in a landscape that can sometimes be resistant to newer, less traditional leadership styles.

Educating Founders and Adapting to a Dynamic Market

A significant challenge within the mobile app industry, according to Herrera, is the prevalent misinformation surrounding founder success. "Now with social media, so many people post YouTube videos claiming they became millionaires overnight," she observes. "Maybe, but you also paid 50% of that in taxes. There are so many details people leave out." She points to often-overlooked expenses such as the App Store’s commission, which can be as high as 30% of revenue. Educating founders about the true financial realities, including taxes and platform fees, is crucial for realistic business planning and valuation.

The rapid advancement of Artificial Intelligence (AI) is further intensifying market competition. Herrera notes that the ease of development for single-function apps, powered by AI, has lowered the barrier to entry. "For an app that has one use case, like you take a picture of your food and get the nutrients, that’s so easy to develop." This contrasts sharply with the past, where creating a valuable business demanded significantly more innovation and effort. The proliferation of AI-generated content and services, often sold at premium prices, creates a crowded marketplace where differentiating genuine value becomes increasingly difficult.

M&A: A Relationship Business Rooted in Finance

Despite the increasing prevalence of AI, Herrera maintains that EHVM Apps Capital prioritizes human interaction and nuanced understanding over automated processes for core functions. While the firm leverages automation for operational efficiency—such as automated notifications for NDA signings or buyer list generation upon agreement—she cautions against over-reliance on AI for strategic decision-making. "AI is making the market more competitive too," she acknowledges, but adds, "I only see that it decreases value" when used to substitute human judgment in client interactions.

Herrera views M&A as fundamentally a finance business, but one that is inextricably linked to relationships. "If I send you an AI document that I didn’t clean up first myself, I’m putting the work on you to go through AI slop," she argues. Her firm’s approach emphasizes customizing materials and tailoring communication based on a deep understanding of both buyers’ and sellers’ needs and preferences. This human-centric approach builds trust and facilitates smoother, more effective transactions.

The Imperative of Mobile Apps for Fortune 500 Companies

Looking forward, Herrera envisions a future where every major corporation recognizes the strategic necessity of a dedicated mobile app. "I want every single Fortune 500 company, public company to have their own mobile app business because it makes so much sense." She argues that in today’s digital-first world, apps are the primary conduit for sustained user engagement. "If you’re any business that doesn’t have an app, you’re not interacting with your users daily. An app is the only way of interacting daily because everyone uses their phone for hours every single day." This daily touchpoint is invaluable for building brand loyalty and integrating into consumers’ lifestyles, regardless of industry.

For aspiring entrepreneurs looking to enter the mobile app space, Herrera advises a pragmatic approach. "The industry is only getting bigger, and entrepreneurs interested in breaking into it should talk to people who have been doing this for five years." She stresses the importance of defining clear objectives early on, whether aiming for a seven-figure, eight-figure, or nine-figure business, as this dictates the strategic path, team-building, and overall vision. This clarity is essential for navigating the diverse landscape of app development and achieving sustainable success.