News > PlaySpan Secures $6.5 Million In Funding
September 20, 2007
PlaySpan Secures $6.5 Million in Series A Funding From Institutional Investors
Strong Endorsement from Game Publishers Drives Creation of the Industry’s First Publisher-Sponsored In-Game Commerce Network
Santa Clara, CA– Sept 19, 2007 – PlaySpan Inc., the first publisher-sponsored in-game- commerce network, today announced that it has secured $6.5 million in Series A funding.
New York based Easton Capital led the funding round, along with Silicon Valley based Menlo Ventures, South Korea based STIC International and Hong Kong based Novel TMT Ventures.
Today’s announcement solidifies PlaySpan’s position in the online game and media sectors and enables the company to strengthen its leadership position in the rapidly growing virtual goods market. In-game commerce has surpassed the $2 billion mark this year and continues its rapid growth as more publishers adopt micro-transaction based revenue models.
“This investment is an exceptional endorsement for PlaySpan’s pioneering role in building the first publisher-sponsored in-game commerce network and technology. It will help create a new class of revenue opportunities for publishers and will allow gamers to enjoy their game experience with commerce,” said Karl Mehta, Co-Founder & CEO, PlaySpan Inc. “We are extremely fortunate to have a complimentary group of global investors that bring solid experience in the gaming, internet and financial service industries.”
“PlaySpan is clearly the pioneer in publisher-sponsored in-game commerce network with cutting-edge defensible IP. We are delighted to partner and help drive continued success of PlaySpan as a leader in this large growing market,” said John Friedman, General Partner of Easton Capital.
“In-game commerce and virtual economies are on the rise and we believe PlaySpan is leading this space with its publisher deals, breakthrough in-game technology and proven management team” said Shawn Carolan, Managing Director of Menlo Ventures based in Menlo Park, California. “We are excited about the opportunity and look forward to working with PlaySpan to maintain its market leadership."
In addition to the funding announcement, PlaySpan also announced today three new additions to its board. John Friedman, board member of IGA worldwide and General Partner of Easton Capital; Shawn Carolan, board member of IMVU and Managing Director of Menlo Ventures; and Steven Lee, Partner at STIC International are the newest additions.
For more information about PlaySpan Inc, visit www.PlaySpan.com.
