November 25, 2008 - 1:05pm
PlaySpan, Inc., a known provider of digital goods micro-transaction and payment solutions, today announced $16.8M in Series B investment from Easton Capital Group, Menlo Ventures, Novel TMT Ventures, STIC and other undisclosed investors. Owing to the latest investments the total amount of the company 's total funding to $24M. The new funding will be used to expand into Europe and Asia and to grow PlaySpan's global publisher and user-base.
"Online games publishers and social media application developers are looking for new sources of revenue beyond traditional advertising and subscriptions. We are enabling a new business model in the form of micro-transactions for users that prefer the pay-as-you-go model," said Karl Mehta, Founder & CEO of PlaySpan. "It is a testament to our market-leading position, demonstrated growth, and the longterm potential of virtual goods and micro-transactions that we have raised a significant round in spite of the current economic climate."
The pay-as-you-go model has gained rapid adoption and is poised for tremendous future growth because it gives consumers more control over their entertainment experience and offers publisher expanded revenue opportunities. PlaySpan offers publishers and developers a complete out-of-the-box platform for managing secure, efficient micro-transactions, virtual goods sales, global alternative payments and peer-to-peer trading. PlaySpan’s platform enables any developer to monetize any content at any price for any user in any country, said Mehta.
"Online games publishers and social media application developers are looking for new sources of revenue beyond traditional advertising and subscriptions. We are enabling a new business model in the form of micro-transactions for users that prefer the pay-as-you-go model," said Karl Mehta, Founder & CEO of PlaySpan. "It is a testament to our market-leading position, demonstrated growth, and the longterm potential of virtual goods and micro-transactions that we have raised a significant round in spite of the current economic climate."
The pay-as-you-go model has gained rapid adoption and is poised for tremendous future growth because it gives consumers more control over their entertainment experience and offers publisher expanded revenue opportunities. PlaySpan offers publishers and developers a complete out-of-the-box platform for managing secure, efficient micro-transactions, virtual goods sales, global alternative payments and peer-to-peer trading. PlaySpan’s platform enables any developer to monetize any content at any price for any user in any country, said Mehta.