PlaySpan, a publisher-sponsored in-game-commerce network, has announced that it has secured $6.5 million in Series A funding from Easton Capital, Menlo Ventures and Asian investors.
The company is looking to position itself advantageously in the virtual goods market, as real money transactions (RMTs) are seeing wider adoption among revenue models for publishers of virtual worlds and online multiplayer games. PlaySpan pegs the market for in-game commerce at $2 billion this year.
The company says it is building a network for microtransactions and in-game financial exchanges to enable more publishers to integrate commerce into their games. The company has not announced any of its partners yet, but its official website says
that PlaySpan has signed up seven MMO games to date.
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.
"[This investment] 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, PlaySpan co-founder and CEO. "We are extremely fortunate to have a complimentary group of global investors that bring solid experience in the gaming, internet and financial service industries."