Offerpal Media, a monetization platform for social applications, online communities, social games, virtual worlds and mobile applications, has announced the close of a USD15m Series B r
Offerpal Media, a monetization platform for social applications, online communities, social games, virtual worlds and mobile applications, has announced the close of a USD15m Series B round of financing.
The new round is led by D. E. Shaw Ventures, with participation from existing investors InterWest Partners and North Bridge Venture Partners.
Offerpal will allocate the financing primarily to the growth and development of its monetization platform and to creating more tools and services that enable social web publishers to convert virtual currency into real dollars.
‘Offerpal Media may be the only company that has truly figured out how to monetize social web properties,’ says Michael Banks, a senior vice president of D.E. Shaw. ‘Offerpal’s approach of blending targeted, relevant advertising offers with virtual currency has really caught on with publishers and advertisers alike, and with the company’s strong leadership team, sophisticated technology platform and expansive network of publishers, we believe Offerpal is well positioned as a leader in the space.’
Offerpal works with more than 800 social web publishers, including third-party applications on Facebook, MySpace, Bebo and hi5, as well as social gaming sites and virtual worlds such as WeeWorld, Acclaim Games and Aeria Games.
The company also recently announced the availability of its Managed Offer Platform for the Apple iPhone, providing iPhone application developers with the first viable solution for generating revenues.
‘This round of funding firmly validates our business strategy and unique technology platform,’ says Anu Shukla, founder and chief executive of Offerpal Media (pictured). ‘We provide a simple yet incredibly successful way to generate meaningful revenues for social publishers, while allowing advertisers to reach more than 50 million active and engaged social networking consumers. This capital will help us move forward in key areas of our business and further accelerate our leadership position.’
