Sometrics, which helps developers and brands monetize the social web, has closed a series B round of financing led by Steamboat Ventures.
Concurrent with the investment, Beau Laskey, a managing director at Steamboat Ventures, has joined Sometrics’ board of directors.
Original investors, including the Mail Room Fund and Greycroft Partners, also participated in the round.
“Sometrics’ market-leading monetization platform is transforming the way consumers use virtual currency and opening new doors for online publishers and developers to increase their revenue through the virtual economy,” says Laskey. “Sometrics has experienced significant growth over the past year and is well positioned to capitalise on the tremendous market opportunities that are being created through the popularity of social gaming. We look forward to working with the management team to help the company fulfill its potential.”
“We gain a wealth of expertise and opportunities through this partnership with Steamboat Ventures,” says Ian Swanson, Sometrics co-founder and chief executive. “Our solutions for optimising virtual currency have been embraced by a range of companies that specialise in social gaming, free-to-play MMOs, virtual worlds and casual gaming. This latest infusion of resources will help us continue to expand the ways we can help our clients maximise revenue and customer engagement.”
The new funds will enable the company to grow its market presence through strategic hires and by boosting its investment in marketing.
Social gaming is the fastest growing segment of the video game market. Worldwide sales of virtual goods within games and virtual worlds are expected to exceed USD2.2bn this year, according to research firm Piper Jaffray.
Sometrics’ technology enables publishers, developers and advertisers to more effectively analyse user data and better target their audience, and provides consumers with a solution to manage their virtual currency across a number of gaming platforms.
Sometrics launched the industry’s first virtual currency platform last December, to help publishers manage all virtual currency monetization from multiple offer providers. Today, the company’s Offer Solution and Payment Manager has a global reach with more than 4,000 ads across the network.
