California-based technology incubator YouWeb has raised $2 million in funding, as a means of fueling the expansion of the company.
The money was raised from existing investors,
reports VentureBeat. YouWeb has also hired Michelle Yee Sangster, formerly a Walmart executive, as its senior vice president of business development.
Peter Relan, chairman of YouWeb, explained, "Michelle has a long history of success in mobile, social media and e-commerce."
"She will be integral to YouWeb’s development as it continues to generate disruptive and creative incubations," he continued.
In the past, YouWeb has helped fund numerous social game companies such as CrowdStar, Sibblingz and iSwifter - the latter of which
recently reported it was on track to see in excess of $10 million in revenues for its first year of business.
Last month,
YouWeb announced that it was offering $10 million in funding for mobile game development as a joint venture with CrowdStar (
It Girl, Happy Aquarium).
The fund, called StarFund, will be used "to help spur the next generation of mobile social gaming innovation," according to the company.
