PlaySpan Picks Up $16.8 Million For Europe, Asia Expansion

Online game microtransaction/virtual trading platform PlaySpan picked up $16.8 million in a new investment round, and the company plans to use the funds to expand into Europe and Asia, with a view to signing new deals. PlaySpan provides publishers and developers with a platform for managing secure micro-transactions, virtual goods sales, global alternative payments, and peer-to-peer trading. Its platform is currently live in games such as K2's Global Mu Online and Gala-Net's UpshiftStrike Racer. With its PayByCash subsidiary, the company offers over 70 payment solutions, including its prepaid Ultimate Game Cards, in more than 180 countries. The platform currently supports over 200 games from publishers such as Gala-Net, Ntreev, Outspark, and CCP. Along with its $6.5 million raised in September 2007, PlaySpan's total funding now comes close to $24 million. This most recent round was led by Easton Capital Group, Menlo Ventures, Novel TMT Ventures, STIC, and other undisclosed investors. "Online games publishers and social media application developers are looking for new sources of revenue beyond traditional advertising and subscriptions," says PlaySpan founder and CEO Karl Mehta. "We are enabling a new business model in the form of micro-transactions for users that prefer the pay-as-you-go model." He continues, "It is a testament to our market-leading position, demonstrated growth, and the long-term potential of virtual goods and micro-transactions that we have raised a significant round in spite of the current economic climate."