Vikas Gupta co-founded Jambool secures $5 Million financing round
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Bangalore: Virtual currency startup Jambool co-founded by Vikas Gupta, has raised $5 million in series B financing round. This funding round is led by Madrona Venture Group along with the existing investor Bay Partners. With this new round of funding, the company has now raised around $6 million. Amazon.com veterans Reza Hussein and Gupta founded the San-Francisco based company in 2006. The company launched Social Gold, its virtual currency and payments platform for social games and applications, last October. Today, Social Gold is used in many applications on social networks and across the web. "The last ten months have been a whirlwind for us," said Gupta, CEO and Co-Founder of Jambool. "Since we launched Social Gold, we've seen virtual goods become the de facto monetization engine for social applications. It has been very exciting to build the platform and tools that power large online, virtual economies and enable a great in-app purchase experience for millions of users on social networks. We are thrilled to partner with Madrona and Bay as we accelerate our product development and distribution." According to Scott Jacobson, Principal at Madrona Venture Group, Jambool is building a platform which is targeted at a new segment of online commerce. "Social Gold has quickly become the go-to solution for social game developers who want to sell virtual goods on Facebook and MySpace," he added. Jambool has recently paved partnerships with publishers like RealGames - the games division of RealNetworks and distribution partners like Super Rewards.

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