PlaySpan raises $18 Million in Series C Funding
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Santa Clara: Virtual goods market place platform PlaySpan had raised $18 million in the third round of financing led by Vodafone Ventures and Softbank Bodhi Fund, with existing investors Menlo Ventures, Novel TMT Ventures. This brings the funding raised by PlaySpan to a total of $42 million. The company will use the new funding to expand its footprints to Europe and Asia, aiming to capitalize on the growth in Asian gaming markets. Founded by 12 year old Arjun Mehta in 2006, Playspan powers virtual goods marketplaces across 1,000 video games and virtual world publishers. PlaySpan-powered marketplaces lets users sell, exchange and purchase online game items, virtual goods, and game currencies for online games and applications. The platforms also allow publishers to managing global micropayments, ecommerce, and micro-transactions across 180 countries. And the company operates virtual goods storefronts on Facebook, MySpace, within games and on its standalone site. It has some big names like Adobe, Sanrio, Viacom/Nickelodeon, Disney and Warner Brothers as customers. Arjun's father, CEO and Co-Founder Karl Mehta, has steadily expanded its empire, acquiring micro-transaction app developer Spare Change so that its marketplace can power transactions. Earlier this year in June, Karl Mehta had been Ernst&Young Entrepreneur of the Year award.

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