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10-month-old startup raises $20 million to sell imaginary (sorry, virtual) goods |
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10-month-old startup raises $20 million to sell imaginary (sorry, virtual) goods
Posted Dec 19th 2007 1:00PM by Tech Confidential
Live
Gamer Inc. on Monday emerged from stealth-mode with $20 million in
Series B funding as it prepares to launch a platform that will allow
virtual world gamers to buy and sell virtual property with real money.
The
New York startup received the capital from new investor Charles River
Ventures of Waltham, Mass., and the returning Kodiak Venture Partners
of Waltham and Pequot Ventures of Menlo Park, Calif. Live Gamer
received $4 million in Series A funding when it was founded in
February, president and co-founder Andrew Schneider said.
The
10-month-old company was co-founded with serial video game entrepreneur
Mitch Davis, who serves as Live Gamer's chairman. Davis was the founder
of Massive Inc., an in-game advertising company that Microsoft Corp.
acquired for between $200 million and $400 million in May 2006.
Massive's advertising technology places ads that change every 15
seconds within a video game's background.
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