PlaySpan secures $16.8 million in Series B funding; To expand in Europe and Asia

PlaySpan, Inc. has raised $16.8 million in Series B investment from Easton Capital Group, Menlo Ventures, Novel TMT Ventures, STIC and other undisclosed investors. This new capital brings the company’s total funding to $24 million. The new funding will be used to expand into Europe and Asia and to grow PlaySpan’s global publisher and user-base.

“Online games publishers and social media application developers are looking for new sources of revenue beyond traditional advertising and subscriptions. We are enabling a new business model in the form of micro-transactions for users that prefer the pay-as-you-go model,” said Karl Mehta, Founder and CEO of PlaySpan. “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.”

The pay-as-you-go model has gained rapid adoption and is poised for tremendous future growth because it gives consumers more control over their entertainment experience and offers publishers expanded revenue opportunities. PlaySpan offers publishers and developers a complete out-of-the-box platform for managing secure, efficient micro-transactions, virtual goods sales, global alternative payments and peer-to-peer trading. PlaySpan’s platform enables any developer to monetize any content at any price for any user in any country, said Mehta.

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  1. …and then the party was over. PlaySpan began murdering its adopted child, PayByCash, last week with massive layoffs and the immediate termination of health benefits of those laid off (cruel and unusual). How does a company obtain millions of dollars and mismanage it so enormously that they have to start laying off people within weeks? It reflects poorly on the parent company and anyone who invested in that parent company. Easton Capital, Menlo Ventures, STIC and Novel TMT Ventures must be hanging their heads in shame.

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