Virtual Goods Commerce Company PlaySpan Gets $6.5 Million Funding

PlaySpan Inc., a publisher-sponsored (yes, the company is claiming a trademark on the term) in-game-commerce (yes, claiming another trademark here) network, announced that it has secured $6.5 million in Series A funding. New York based Easton Capital led the funding round, along with Silicon Valley based Menlo Ventures, South Korea based STIC International and Hong Kong based Novel TMT Ventures. According to the website they've signed up seven MMOG publishers. PlaySpan is founded by Arjun Mehta, a 6th grader, passionate about gaming and software programming.

"This investment is an exceptional endorsement for PlaySpan's pioneering role in building the first publisher-sponsored in-game commerce network and technology. It will help create a new class of revenue opportunities for publishers and will allow gamers to enjoy their game experience with commerce," said Karl Mehta, Co-Founder & CEO, PlaySpan Inc. "We are extremely fortunate to have a complementary group of global investors that bring solid experience in the gaming, internet and financial service industries."

In addition to the funding announcement, PlaySpan also announced today three new additions to its board. John Friedman, board member of IGA worldwide and General Partner of Easton Capital; Shawn Carolan, board member of IMVU and Managing Director of Menlo Ventures; and Steven Lee, Partner at STIC International are the newest additions.

PlaySpan is based in Silicon Valley with offices in Mumbai, India and Shanghai, China.