10-month-old startup raises $20 million to sell imaginary (sorry, virtual) goods
Posted by: in Raising MoneyFiled under: Raising money, Investments
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 grant 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 stated.
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 Big 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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