Press Release: SponsorPay Receives Seven-Digit Funding From Investitionsbank Berlin (IBB)
BERLIN, Germany (October 06, 2010) – SponsorPay, the European leader in virtual currency monetization, has received a seven-digit investment from Investitionsbank Berlin (IBB), a development bank of the Federal Land of Berlin, to enhance its ad offer-based monetization platform.
Alternative payment provider SponsorPay enables users of online games, social networks and other services to gain access to virtual currency or premium features through participation in targeted advertising offers from both global and local brands. The company will put the new funds towards developing new product features for both advertiser and publisher partners, improving security and fraud prevention measures as well optimizing the manner in which specific international audiences are addressed.
“SponsorPay’s development speaks for itself. The management has successfully put an innovative business model into action”, commented Thomas Schröter, CEO and Senior Corporate Finance Advisor at eventurecat, who advised SponsorPay during the process.
IBB’s seven-digit euro investment – the specific amount is undisclosed – comes only a few months after a five million dollar Series A funding round from Hasso Plattner Ventures, Kite Ventures and Team Europe Ventures in June earlier this year. IBB is a development bank of the Federal Land of Berlin and its contributions serve as growth capital for innovative, small and medium-sized enterprises to boost performance and expand to new markets.
“Since inception in September 2009, SponsorPay has grown to become the European leader and one of the biggest ad offer-based payment providers worldwide,“ said Andreas Bodczek, CEO at SponsorPay. “The new funds will take us to the top, especially in the field of targeting and fraud prevention.”
The Berlin-based company partners with leading publishers Bigpoint, 6waves and Perfect World and is integrated as a payment method in multiple apps and social games on platforms like Facebook, MySpace, VZnet and Netlog.