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Uncategorized - Written by on Thursday, September 20, 2007 10:55 - 0 Comments

Virtual goods shop raises real money

PlaySpan Inc. just finished raising its first round of venture capital, led by New York based Easton Capital along with Menlo Ventures, South Korea-based STIC International and Hong Kong-based Novel TMT Ventures. They were able to successfully raise $6.5 million.

PlaySpan’s business model is based on selling virtual goods from within virtual worlds and have signed up seven MMOG publishers to access a potential customer base of 10 million MMOG users. According to PlaySpan, in-game transactions have just surpassed the $2 billion mark, and their upcoming product well help facilitate more of these micro-transactions.

Oh and the best part of this story is that the founder of PlaySpan Inc. is in the 6th grade.

PlaySpan is founded by Arjun Mehta, a 6th grader, passionate about gaming and software programming that can make game playing experience exciting and more importantly rewarding!

PlaySpan started in Arjun’s garage in Silicon Valley in 2006 and was incorporated with Arjun’s earnings from selling online game items won from quests he fought while attending 5th grade at Challenger School in San Jose.

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