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.
SponsorPay ( www.sponsorpay.com) is the European market leader in the field of virtual currency monetization for online games, social apps, virtual worlds and social networks.
The company’s innovative ad-funded payment solution gives online users access to virtual currency or premium features through participation in targeted ad offers. SponsorPay works with thousands of partners including leading publishers such as Gameforge, Bigpoint, Gala Networks, 6waves, Perfect World, Weka Entertainment and Frogster as well as renowned advertisers such as Procter&Gamble, AT&T, Skype, Match.com and DirecTV. The company’s commitment to a localized, high-quality user experience has enabled it to expand its reach to over 120 million satisfied customers across more than 100 countries.
SponsorPay is headquartered in Berlin with offices in San Francisco, Paris and London.
About Investitionsbank Berlin (IBB)
Investitionsbank Berlin (IBB) is a subsidy bank of the Federal Land of Berlin. It serves as a reliable partner for innovative, small and medium-sized enterprises in Berlin in order to support them in boosting performance and opening up new markets. IBB offers a host of financing programmes for companies in start-up as well as growth phases.
About Team Europe Ventures
Team Europe Ventures launches new Internet companies or invests in very early stages. The Berlin-based company has international scope; it actively supports around 15 portfolio companies. The founders of Team Europe Ventures have an extensive track record in company building. Among others they have founded or co-founded Spreadshirt, StudiVZ and brands4friends. All investors in the Team Europe Venture Fund are active Internet entrepreneurs or business angels. Further details can be found at www.teameurope.net.
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