$16.8 Million Raised For Virtual Gaming Goods Company… Founded by a 5th Grader

PlaySpan, the “first publisher-sponsored’„¢ in-game commerce’„¢ network”, which was founded two years ago by a 5th grader, has raised a staggering $16.8 million from investors. Which, when added to previous rounds of investment, bring the company’s total funding to more than $20 million.

The company was founded in 2006 by Arjun Mehta when he was in 5th grade and whose father, Karl Mehta, is the current CEO. K. Mehta said that this huge investment is caused by their position as market leader (how exactly do you lead a market of which you trademarked the name?) as well as the potential for huge dividends.

It is a testament to our market-leading position, demonstrated growth, and the longterm potential of virtual goods and micro-transactions that we have raised a significant round in spite of the current economic climate.

According to the press release (watch out, pdf), “PlaySpan’s platform enables any developer to monetize any content at any price for any user in any country.” Something I know is a dream held by many money grabbing wankers large gaming companies.

$16.8 million…