Gaming Company PlaySpan Picks Up $16.8 Million Second Round

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In-game commerce provider Playspan has closed a $16.8 million second round of financing. Previous investors Easton Capital, Menlo Ventures, Novel TMT Ventures and STIC all participated in the round, in addition to undisclosed sources. The Santa Clara, Calif.-based company will use the funds to build out its publisher base and expand into Europe and Asia.

PlaySpan has raised a total of $24 million in funding since its inception, and gobbled up alternative gaming payment firm PayByCash for an undisclosed amount in July. PayByCash helps bridge the gap between online worlds and real-world money largely through pre-paid gaming cards that are sold in locations like Blockbuster (NYSE: BBI), Wal-Mart (NYSE: WMT) and 7-Eleven. There are a number of in-game and virtual-world commerce tech firms in the space, including LiveGamer, which recently upgraded its virtual trading platform and signed on a trio of new publishers. Release.

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The average lottery winner is bankrupt within a year, but PlaySpan has beat that record with investors' money. Just weeks after receiving 16.8 million dollars, PlaySpan has already started laying people off. How this happened remains a mystery, because the company is privately held and is clearly not held accountable by anyone. PlaySpan held so much promise. It's sad to see another dot com going down the toilet.

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