Tapjoy Raises $21 Million As It Bounces Back

Person taking survey or person writing

It looks like Offerpal — now known as Tapjoy — has fully recovered from the PR scandal that culminated in the resignation of its CEO last fall: The company has just raised $21 million in a new round of funding led by Rho Ventures. Last October, the company became the face of ‘Scamville’ — a series of articles on TechCrunch accusing offer-based ad networks of misleading users who fill out online offers in exchange for virtual currency to use in social games; Offerpal CEO Anu Shukla quit soon after.

Tapjoy says this funding round “validates all of the changes we’ve mover the last year.” Notably, in March, it purchased ad net mediator Tapjoy as part of an effort to expand more deeply into the mobile apps monetization space. It has also introduced a new product to help developers distribute their apps across multiple platforms. It says it is now working with more than 5,000 developers, including Tapulous, Glu (NSDQ: GLUU), and Playdom, to help monetize and distribute their apps.

The company had most recently raised $15 million in a second round of funding in February 2009 led by DE Shaw Ventures, which also participated in the new round. This latest influx of cash brings its total backing to more than $40 million.


Comments have been disabled for this post