Greystripe Raises $8.9M

Greystripe, distributor of ad-supported mobile games and applications has closed $8.9M Series B funding round

May 24, 2007

2 Min Read

SAN FRANCISCO -- Greystripe, the leading distributor of ad-supported mobile games and applications, and creator of the largest mobile in-game advertising network, today announced that it has closed $8.9 million in Series B funding. The round was led by Steamboat Ventures, a venture capital firm affiliated with The Walt Disney Company. Concurrent with the investment, Dan Beldy, managing director of Steamboat Ventures, has joined Greystripe's Board of Directors.

The new funds will enable Greystripe to grow and enhance their business model, allowing more advertisers, publishers, and consumers to benefit from their solutions. The company will also use the investment to expand their partnerships and reach in Europe and Asia.

"Greystripe's ground-breaking distribution model is recharging the mobile game industry and fueling an explosion in mobile content," said Beldy. "Greystripe's innovative AdWRAP technology and the value chain built around it have proven to be critical components to both mobile gaming companies and advertisers. Given its strong management team, market expertise and leading technology, the company is ideally positioned to capitalize on the tremendous growth in this area."

Greystripe is the first company to offer ad-supported mobile games worldwide via its online and mobile gaming portal and through its AdWRAP Catalog program. Greystripe's mobile gaming network includes 800 free mobile games from 70 publishers with more than seven million games downloaded since its launch less than one year ago.

Its patent-pending AdWRAP technology provides an automated process to enable advertisements to be wrapped directly with mobile games and applications without any complex coding and development for the content owner. AdWRAP provides both game publishers and carriers an additional source of revenue, while simultaneously building customer retention and loyalty.

"Steamboat's investment marks a significant milestone for Greystripe," said Michael Chang, CEO of Greystripe. "We've proven that in-game mobile advertising works as a viable alternative to making users pay for downloadable content. Steamboat's support is a testament to our ability to lead this market and continue our international growth."

The latest round brings Greystripe's total funding to $10.1 million. It also includes the company's existing investors, Monitor Ventures and Incubic Venture Capital, which led the Series A funding.

Greystripe Inc.

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