Offerpal Secures $15 Million in Series B Venture Capital

Today Offerpal Media announced that it had closed a $15 million round of Series B venture capital financing. The new round is lead by D.E. Shaw Ventures, with existing Offerpal investors InterWest Partners and North Bridge Venture Partners also participating. Offerpal states the money will be used primarily to improve the infrastructure of the platform and help it expand into new mobile and international markets.

"Offerpal Media may be the only company that has truly figured out
how to monetize social Web properties," said Michael Banks, a senior
vice president of D. E. Shaw & Co., L.P. "Offerpal's approach of
blending targeted, relevant advertising offers with virtual currency
has really caught on with publishers and advertisers alike, and with
the company's strong leadership team, sophisticated technology platform
and expansive network of publishers, we believe Offerpal is well
positioned as a leader in the space."

Offerpal Media launched its ad offer network in 2007 and since has built up a network of 800 clients that includes social network apps, casual game portals, virtual worlds, and free-to-play MMOGs. Offerpal Media's highest-profile clients include WeeWorld, Acclaim Games, and Aeria Games. The company also recently announced the development of its managed offer platform for Apple iPhone, which Offerpal hopes will help iPhone developers monetize virtual currency in their apps and games. Offerpal claims its average publisher payout is in the range of $150 to $200 eCPM.

"This round of funding firmly validates our business strategy and
unique technology platform," said Anu Shukla, Founder & CEO of
Offerpal Media. "We provide a simple yet incredibly successful way to
generate meaningful revenues for social publishers, while allowing
advertisers to reach more than 50 million active and engaged social
networking consumers. This capital will help us move forward in key
areas of our business and further accelerate our leadership position."

When contacted for further comment regarding the venture round, Offerpal representatives stated the company did not anticipate needing more venture capital in the immediate future. "Offerpal in its first year has had tremendous growth and is profitable, it was not difficult to raise  financing," said Shukla.

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