PlayMob receives investment to drive in-game fundraising

07/03/12

PlayMob, which was founded in 2007, has developed the 'GiverBoard' technology which connects computer games with charities, so that players can fundraise for charity by purchasing virtual items within a game. These virtual objects can be directly related to a charity. For example, a tractor purchased by game players could be linked to a charity which plants crops in Zambia. Using the money received from the purchase of a virtual tractor a square metre of wheat will be planted for a family in Zambia.

Today's investment will allow PlayMob to increase its staff from 8 to 13 people, to automate the technology to have a significantly larger reach and to develop a range of add-ons that help generate further revenue. For example, working with brands to incorporate advertising and sponsorship tailored for corporate social responsibility, while sending a positive message to a large audience.

Founder and CEO of PlayMob, Jude Ower, says: 'We passionately believe that gaming can have huge social benefits. Our technology gives charities and brands access to hundreds of millions of players, during the 3 billion hours per week spent playing games.  This investment gives us a significant boost to grow our reach globally and to remain at the forefront of developing social gaming that benefits all. There are so many games out there currently and we see our technology not only making a positive impact on charities but allowing game developers to get their game noticed in a new innovative way, allow brands to show their softer side and players to feel the 'instant gratification' of doing good while buying their virtual goods.'

Libby Kinsey, Investment Manager at NESTA, says: 'PlayMob's technology represents an exciting mix of a simple idea, unique and sophisticated technology, social benefits and commercial potential. We're delighted to announce our investment to scale up their operations and deliver some real impact in both the gaming and charity sectors.'

Andrew Muir, investment director at Midven, said: "Playmob has a simple business model which, based on their early campaigns to date, promises to appeal to both games developers and charities to their mutual benefit. We are delighted to be working with NESTA and the Playmob team to deliver a tangible difference to what is an innovative company with ambitious plans."

PlayMob has already helped charities raise thousands of dollars for charities by allowing them to place items to purchase within games. A ThanksGiving campaign was run in November 2011 where virtual food hats were sold, raising over $3500 to pay for Thanks Giving meals for homeless children and families in New York.

Similarly, in September, players of Parallel Kingdom were able to purchase a special edition virtual soup can hat for their character which in turn provided a meal for a homeless person via the HELP USA charity. Over $3000 was raised in just 2 weeks, feeding hundreds of people.

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Notes to editor

For further information please contact:

NESTA: Jan singleton on 020 7438 2606/ jan.singleton@nesta.org.uk or Guy Bilgorri on 020 7438 2611/ guy.bilgorri@nesta.org.uk

PlayMob:  Jude Ower Email: Jude@PlayMob.com Mobile: 07817807097

About PlayMob

Revolutionising giving through gaming, PlayMob enable digital content providers to monitise their products through in-game "charity sponsored" micro-payments.

Over 3 billion hours per week are spent playing games. Imagine if 1p from every hour of game play could be donated to good causes around the world? This is where PlayMob come in. We have developed a core technology, GiverBoard, which enables charities to fundraise online through games, and simultaneously provides developers with an innovative product for monetizing their games, increasing player engagement, and a new route for game discovery.

Our unique approach allows fundraising to tap into a behaviour which already exists, and is growing rapidly year on year.  We have managed to already raise thousands of dollars for charities and we plan to raise much, much more as we build traction globally.

Virtual goods simply are items that exist in online games that users can purchase with money. The virtual goods revenues this year have increased by over 156% since 2010 and has an estimated worldwide value of $41million. The projections for 2015 show that this will increase by a staggering 775% to a worldwide value of no less than $318million.

www.playmob.com

About NESTA

NESTA is the UK's foremost independent expert on how innovation can solve some of the country's major economic and social challenges. Its work is enabled by an endowment, funded by the National Lottery, and it operates at no cost to the taxpayer.

NESTA is a world leader in its field and carries out its work through a blend of experimental programmes, analytical research and investment in early-stage companies.

www.nesta.org.uk

About Midven Limited/Early Advantage

Midven Limited is a privately owned commercial venture capital fund manager with a successful track record of investing in and exiting from small and medium-sized enterprises in the Midlands. Midven manages five funds representing £61m under management. The funds have invested in a wide variety of sectors, including software, bio technology, healthcare, engineering, manufacturing and distribution. Midven's £8m Early Advantage fund provides investment for small, high growth businesses at start-up and early-stage in the West Midlands.