Greystripe raises $8.9M for mobile games wrapped with ads

May 27, 2007 | Matt Marshall

San Francisco’s Greystripe, a provider of a technology that can insert ads on the fly into mobile games, making it easier for game developers to monetize their creations, has raised $8.9 million in a second round of financing.

The round was led by Steamboat Ventures, a venture capital firm affiliated with The Walt Disney Company. Dan Beldy, managing director of Steamboat Ventures, has joined Greystripe’s board, the company said.

We wrote about Greystripe’s “Ad Wrap” technology here.

From the company’s statement:

Greystripe is the first company to offer ad-supported mobile games worldwide via its online and mobile gaming portal GameJump.com 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.

The latest round brings Greystripe’s total funding to $10.1 million. Existing investors, Monitor Ventures and Incubic Venture Capital, also participated in the latest round.

(Orginally published 5/22)

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About the Author, Matt Marshall

Matt launched VentureBeat in September of 2006, with the realization that no one else was covering the entrepreneurial and tech innovation scene with the velocity or depth that he was. Prior to founding VentureBeat, he covered venture capital for the San Jose Mercury News from 2001 to 2006. In 2002, Matt was awarded "Journalist of the Year" by the Northern California Society of Professional Journalists. Prior to working at the Merc, he was a correspondent for the Wall Street Journal in Bonn, Germany from 1995 to 1998, and a writer for the Washington Post in 1994. Matt holds a PhD in Government and an MA in German and European Studies from Georgetown University. In addition to VentureBeat, Matt is also the Executive Producer of DEMO, the leading launchpad event for emerging technologies.