paidContent.org - The Economics of Content

Current Story

Updated: Buddy Media Raises $1.5 Million to Make Money From Facebook Virtual Currency Acebucks

By Joseph Weisenthal - Mon 24 Sep 2007 05:03 AM PST

Buddy Media, a NY-based startup with investments from Howard Lindzon, Peter Thiel, Mark Pincus and James Altucher, hopes to make money by building a business around Acebucks, a virtual currency for the Facebook platform.  Acebucks, developed independently by Aryeh Goldsmith, but acquired by Buddy Media, can be used to purchase real or virtual items at its own Facebucks store.  Buddy Media founder Michael Lazerow (Golf.com, U-Wire) writes on the company’s blog that they’re looking to build an ecosystem around Acebucks, as it will soon open an API, allowing other Facebook apps to use the virtual currency.  Lazerow writes that more than 100,000 Facebook users have opened Acebucks accounts; according to Facebook, though, it currently has 1,780 active users.

Update: Michael Lazerow told paidContent.org he recently purchased Acebucks for an undisclosed sum, while bringing on Aryeh Goldsmith as CTO.  Buddy Media then raised $1.5 million from the group of investors mentioned above; the funds will be used to build out the product and for business development.

Posted in: Social Media, VC+M&A


Related Research from Alacrastore.com

1 Response:
Post Your Comment

Mobile Options

» Mobile App
» Mobile/WAP Site

Send a News Tip

About

paidContent.org, flagship of the ContentNext Media network, provides global coverage of the business of digital content.

Rafat Ali
Publisher & Co-Editor

Staci D. Kramer
Co-Editor

David Kaplan
Senior Correspondent

Joseph Weisenthal
Correspondent

Robert Andrews
U.K. Editor

Amanda Natividad
Editorial Producer

EconCeleb Conference - The Economics of Celebrity. July 23 at the Roosevelt Hotel in Hollywood

Featured Report - 2008 Social Media Deals Report

front page of report

The economics of social media continue to heat up, with ever more buzz created in new and growing market categories. This report examines the categories, number and size of investment and acquisitions into social media and the resulting value created from 2007 through 2008. Order your report today to analyze deals made by Yahoo, Disney, Google, AOL, CBS, Hearst, Microsoft and many more.

Learn more or purchase now.

New Media/Interactive Job Listings

Post Job
More Jobs

Generous Supporters