First Meta secures USD466k from Plug and Play and NRF

First Meta, a Singapore startup that provides a web-based exchange for users to buy, sell, and trade virtual currencies for real money across multiple games and virtual worlds, has received SG$588k (US$466k) in growth capital.

The funding comes from Silicon Valley accelerator Plug and Play Tech Center and Singapore government agency National Research Foundation.

The company, founded in 2007, now trades virtual currency from five virtual worlds: IMVU, Second Life, Frenzoo, Toribash, and Friends Hangout. They were also the first provider of ATMs and credit cards inside second life.

With the new capital, First Meta will build their next-generation virtual goods exchange and expand support to new platforms. The company already has stable revenue.

“We believe as gaming becomes more mainstream so will secondary trading. We’re here to help the new generation of game companies and currency issuers participate in revenue and avoid the black market fraud problems associated with unsanctioned trading,” says CEO Autumn Radtke, who joined First Meta in January, taking over founder Aileen Sim, who will still play an active role in the company.

Plug and Play Tech Center commenced operations in Singapore in 2010 with the goal of accelerating technology startups and giving them access to resources in Silicon Valley to increase their chances of commercial success.

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