First Meta secures USD466k from Plug and Play and NRF
March 29, 2012 by Terence LEE
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 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.
Find out more about SGE’s research arm: SGE Insights, providing customized in-depth research reports to help you navigate the business of technology in Asia.
About The Author
Terence LEE - Editor
Terence writes mainly about technology trends and startups in Asia. He believes in crafting smart content: Not just a regurgitation of text, but well thought-out pieces that serve the reader using a combination of data, design, narratives, analysis, and visual impact. His articles have been published on Venturebeat, Yahoo!, Straits Times, Today, and The Online Citizen. He also co-founded NewNation.sg, a satirical news site covering Singapore affairs. Engage him on LinkedIn and Twitter.Read other posts by Terence LEE