Jambool builds platform for buying virtual goods |
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Jambool builds platform for buying virtual goods
Jambool, a Seattle startup founded by two former Amazon.com engineers, started out developing applications for Facebook. Now it's broadening its business -- building an entire payments platform for social networks.
The company's SocialGold platform allows people to buy virtual goods and currencies on social networks, and gives application developers a dashboard to trace payment data. The platform works with PayPal, Amazon, Google and via mobile phone in more than three dozen countries.
InsideFacebook has more on the company, reporting that tonight "SocialGold is turning on a self serve system and a new payments widget for developers interested in trying out the service in their Facebook applications."
Jambool raised $1 million in funding from Hit Forge, Charles River Ventures and Bay Partners in the third quarter of 2008, according to InsideFacebook, which reports the company has already racked up customers:
SocialGold is live on several applications on Facebook and MySpace, including (Lil) Green Patch on Facebook (see the “Buy Gold” feature). In addition, SocialGold is integrated and live with SuperRewards and SocialCash on applications like Pieces of Flair and Mob Wars.
Jambool co-founder and CEO Vikas Gupta spent several years in Amazon's payments group and web services, co-founded the company's office in Bangalore, and was the lead inventor of Amazon's Flexible Payments Service, according to his bio on the Jambool website. His co-founder and CTO Reza Hussein led Amazon's customer order workflow team and worked on Amazon Mechanical Turk.
VentureBeat also makes note of Jambool and growing competition in the "virtual goods economy" in social networks and online games.
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