SOURCE: Mochi Media

June 19, 2008 10:00 ET

Mochi Media Closes $10 Million in New Funding

Series B Round Will Help Company Grow Platform for Web Game Developers

SAN FRANCISCO, CA--(Marketwire - June 19, 2008) - Mochi Media announced today the close of a $10 million Series B round of financing, led by Shasta Ventures with support from previous investor Accel Partners. Mochi Media will use the money to continue to grow and scale its platform of tools and services for the game development community.

"Since Mochi Media entered the marketplace in 2005, they have been a disruptive and driving force in the Web gaming space," said Jason Pressman, partner at Shasta Ventures. "We see tremendous promise in the solutions they offer to brand advertisers and game developers. Mochi Media has cracked the code in the gaming market by providing these developers with tools to monetize and distribute games to a highly desirable audience."

Mochi Media has seen significant momentum since its initial round of funding. MochiAds, the company's flagship game distribution and ad network, now reaches over 60 million unique users per month since its October 2007 launch. MochiBot, the company's Flash analytics product, tracks over 650 million views per month for thousands of users. Mochi Media also recently announced MochiAds For Publishers, a free service that allows publishers to search, add and make money from the company's catalog of high quality games. In less than a month, more than 700 publishers have signed up for the service. The company has also added top veteran executives to its management team over the last couple of months including former Yahoo! executive Eric Boyd and former MySpace VP of Sales Carol Werner.

"In the past year we have established a strong management team and coupled it with a strong and scalable technology platform. We have relationships with thousands of game developers, and with them we are able to provide advertisers extensive reach to an engaged gaming audience," said Mochi Media CEO Jameson Hsu. "This capital will help us move forward in key areas of our business and further accelerate our leadership position and growth in the monetization, analytics and distribution of games."

Mochi Media's core offering is MochiAds, an advertising network for online games. Independent developers of Web games leverage the MochiAds technology to insert pre-game and inter-level advertisements into the games they create, and receive a revenue share of the ad income. Games reach a wide audience as they spread across the Internet as they are linked and shared through different sites, or distributed through publisher partners. Advertisers wanting to reach the one in three Internet users playing games online can buy advertisements targeted by criteria such as domain, game category and geography.

About Shasta Ventures

Shasta Ventures is an early-stage venture capital firm investing in technology-enabled businesses serving consumers and enterprises. Located in Menlo Park, Calif., Shasta Ventures manages $460 million. Shasta was formed in 2004 by venture capital veterans and invests across consumer and business services, infrastructure and software. For more information on Shasta Ventures, please visit www.shastaventures.com.

About Accel Partners

Founded in 1983, Accel Partners has a long history of excellence and innovation in the venture capital business and is dedicated to partnering with outstanding entrepreneurs and management teams to build world-class technology businesses. Accel today invests globally with offices in Palo Alto, California and London, as well as in China via the IDG-Accel Partnership. With over $4 billion under management, Accel has helped technology entrepreneurs build over 300 successful companies, many of which have defined their categories include Admob, Actuate, Acopia, Agile Software, Alfresco, AMCC, Arrowpoint, BBN, Brightcove, ComScore, Etsy, Facebook, Foundry Networks, GlamMedia, Imperva, Infinera, Interwoven, JBoss, Kayak, Macromedia, Maven Networks, metroPCS, Polycom/PictureTel, Portal Software, QlikTech, Rapt, Real Networks, Redback Networks, Riverbed, UUNet, Veritas, Walmart.com, Webroot, Wily Technology, XenSource and Zimbra. For more information, visit the Accel Partners web site at www.accel.com.

About Mochi Media

Mochi Media is dedicated to fueling the creativity of the gaming community. The core product, MochiAds, is the largest online games advertising network for developers, advertisers and publishers. The network provides game developers with monetization, distribution and analytics while providing advertisers with turnkey opportunities to reach the one in three Internet users playing games online. The thousands of online games available in the game catalog provide publishers with engaging content to attract, entertain and retain their users. Mochi Media is headquartered in downtown San Francisco.

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