MooSpace Secures $3.5m

MocoSpace, the social entertainment destination on the mobile web, has secured $3.5m (£2.3m) of funding from SoftBank Capital. The company says it will use the funds to development of its MocoSpace Games platform and management team. Previous investors in MocoSpace include General Catalyst, Pilot Group and prominent angel investor Michael Dearing.

MocoSpace has over 14m users and generated 3bn page views per month. The company’s games platform will provide game developers with a robust environment and mobile web reach via smartphone browsers, as well as access to the MocoSpace audience – which already plays 1m games on the site each month.

MocoSpace will be launching its own browser-based mobile social game, and is currently developing partnerships with mobile web game developers to provide a wide range of game titles on its platform.

Vikrant Gandhi of Frost & Sullivan has followed MocoSpace’s progress over the years. He says: “MocoSpace has demonstrated a rare ability to build a large mobile internet brand and generate profits while appealing to a broad base of consumers. The mobile browser represents the next frontier of social games, and companies like MocoSpace have a great opportunity to lead this nascent market.”

As part of the investment, SoftBank Capital’s managing partner, Ron Fisher, is joining the MocoSpace board of directors. Fisher has over 30 years of experience working with high growth and turnaround technology companies, and serves as a member of the board of directors of SoftBank Corp., Japan, as well as on the boards of several public and private companies, including Desktone, E*Trade Group, GSI Commerce and LiteScape Technologies.

“MocoSpace is uniquely positioned for massive growth at the crossroads of powerful trends in mobile, gaming and social, as well as appealing to one of the fastest-growing segments of the US population, the Hispanic market,” says Fisher. “Softbank is excited to be an investor. MocoSpace has done a great job building an industry leading, profitable business.”