gWallet, a San Francisco, CA-based monetization platform for social media, announced the creation of gWallet Ventures, an early-stage fund focused on investing in social gaming companies.
gWallet has already started searching for opportunities ans is in active diligence with major developers on Facebook and MySpace, as well as smaller, innovative social gaming companies that are looking to bring their games to the masses.
Commenting on the initiative, Gurbaksh Chahal, CEO and founder of gWallet, was quoted to say: “There are a lot of social gaming companies out there that have not received the attention they deserve.
“gWallet Ventures is an opportunity for some of these companies to receive the funding they need in order to be successful, and in the end, we think that these funding deals will instill a virtuous cycle of growth among publishers, brands, and consumers alike”.
Additionally, gWallet is collaborating with MySpace to help the funded companies developing on the MySpace platform gain distribution within the network.
For social gaming companies, the opportunity to work with gWallet will provide numerous benefits, including growth capital from $100,000 to $1m, enhanced monetization opportunities, new business opportunities, and increased chances to access to capital.