gWallet, a new monetization platform for social media, announced it has closed its first institutional funding round led by Adams Street Partners and Trinity Ventures.
This brings total funding raised for the startup to $12.5 million.
gWallet provides brands, publishers and social media with a monetization platform containing three components including Alternative Online Payment, Virtual Currency and Aggregation of Virtual Products. The platform is a comprehensive system that has been optimized for Facebook, OpenSocial platforms (MySpace, Hi5, Tagged, etc), virtual worlds or websites utilizing virtual offer-based currency.
The funding will support the company’s global expansion and the company is also actively looking to make acquisitions that will enhance its capabilities.
gWallet is headquartered in San Francisco. The company expects to open offices around the world in the coming months and will have a substantial presence in New York. Its headquarters for the EU will be located in London and is expected to open in the coming year.