The team behind SCVNGR has received $15 million from Balderton, Google Ventures and Highland Capital. The smartphone app has game-like elements to reward participation, netting interest from brands like American Eagle Outfitters, Nissan, and the New York Times.
They’ve signed up 1,000 paying clients so far. This was the focus of the business in the first half of 2010; from the second half of 2010 onwards, they’ve focused on building up the consumer base, said Balderton. They did $1 million revenue in 2009 when SCVNGR was still a text-based game. They launched on the iPhone and Android in May 2010 and have been making multiples of that number. It took Foursquare 18 months to get to 500,000 users it took SCVNGR 20 weeks. It will have one million by the end of January.
Source: PaidContent
