– gWallet, a virtual currency platform for social media developers, is
launching a new venture fund, gWallet Ventures, that will invest in social
gaming companies, TechCrunch reported.
San Francisco-based gWallet itself just
raised $12.5 million in its first round of funding in December, led by Adams
Founder Gurbaksh Chahal told TechCrunch the company will use
excess proceeds from this round to fuel the investment fund.
The company is
already looking to invest in game developers and social gaming firms on
Facebook and MySpace, with an eye toward early-stage investments in the
$100,000 to $1 million range.