San Francisco – Tapjoy, a provider of mobile application
distribution and monetization services, has raised $21 million in a new round
of funding, led by Rho Ventures.

Previous backers InterWest Partners, North
Bridge Venture Partners and D.E. Shaw Ventures also participated.

Tapjoy was
formerly known as Offerpal, but changed its name and business model after a
scandal emerged over the use of offer-based ads that lured consumers with
virtual currency for social games.

The company’s CEO, Anu Shukla, resigned amid
the controversy.

San Francisco-based Tapjoy now says over 5,000 app developers
and advertisers are using its platform for monetization and distribution of
their games and applications.



Related Links: (DMW previous coverage)