30 Jun 2010   |   News

CrowdPark closes first round funding for social network gaming


Funding

CrowdPark has announced the closing of a first round of venture capital financing from Earlybird Venture Capital, allowing the company to launch a multi-lingual Facebook and mobile application, in addition to further developing its web-based gaming platform.

CrowdPark is a social forecasting game based on the principle of an underlying electronic prediction market. “We just recently went open beta with our website and are optimising features of the game with user feedback,” says Ingo Hinterding, co-founder of CrowdPark.

CrowdPark allows players to bet on future outcomes of any event, for example sports, science, society, technology etc, using virtual currency. In addition to editorial content, users can also create topics to bet on and share them with friends and other users. Unlike traditional betting, users can place and change their bets continuously even while the event is still going on.

Martin Frindt, co-founder of CrowdPark, says, “With Earlybird on board we can now complete the development of our web platform and roll-out a Facebook and mobile version.”

Earlybird Managing Partner Christian Nagel said, “The game is unique in the social gaming world, as it provides the thrill of betting, but at the same time the same fun-factor as virtual currency based social games. The very wide and user-generated range of real events, in addition to the aspect of real time trading, makes the game viral and sticky. The underlying structure of an electronic prediction market is quite impressive and also a differentiator from betting principles people are used to.”

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