Lunch Money, the US-based platform which enables game developers to monetise their mobile applications, has rebranded as Pocket Change, raising $1m in seed capital in the process, according to technology finance website TechCrunch.
The funding was provided by internet company Google’s corporate venturing fund, Google Ventures, as well as venture capital firms Baroda Ventures and First Round Capital, and angel investors Scott Banister, David Sacks, Mike Jones, Alan Braverman and Kamran Porzanjani.
Pocket Change operates a monetisation platform for iOS and Android developers which eschews advertising in favour of a token-based system. The games themselves are free to download but users require tokens to play them much like an arcade game. When the free tokens that come with the game are used up, users pay money to obtain more.
Subsequent to the funding, Pocket Change board members include Joe Kraus of Google Ventures, Howard Morgan of First Round Capital and Peter Lee of Baroda Ventures.