In-game commerce network, PlaySpan, raises USD16.8m

PlaySpan, a payment system for virtual transactions in online gaming environments, has raised USD16.8m in Series B round of funding, with contributions from previous investors, Menlo Ventures, Novel TMT Ventures, Easton Capital Group, and STIC.

The California-based company was established in 2006 by Arjun Mehta, then in the fifth grade at school. In September last year, it raised USD6.5m, for its in-game transaction networks.