MyTown Developer Raises $20 Million
Booyah, developer of location-based iPhone/iPod Touch app MyTown, picked up $20 million in a round of funding led by Accel Partners, with previous backers Kleiner Perkins Caufield & Byers and DAG Ventures also participating. This investment brings the total amount of financing raised by the studio since 2008 to $29.5 million.
MyTown is similar to other location-based apps/games like Foursquare, tracking real-world locations that users visit through the iPhone's GPS features. In Booyah's app, players level up, unlock rewards, and earn virtual cash to buy digital versions of their favorite real-life places -- charging rent to other MyTown users who visit that location.
That premise has attracted more than 2 million users since MyTown's launch in December, and Booyah says over 100,000 new users are joining the game every week. Its passed over 60 million check-ins at different locations and 250 million virtual item impressions a month, too. The developer adds that users spend around 70 minutes per day with MyTown, too.
Booyah plans to take advantage of its new financing to "ignite and accelerate" its real and digital world offerings. The Palo Alto-based company has also set a target of attaining 6 million users across MyTown and other future unannounced products by the end of this summer, according to a report from TechCrunch.
With this new investment, Accel's Jim Breyer will join Booyah's Board of Directors. Breyer is currently the lead and presiding director of Wal-Mart, a director of Dell, and an investor/board member of other companies like Facebook, Etsy, Marvel Entertainment, and Brightcove.
"The combination of Jim’s expertise in real world retail and cutting edge digital media mirrors our dedication to creating the most compelling real-world experiences," says Booyah CEO Keith Lee. "MyTown is a bold step to achieving this goal and we have very exciting plans in the near future to move far beyond the check-in."



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