A year-and-a-half after putting itself up for sale in the midst of a fall off in its business, in-game ad network IGA Worldwide says it has “streamlined its business model” and has raised a “significant” new round of funding. Like other in-game advertisers, IGA Worldwide, which has the rights to run ads in EA and Activision (NSDQ: ATVI) games for the PlayStation 3, was hit hard by the ad downturn in 2009. It missed revenue forecasts and laid off a quarter of its staff, as Venturebeat outlined in this piece.
IGA Worldwide says in a release that it is now “posed for growth” and is “aggressively focusing on expanding our advertising product lineup, game portfolio and global reach for 2010 and 2011.” (We’ve asked for some more details and are waiting to hear back).
The new cash is from Deutsche Telecom venture capital arm T-Venture Funds; existing backers Kreos Capital and Easton Capital also participated. It comes as investors once again seem more upbeat about the in-game ad market’s prospects. Rival Double Fusion raised a new funding round of its own in March.
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