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Edmonton-based Empire Avenue, the stock market for social impact, announced today that it raised $ 1.2 million in series a seed funding. Round headed VC San Francisco firm, Crosslink Capital, iNovia capital, TriplePoint capital (which are incubated Empire Avenue in Silicon Valley), as well as BioWare co-founders Ray Muzyka dogah and Greg Zeschuk, among others.
According to launch press release "instead of buying a fancy zeppelin or, say, full of diamonds clad singing shark", the team plans to use the new infusion of capital to ramp up hiring and expand its platform, with an emphasis on increased sales of virtual goods and currency. This is all well and good, but we were all in the tech community really pulling for singing sharks. Or at least the monkey Butlers. (There is always a serie b).
Empire Avenue, which started in early 2010, is the so-called "social stock market", where users to assume the role of companies and their product cost is determined by the level of your online activities and networks, one creates during daily webernets surfings. Essentially run wants to encourage Web users to jump start their own personal brands and maximize the results from the interaction of social networks (and have a little fun while doing it).
Like Klout with the added advantage of buying and selling virtual shares personal brand real, living people, Cork Empire Avenue in a range of sites, including Facebook, Twitter, YouTube, LinkedIn and Flickr to show users the importance of their impact and reach on popular social networks.
Users can also include the value of their Web contributions to actual revenue through advertising platform used at the start to deliver relevant and targeted ads, while buying and selling virtual shares in any other user is free. Very stylish.
To the personal account user: impact of tens is equivalent to the price of shares of the individual in the Empire, which is based on the extent to which brand is traded on the site of helminthes in the course of the day, as well as to user their own blogs, websites, networks, social media, etc.
Shareholders can make an assessment of these interactions, the vote for the quality of the contributions that affect the cost of inventories, while shareholders are also rewarded with virtual currency for successful investments.
In addition to scoring some new investment loot, the Canadian startup also announced today the addition of Foursquare and Instagram as sources for further metrics used to calculate the user impact and value of stocks. Not to mention the fact that it now has users in more than 190 countries.
This is an awesome service, so take it for a test drive and let us know what you think.
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