As part of the deal, Balderton Capital partner Barry Maloney is joining SCVNGR's board; his addition will help the team build a foundation for international expansion.
The round is quite large for a startup that claims to have a solid business model in place with "revenue through the roof" -- SCVNGR has upward of 1,000 paying partners who use the platform for mobile campaigns. Just yesterday, SCVNGR closed its biggest deal to date, according to CEO and founder Seth Priebatsch.
Priebatsch explains that the infusion of cash will enable SCVNGR to grow faster and will be used specifically to expand the team, build for additional platforms and ramp up research and development around game mechanics. If growth continues at its current rate, SCVNGR will have no need to raise additional funds, says Priebatsch.