SponsorPay, a European company that creates in-app offers that users can complete for virtual currency, has taken its first full round of venture capital. Hasso Plattner Ventures led the $5 million funding.
The company says that it has grown to 40 employees, serving 150 million users in over 100 countries. In February, it acquired its European competitor GratisPay, becoming a larger player in that region.
Other companies, like Offerpal Media and Adknowledge, continue to lead in the US. But SponsorPay has benefited from its focus on localization, it says. Each country has its own set of businesses that may advertise through offers and, sometimes, its own language, allowing significant differentiation between offers services.
The funding should come in handy for SponsorPay, as this is the year that we expect offers competition to continue to heat up internationally.