White Label App Platform LOLApps Raises $4.5 Million from Polaris Ventures

peHUB’s Dan Primack caught the SEC filing last week that LOLApps, a provider of white label social networking applications, has raised $4.5 million Series A round from Polaris Venture Partners. Polaris’s Mike Hirschland will be taking a seat on the company’s board.

LOLApps’s two primary current products are its Gift Creator and Quiz Creator applications, which run on Facebook and Bebo. Users are able to use LOLApps’ templates to easily create customized standalone applications. LOLApps gives the service away (hence getting free distribution) and makes it back by selling the inventory for now, but the company will likely explore several potential business models. Alarm Clock says the company is already profitable and has total reach of 20 million users throughout its distributed network of applications.

White labeling popular applications has proven an interesting model for development shops serving agencies and marketers. LOLApps is simplifying the app customization process so that anyone can use it.

LOLApps was co-founded by Ariel Poler (of SpeedDate, TextMarks, and StumbleUpon), Kavin Stewart (Offermatica, Skobee), Annie Chang (BitTorrent, SquareTrade), Brian Rue (hikkup.com), and Kamo Asatryan (also of hikkup). The company has already hired some technical talent (it’s up to about 8 folks) and is looking for more.

See additional notes from Eric Eldon and Bret Terrill.