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​Arkadium Signs Deal with Terra.com, Seeking $250,000 Seed Round

Venture Wire, 04.01.03
Emily Westhafer

NEW YORK -- Arkadium, provider of online game software, is expected to announce it has launched seven new games on Terra.com. The company is also seeking $250,000 for its seed round, chairman Jessica Rovello told VentureWire.

Terra.com is a global Internet group that reaches 115 million unique users per month. Among the games Arkadium has launched on the Terra site are Chess, Checkers, and Solitaire. In March the company said it had signed an agreement with NyPost.com to launch games on the newspaper's site.

To date, Arkadium has been funded by its founders and friends and family. The company is seeking financing from high net-worth individuals, as well as boutique venture capital firms. The proceeds from the round will be used for developing new versions of the company's software through new games and features and for hiring patent attorneys. According to president and CEO Kenny Rosenblatt, the company should reach profitability eight months after the financing round closes.

The company offers simple versions of the games at partner Web sites for no charge. When choosing to play a more enhanced version of a game, the user then needs to download Arkadium's software. Users can challenge each other in one-on-one games and place wagers as well. Arkadium enables users to choose their opponent to play in real-time matches.

Arkadium gets its revenues through one-on-one and tournament games. For one-on-one games, the company receives 15% from each user's wager. For tournament games, the company receives 25%. Ms. Rovello said Arkadium will also reduce those fees based on the number of players participating.

Mr. Rosenblatt and Ms. Rovello founded Arkadium early last year. Prior to Arkadium, both worked as vice presidents at ON2 Technologies.