Raises $31 Million in Equity Financing

“Get paid to surf” company said it completed a
second round of equity financing, raising an additional $31 million in

Lead investor is Walden Media and Information Technology

Others are Times Mirror TMCT Ventures, Partech International, J&W
Seligman’s New Technologies Funds and Communications and Information Fund as
well its off-shore counterparts, Technology Partners, and
first-round investor Alloy Ventures.

Through its proprietary Viewbar, allows marketers to
interact with online users in a targeted manner. Members are rewarded for
their time online.

“Those who understand the evolving Internet economy have taken a hard look at
our progress, measured the lead we have built over the past five months, and
decided to join,” said CEO and co-founder Jim Jorgensen, an
entrepreneur whose earlier companies include Discovery Zone Inc.

The company said it will use the $31 million to expand membership growth,
technology development and branding and advertising.

Rich LeFurgy, chairman of the Internet Advertising Bureau, will represent
Walden on the board.

“ has created a successful new environment where for the
first time consumers get paid for their economic value,” said LeFurgy.

consumer is not just getting products and services, but significant recurring
cash with no strings attached, and the advertiser is able to deliver highly
targeted ads to the receptive community.”

Also joining the board is Thomas Unterman of Times Mirror’s TMCT Ventures.

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