New flash game website launches with $1 million in funding.
Kongregate, a website that features flash games submitted by users and licensed from developers, has come out of private beta. With over 300 games available at launch, Kongregate hopes to dominate the "Web 2.0" gaming space by hosting small competitions and allowing community members to keep personal profiles and earn points. Game creators who submit their own titles will be part of a advertising revenue sharing program which will give 25 to 50 percent of Kongregate's income back to its contributors. Jim Greer, Chief Executive Officer of Kongregate, calls the experience an "Xbox Live for Flash games."
Investors have backed the company with about $1 million in capital. Highly-regarded angels include Reid Hoffman (Founder of LinkedIn), Richard Wolpert (former President of Disney Online) and Joe Kraus (Co-founder of Excite and Jotspot).