Limbo receives $1.1 million investment
Financing to fund development of game-auction service
US mobile service provider Limbo has received a USD 1.1 million investment from Azure Venture Partners and Draper Fisher Jurvetson.
Limbo, which is run by former Enpocket CEO Jonathan Linner, is based in San Mateo, California and aims to "create and market mobile services that enrich consumers' lives."
The company's first product is "Limbo Auction", described as "a hybrid of a game and an auction that you play on your mobile phone." To take part in an auction, users must text their in their bid, and the lowest unique bid wins. Each user can text in up to 20 bids per day.
Some Limbo auctions are free to enter, while others require the payment of a small fee. Limbo does not charge users to receive alerts and other messages, but standard text messages charges apply according to the user's service plan.
According to testimonials on the Limbo website, items such as PSPs, iPod Shuffles and Nintendo DS handhelds have already been won for as little as USD 0.05. It's even stated that one bidder received a video iPod for free.
For each bid that does not win an auction, the bidder is awarded one "loot" point. These can be redeemed in the Limbo shop for items such as CDs and promotional merchandise, with prices starting at 50 loot for a Limbo badge.
All bidders must be over the age of 18, and at present auctions are only open to US mobile phone users. However, Limbo plans to expand the service to Canada in the near future.