The Cupertino-based D. E. Shaw Ventures, with input from current investors InterWest Partners and North Bridge Venture Partners, led Offerpal Media's $15 million Series B round of funding.

Offerpal is a Freemont-based prominent monetization platform for online communities, social applications, mobile applications, social games, and virtual worlds. The company intends allotting the funds chiefly to its expansion and advancement, along with producing additional tools and services for facilitating social Web publishers to exchange virtual currency with real dollars.

Acknowledging that Offerpal is probably the only company to have actually worked out a way for monetizing social Web properties, Michael Banks, D. E. Shaw's senior vice president, said: "Offerpal's approach of blending targeted, relevant advertising offers with virtual currency has really caught on with publishers and advertisers alike."

All praise for Offerpal's chic technology platform, efficient leadership, and extensive publisher association, Banks minced no words while saying that the company has excellently positioned itself to become "a leader in the space."

Lately having won the OnMedia 100 category, Offerpal works with 800-plus social Web publishers - including third-party applications on key social networks like MySpace, Facebook, Bebo, and hi5 - and social gaming sites and virtual worlds, like Acclaim Games, WeeWorld, and Aeria Games.

The latest availability of Offerpal's "Managed Offer Platform" for the Apple iPhone, has provided a feasible, revenue-generating solution to the developers of iPhone application!