myhollywoodsnapshot thumb1 MyHollyWood raises $5 million to create female online gaming sites, a company that is developing massively multiplayer online games for the females have secured $5 million in Series “A” equity round of capital led by BlueRun Ventures of Menlo Park. The gaming site is being developed by Hollywood Interactive Group which has already released a game called The Red Carpet Game, which lets you create an avatar and progress through different levels of celebrity fame. As you progresses through the game, you move through a virtual Hollywood, playing games, answering quizzes and accumulating points all the way along. The more points you earn the more branded items you could buy. These branded items in return are branded with company names in return for $$, which brings us to the clever and witty business model of the game. The site is in public beta and expects to move to full public throttle by early next year.

“This funding represents a tremendous vote of confidence in and recognizes the incredible revenue opportunities driven by our audience on the Internet,” said Joey Carson, Chief Executive Officer, Hollywood Interactive Group. “BlueRun Ventures has been a great strategic partner and ally for our business and we look forward to their continued support as we develop the first MMO experience designed specifically for the millions of women who love celebrity news, casual games and shopping.”

“With, Hollywood Interactive Group will entice their female audience by empowering them to collect virtual items and elevate their in-game status by doing the things they already love: participating in social groups and forums, reading entertainment news, playing casual mini-games and virtually shopping for their favorite high-fashion items,” said Jonathan Ebinger, Partner of BlueRun Ventures. “Hollywood Interactive Group is a great complement to our Media and Internet portfolio.”

Hollywood Interactive Group intends to generate revenue through multiple streams including: Virtual item and premium package sales; pre-paid cards; premium brand placement/integration; traditional IAB ad units and pre-roll video; and revenue shares.

MyHollywood [via Inquisitr]