All Facebook is breaking the story here . I am just going to let Mike execute as he always does, but in a nutshell:
The focus of Buddy Media is to expand the AceBucks application and make it the primary virtual currency on Facebook. Acebucks will soon launch an API which enables developers to integrate the virtual currency into their own applications. For example if you are winning points on a poker application, you can convert those points into Acebucks.
Acebucks can be used to purchase both virtual and physical assets through the new Facebucks store which is about to be launched. Acebucks is being modeled after the AMEX rewards system. Buddy Media plans on launching some creative marketing campaigns via the Acebucks application.
The Acebucks application is going to be able to expand into a number of larger applications thanks to their powerhouse investment team and some pretty large partnerships that they are announcing in the coming days.
My buddy Mike Lazerow, who I met through my Buddy James Altucher , has closed an initial round of $1.5 million. My hedge fund is an investor as is James Altucher, Peter Thiel (PayPal founder, Clarium Capital and Facebook angel fame), my buddy Roger Ehrenberg , and my buddy Mark Pinkus (multiple startups, including Facebook angel).
This one has been fun already as I have had my sleeves rolled up as well helping to get the investor team together. Of course there is major risk and the boobirds in nerdville are already out. That just makes it all the more fun when we execute.