Menlo Ventures said today that Karl Mehta, the tech entrepreneur perhaps best known for founding virtual goods monetization startup PlaySpan and leading it as CEO through its $190 million sale to Visa, has joined the Silicon Valley venture capital firm as a partner.
According to Mehta’s LinkedIn, he stayed on at Visa as the CEO of PlaySpan for two years post-deal, leaving the company just last month. In his new role, Mehta will focus on investments centered in financial services, mobile payments, e-commerce, and gaming — no surprise, given his background. He has a solid history with the firm: Menlo was an investor in PlaySpan, and the Visa deal earned the company a spot in the Menlo portfolio’s “Hall Of Fame,” the firm’s managing director Shawn Carolan said in a blog post today.
Though much of his work has been as an entrepreneur, this will not be Mehta’s first time on the investor side of the table. He’s showed some activity on on AngelList, and was previously a founder and partner in a firm called Source Ventures.
Mehta has also been active when it comes to policy and government: He was selected by the Obama Administration to serve as a White House Presidential Innovation Fellow in 2012, and he was appointed by California Governor Jerry Brown to sit on the California Workforce Investment board.
Here’s a quick quote from Menlo Ventures’ announcement:
“Karl is a tenacious entrepreneur with a great eye for what’s coming next, a strong ability to execute, and an unprecedented understanding of the payments landscape. We look forward to collaborating with Karl as this exciting market evolves to produce the next set of market leaders.”