We just received news that gWallet, a fairly new virtual currency provider launched late 2009, has started an early-stage fund to invest in Social Gaming Developers. According to the press release, gWallet will invest from $100,000 to $1 million per company in exchange for a minority stake in these companies. By doing this, gWallet hopes to attract the smaller players in the field, social game developers that “have not received the attention they deserve”. According to CEO and founder of gWallet Gurbaksh Chahal, ‘gWallet Ventures is an opportunity for some of these companies to receive the funding they need in order to be successful, and in the end, we think that these funding deals will instill a virtuous cycle of growth among publishers, brands, and consumers alike”. For Gurbaksh Chahal this isn’t his first succesful venture. He has sold his previous advertising companies for $340 million in cash.

At this moment, gWallet is already discussing potential investments with some major developers on Facebook and MySpace; speaking of the latter, they also agreed on a deal with MySpace which includes helping the funded companies gain distribution through MySpace’s extensive network. That’s actually a great idea to lure more developers to the MySpace Platform.

This is a nice move from the startup company, following its recent funding of $10.5M from Trinity Ventures. We wonder how much of that money goes to this fund and how many game developers eventually end up being endorsed by gWallet.

Will other players in the field launch similar ventures? Let’s hope so as we imagine it can only benefit the Social Gaming industry in the end.

For more info on the fund or to sign up: gWallet fund.