Inside Facebook

New York-based Buddy Media, makers of the AceBucks loyalty platform for Facebook application developers, this week announced the launch of the Buddy Media Ad Network – a new social media ad network for social network application developers. The self-serve platform, which is now live, will allow advertisers to price campaigns on a CPM, CPC, or CPI basis, use a variety of creative formats, and target by age/sex/location.

Buddy Media has built a reputation for successfully bringing big brands into the Facebook app world. The company leverages its Acebucks loyalty program to drive engagement on customer applications. Earlier this year, it acquired 5 applications from developer ChipIn (the “versus” series) in order to adapt concepts from those apps into its advertising programs.

With the launch of the invite-only Buddy Media Ad Network, the company plans to build its developer roster. The company hopes to leverage its network of clients, including Microsoft, Anheuser Busch, People.com, FedEx, Readers Digest, and Time, to jump-start the Buddy Media Ad Network.

Additionally, CEO Michael Lazerow announced that Buddy Media has closed a $6.5 million Series B round of funding, led by Softbank Capital (Karin Klein and Eric Hippeau), European Founders Fund (the Samwer Brothers), Greycroft Partners (Alan Patricof), and super-angel Ron Conway. Investors in Buddy Media’s $1.5 million Series A round also participated.